Current Use by Public Records
- Jorge Chimney Cleaners / General Contractor / Renovation Specialist
Property Details for 308 Union Ave
- Year built
- 1925
- Lot size
- 1.90 lot acres
- Property type
- Retail properties & Spaces
- Property subtype
- Retail space
Description
This exceptional 21,897 square foot retail center, located at 308 Union Ave in Rutherford, NJ, presents a compelling investment opportunity. The property boasts seven units, currently 94% occupied, generating a strong Net Operating Income (NOI) of $499,459 and a 6.57% capitalization rate. Built in 1925 and extensively renovated in 2019, this single-story building sits on a 1.9-acre lot and offers ample parking with 111 spaces. All seven tenants are on triple-net (NNN) leases with annual rental increases, ensuring consistent income. The property benefits from a prime Bergen County location, anchored by established businesses, and enjoys excellent visibility and accessibility. Its proximity to major highways (Routes 17, 3, and 21) and the NJ Transit Rutherford Train Station enhances its appeal. The surrounding area demonstrates strong demographics, with over 247,000 people residing within a 3-mile radius and an average household income exceeding $127,000 within 1 mile. Nearby national retailers further solidify the area's commercial strength. This is a rare opportunity to acquire a well-maintained, high-performing retail center in a thriving New Jersey market. The asking price is $7,600,000.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Rutherford
- County
- Bergen
- State
- New Jersey
- Longitude
- -74.1135
- Latitude
- 40.8365
