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    The Largest CRE Database in the US with Over 1 Million Listings

    71 Union Ave Rutherford, NJ 07070

    Sponsored
    For Lease
    $31 SF/Yr

    Class A Office Suites, 1,000-2,500 SF

    Lot size:
    32,226 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    408
    This exceptional Class A office building, situated in the heart of Downtown Rutherford, offers a variety of executive, medical, and traditional office suites. Built in 1982 and extensively renovated in 2007, the property boasts 32,226 square feet across two stories, with a minimum divisible space of 1,000 square feet and a maximum contiguous space of 2,500 square feet. Currently, 2,500 square feet of space is available for lease. The building features two elevators for convenient access to all floors. Ample parking is provided with 115 total spaces, partially covered. Accessibility is a key feature, with accessible bathrooms located on each floor. The building is conveniently located near major roadways, including Route 17 and Route 3, providing easy access for commuters. The vibrant Downtown Rutherford location offers nearby amenities such as restaurants, banks, and shopping, enhancing the convenience for tenants and their clients. The property is zoned B-3 and is located in Bergen County. Property taxes and CAM charges are included in the lease. Join an established medical community including dermatology, orthodontics, pain management, gastroenterology, and women's health practices.

    Property Features for 71 Union Ave

    General Information

    Property type
    Medical offices
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    32,226 SF
    Class
    A
    Total Rate
    83250.5

    Building Details

    Year Built/Renovated
    1982/2007
    Buildings
    1
    Stories
    2

    Unit(s) available at that property

    Space
    Available Space 1
    Size
    2,631 SF
    Rate per SF
    $31

    We can help!

    Listing Contact
    Sunil Ramnani
    Sunil Ramnani

    Learn more

    Property Insight Report

    HighLights

    • Class A, 32,226 SF office building in Downtown Rutherford, Bergen County.
    • Multiple tenancy, offering 1,000‑2,500 SF contiguous suites; 2,500 SF currently vacant.
    • Renovated in 2007, featuring two elevators, 115 parking spaces, and accessible bathrooms.
    • Excellent location near Routes 17 & 3, with nearby amenities.
    • B‑3 zoning; Property taxes and CAM included in rent; utilities paid by tenant.
    Property Profile Location Intelligence

    Current Use by Public Records

    Triveni IT Software Company Arthonsys Technologies Software Company Keenan & Doris Attorney Datatusk Software Company Spinal Alternatives Medical Center

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Rutherford
    County
    Bergen
    State
    New Jersey
    Longitude
    -74.103657965363
    Latitude
    40.830606353082

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    FAQs

    What type of property is this?
    Medical office - Class A Office Suites, 1,000-2,500 SF
    Where is this medical office located?
    The property is located at 71 Union Ave Rutherford, NJ.
    What is the lease rate?
    The lease rate is $31 SF/Yr.
    What are key features of this property?
    This property features: Class A, 32,226 SF office building in Downtown Rutherford, Bergen County.; Multiple tenancy, offering 1,000-2,500 SF contiguous suites; 2,500 SF currently vacant.; Renovated in 2007, featuring two elevators, 115 parking spaces, and accessible bathrooms.
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    71 Union Ave Rutherford, NJ 07070
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    71 Union Ave Rutherford, NJ 07070
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    We can help!
    Listing Contact
    Sunil Ramnani
    Sunil Ramnani
    Real Estate License ID: NJ
    Learn more
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