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    161 Main St West Orange, NJ 07052

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    161 Main St West Orange, NJ 07052

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    • Retail properties & Spaces
    • 18,537 SF
    For Lease
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    Edison Village Retail Spaces For Lease
    Contact for pricing

    Edison Village Retail Spaces

    West Orange, NJ: Restaurant Spaces Available

    Town Center, NJ 07052
    View Listing
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail properties & Spaces

    Property Details for 161 Main St

    Property size
    18,537 SF
    Property type
    Retail properties & Spaces
    Property subtype
    Restaurants

    Description

    The Shoppes at Edison Village in West Orange, New Jersey, presents a unique retail opportunity. This prime location at 161 Main St, 07052 boasts 18,537 square feet of retail space, currently featuring two suites. Two spaces are immediately available, ranging from a minimum of 2,188 square feet to a maximum contiguous space of 2,908 square feet. A total of 5,096 square feet is currently vacant, offering flexibility for various restaurant concepts. The property benefits from a strong tenant base and ample parking with 90 spaces available for customers and employees. This vibrant location is further enhanced by its proximity to a significant residential community, providing a built-in customer base. Residents enjoy access to 31,700 square feet of amenities, including a courtyard, gym, pool, doggie spa, sky lounge, saunas, and movie theaters, creating a high-traffic, desirable area for businesses. This presents a compelling opportunity for businesses seeking high visibility and a strong customer base in a thriving community. The property's strategic location and extensive amenities make it an ideal setting for a successful restaurant venture. Serious inquiries are encouraged to explore this exceptional retail space.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    West Orange
    County
    Essex
    State
    New Jersey
    Longitude
    -74.2351
    Latitude
    40.7828

    Comparable in this City

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      46 Central Ave

      AUTO REPAIR, GARAGE • 0.55 Acres
      46 Central Ave, West Orange, NJ 07052
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    • Value Estimation
      $850,000
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      Prospect At Mt Pleasant Ave

      COMMERCIAL (GENERAL) • 175.77 Acres
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    • Value Estimation
      $815,000
      11.07 Acres

      481 Eagle Rock Ave

      COMMERCIAL (GENERAL) • 11.07 Acres
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    • Value Estimation by Request
      0.03 Acres

      Lakeside Ave

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      Lakeside Ave, West Orange, NJ 07052
      View Details
    • Value Estimation
      $655,000
      6.50 Acres

      743 Northfield Ave

      COMMERCIAL (GENERAL) • 6.50 Acres
      743 Northfield Ave, West Orange, NJ 07052-1107
      View Details

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      18,537 SF

      Edison Village Retail Spaces

      West Orange, NJ: Restaurant Spaces Available
      161 Main St, West Orange, NJ 07052
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    West Orange, NJ 07052
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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.

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