Sign Up Successful!
You now have access to more from Realmo!
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search

    245 Main St Ridgefield Park, NJ 07660

    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Former bank branch with office space for lease.

    Property size:
    22,479 SF
    Lot size:
    22,479 SF

    Property Features for 245 Main St

    General Information

    Size
    22,479 SF

    Building Details

    Year built
    1975

    We can help!

    Listing Contact
    Anthony J. Cassano
    Source: Naihanson

    Listing Agent: Anthony J. Cassano

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Main Street Office Building

    This 22,479-square-foot office building is situated in an active retail trade area, surrounded by high-density residential buildings, including two apartment buildings of 5 and 7 stories, and single-family homes. The property was formerly a bank branch and includes a vault and two drive-through lanes. The building features two floors of vacant office space, with a possible sale/leaseback option from the owner. In total, the property has three floors plus a basement. There are 28 parking spots available. The property is zoned B-2. Retail properties along Main Street include a CVS drug store, a 7-Eleven convenience store, various restaurants and diners, and several service-related businesses. The site is located less than one mile from State Highway 46, a major East/West commercial corridor through Bergen County. The Borough Hall is within one block of the site, and Overpeck Park, featuring scenic paths, is nearby. The property sits on 0.75 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Gallagher Insurance, Risk ... Insurance Broker Exact Insurance Agency ... Insurance Agency MK Valencia Parking ... Parking Lot

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Dental Office Hair Salon Clothing Store Nail Salon Food Market Grocery Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Ridgefield Park
    County
    Bergen
    State
    New Jersey
    Longitude
    -74.0244945
    Latitude
    40.8586797

    Nearby Similar for Lease

    • $2,650 /Mo

      Ridgefield Park Duplex Apartment

      Charming 2-3 bedroom duplex with renovated kitchen in Ridgefield Park.
      73 College Pl, Ridgefield Park, NJ 07660
      View Details
    • $4,850 /Mo

      Prime Commercial Space in Ridgefield

      1250 SF commercial space in Bergen County for lease.
      238 Main St, Ridgefield Park, NJ 07660
      View Details
    • $1,950 /Mo

      Ridgefield Park Commercial Space For Rent

      753 sq ft commercial space in Ridgefield Park, NJ.
      71 Park St, Ridgefield Park, NJ 07660
      View Details
    • $1,850 /Mo

      Ridgefield Park One-Bedroom Apartment

      One-bedroom apartment in vibrant Ridgefield Park, close to NYC transportation.
      53 Hille Pl, Ridgefield Park, NJ 07660
      View Details
    • $3,350 /Mo

      Renovated Apartment Near New York

      Spacious, renovated 4-bedroom apartment near New York City.
      66 Winant Ave, Ridgefield Park, NJ 07660
      View Details
    • $2,500 /Mo

      Industrial Space for Light Manufacturing

      Industrial space suitable for light manufacturing businesses.
      11 Railroad Ave, Ridgefield Park, NJ 07660
      View Details
    • $3,500 /Mo

      Adaptable Office Space Available

      2,800 sqft office space suitable for professional use.
      Teaneck Teaneck, Ridgefield Park, NJ 07660
      View Details
    • $2,500 /Mo

      Ridgefield Park Church Space Available

      Church space available for rent in Ridgefield Park, NJ.
      60-62 Cedar St, Ridgefield Park, NJ 07660
      View Details
    • Contact for pricing
      98,400 SF

      Ridgefield Park Warehouse Space

      98,400 SF warehouse space available for lease.
      30 Cross St, Ridgefield Park, NJ
      View Details

    FAQs

    What type of property is this?
    Office building - Former bank branch with office space for lease.
    Where is this office building located?
    The property is located at 245 Main St Ridgefield Park, NJ.
    What are key features of this property?
    This property features: - Located in an active retail trade area with high-density residential and diverse retail mix.; - Former bank branch *with vault and two drive-through lanes*.; - Proximity to State Highway 46, a major East/West commercial corridor.
    (201) 488-5800
    Request Owner's contact information
    245 Main St Ridgefield Park, NJ 07660
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    245 Main St
    Ridgefield Park, NJ 07660
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    245 Main St Ridgefield Park, NJ 07660
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Anthony J. Cassano
    Real Estate License ID: NJ 8545289
    (201) 488-5800
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.