Multi-Tenant Retail
For Sale
Contact for pricing
85 Outwater Lane, Garfield, NJ 07026
Fully leased retail plaza with seven tenants serving an established commercial corridor.
Property Size11,818 SF
Lot Size1.70 Acres
Price / SF$253.85
Days on Market9
Property Features for 85 Outwater Lane
General Information
Standard status
Active
Size
11,818 SF
Lot size
1.70 Acres
Property subtype
Retail
Occupancy
100%
Additional Details
Highway Access
Yes
Building Details
Buildings
1
Construction
brick
Tenancy
Multi
Listing Agency:
Horvath & Tremblay
Listed By:
Michael Lombardi · License #0569706
(201) 215-1801
Source:
Crexi
Added: Sep 11
Changed: Sep 16
Last Checked: Sep 19 at 7:29AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Horvath & Tremblay
Investment Insights
Based on property information with market context.
This multi-tenant retail center comprises an 11,818-square-foot brick building on a 1.70-acre parcel. Seven tenants occupy the property, and the center is reported as 100% leased. The tenant mix spans multiple industries serving area residents, creating a varied retail and service offering within the plaza.
The property is positioned along Outwater Lane in Garfield, New Jersey, with frontage and visibility in an established commercial corridor. Access to NJ Route 21 and NJ Route 46 connects the center with surrounding communities in Bergen and Passaic Counties, as well as the broader New York City region. Nearby residential neighborhoods, retailers, restaurants, and service providers add to the surrounding commercial context.
The property is positioned along Outwater Lane in Garfield, New Jersey, with frontage and visibility in an established commercial corridor. Access to NJ Route 21 and NJ Route 46 connects the center with surrounding communities in Bergen and Passaic Counties, as well as the broader New York City region. Nearby residential neighborhoods, retailers, restaurants, and service providers add to the surrounding commercial context.
Key Highlights
- 11,818‑square‑foot brick retail building
- 1.70‑acre parcel along Outwater Lane
- 100% leased to seven tenants
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$168,682
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.62%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,373,640
$3.4M
Cap Rate 7%
$2,409,743
$2.4M
Cap Rate 9%
$1,874,244
$1.9M
Market Conditions
NOI Build-Up for 11,818 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$255.3K $21.60/SF
− Vacancy
−$14.3K −$1.21/SF
EGI
$241.0K $20.39/SF
− OpEx
−$72.3K −$6.12/SF
NOI
$168.7K $14.27/SF
Area
Bergen County, NJ
Vacancy
5.60%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,373,640
Cap Rate 7%
$2,409,743
Cap Rate 9%
$1,874,244
Alternative Uses
Best Use
Retail
$2.41M
$2.11M – $2.81M
NOI $168,682 @ 7.0% cap · market cap 5.62%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.09M
$2.70M – $3.60M
NOI $216,014 @ 7.0% cap · market cap 7.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,643
Businesses Nearby
219k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 59%
Groceries 24%
Apparel 8%
Dining 7%
Wawa
Shops & Services
50,531 visits/mo
0.1 miles
Five Below
Shops & Services
38,545 visits/mo
0.4 miles
Price Rite
Groceries
28,607 visits/mo
0.1 miles
Superfresh
Groceries
22,831 visits/mo
0.4 miles
Burlington
Apparel
18,550 visits/mo
0.4 miles
Demographics for 07026, NJ
32,655
Population
12,234
Households
2.7
Avg Household Size
37
Median Age
24%
College-Educated
84%
High-School Grad
2.1 sq mi
ZIP Area
15,550
Density / Sq Mi
$75,701
Median Household Income
$44,462
Median Earnings
$1,612
Median Rent
$454,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Northeast region
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Frequently Asked Questions
What type of property is this?
Shopping center - Fully leased retail plaza with seven tenants serving an established commercial corridor.
Where is this shopping center located?
The property is located at 85 Outwater Lane Garfield, NJ.
What is the asking price?
The asking price for this property is $3,000,000.
What are key features of this property?
This property features: 11,818‑square‑foot brick retail building; 1.70‑acre parcel along Outwater Lane; 100% leased to seven tenants
