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

    875-975 Bloomfield Ave West Caldwell, NJ 07006

    Sponsored
    For Lease
    $15 SF/Yr

    West Caldwell, NJ Shopping Center Opportunity

    Lot size:
    189,773 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    410
    Essex Mall, located at 875-975 Bloomfield Ave, West Caldwell, NJ 07006, presents a compelling investment opportunity. This 189,773 square foot, Class C shopping center boasts a prime location in Essex County, New Jersey, with exceptional visibility and accessibility. The property features two buildings, each single-story, totaling 20 suites. Currently, there are approximately 6,000 square feet of vacant space available, with two spaces ranging from 3,000 to 3,200 square feet each. Built in 1970, the center benefits from ample parking with 977 spaces and is conveniently situated on 18.59 acres of land. The property enjoys high traffic counts, exceeding 32,000 vehicles daily, due to its strategic location and six points of ingress/egress, including a signalized intersection on Bloomfield Avenue, Clinton Road, and Kirkpatrick Lane. The strong tenant mix includes established national brands such as Stop & Shop, Marshalls, PNC Bank, and others, ensuring a stable and attractive investment. This grocery-anchored center offers significant potential for growth and return on investment. The property's size, location, and existing tenant base make it an ideal acquisition for investors seeking a well-established retail asset in a thriving market. No elevators are present on the property.

    Property Features for 875-975 Bloomfield Ave

    General Information

    Property type
    Shopping centers
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    189,773 SF
    Class
    C
    Total Rate
    246704.9

    Building Details

    Year Built
    1970
    Buildings
    2
    Stories
    1

    Unit(s) available at that property

    Space
    Suite 20
    Size
    3,000 SF
    Rate per SF
    $15
    Space
    Suite 8
    Size
    3,200 SF
    Rate per SF
    $32

    We can help!

    Listing Contact
    Alex Hirsch
    Alex Hirsch

    Learn more

    HighLights

    • Corner lot.
    • Grocery‑anchored shopping center with a strong tenant mix including national brands.
    • Two monument pylons offering prominent signage opportunities.
    • Tenant‑controlled HVAC systems.
    • High traffic count exceeding 32,000 vehicles per day.
    • Multiple points of ingress and egress, including a signalized intersection.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Spa & Massage Dental Office Wholesale Shop Auto Repair Shop Hair Salon Clothing Store

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

    Location Insight

    • Map
    • Local Demand
    City
    West Caldwell
    County
    Essex
    State
    New Jersey
    Longitude
    -74.299680410718
    Latitude
    40.852977980047

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      Essex Mall Retail Space For Lease

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      West Caldwell Retail/Warehouse Space

      Retail/warehouse space with loading docks and pylon sign.
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      Industrial Space in West Caldwell

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      Industrial Space Near Major Routes

      Industrial property with immediate access to major transportation routes.
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    FAQs

    What type of property is this?
    Shopping center - West Caldwell, NJ Shopping Center Opportunity
    Where is this shopping center located?
    The property is located at 875-975 Bloomfield Ave West Caldwell, NJ.
    What is the lease rate?
    The lease rate is $15-$32 SF/Yr.
    What are key features of this property?
    This property features: Corner lot.; Grocery-anchored shopping center with a strong tenant mix including national brands.; Two monument pylons offering prominent signage opportunities.
    Request Owner's contact information
    875-975 Bloomfield Ave West Caldwell, NJ 07006
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    West Caldwell, NJ 07006
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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
    875-975 Bloomfield Ave West Caldwell, NJ 07006
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    We can help!
    Listing Contact
    Alex Hirsch
    Alex Hirsch
    Real Estate License ID: NY
    Learn more
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