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    Property profile & analytics

    611 Grove St Irvington, NJ 07111

    • Retail properties
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail properties

    Property Details for 611 Grove St

    Property type
    Retail properties
    Property subtype
    Restaurants

    Description

    This 800-square-foot commercial space at 611 Grove Street in Irvington, New Jersey, is ideally suited for a variety of businesses. Recently renovated, the property boasts a modern, attractive design and is in excellent, move-in condition. The space is configured for a single tenant and is classified as a traditional office, though its versatile layout could accommodate retail or restaurant uses. The property includes top-of-the-line equipment particularly well-suited for a juice or fruit shake bar. Its prime location directly across from a public school ensures high foot traffic from students, faculty, and parents, providing significant visibility and potential customer base. Located in Essex County, New Jersey, with a 07111 zip code, this property offers an exceptional opportunity for entrepreneurs seeking a thriving business environment in a vibrant community. The space is ready for immediate occupancy, allowing businesses to begin operations without delay. This is a turnkey opportunity in a high-traffic area.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Irvington
    County
    Essex
    State
    New Jersey
    Longitude
    -74.2149
    Latitude
    40.7367

    Comparable in this City

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      $1,700,000
      6,362 SF

      1106-1110 Springfield Ave, Unit 1110

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    • Value Estimation
      $630,000
      7,348 SF

      1093 Stuyvesant Ave, Unit 1101

      SERVICE SHOP (TV, ELECTRIC, PLUMBING) • 7,348 SF
      1093 Stuyvesant Ave, Irvington, NJ 07111-1104
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    • Value Estimation by Request
      12,300 SF

      810 Springfield Ave

      Individual retail properties • 12,300 SF
      810 Springfield Ave, Irvington, NJ 07111
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    • Value Estimation
      $510,000
      2,091 SF

      1199-1201 Clinton Ave, Unit 1201

      SERVICE SHOP (TV, ELECTRIC, PLUMBING) • 2,091 SF
      1199-1201 Clinton Ave, Irvington, NJ 07111-2014
      View Details
    • Value Estimation
      $585,000
      7,650 SF

      927-931 Clinton Ave, Unit 931

      SERVICE SHOP (TV, ELECTRIC, PLUMBING) • 7,650 SF
      927-931 Clinton Ave, Irvington, NJ 07111-4239
      View Details
    • Value Estimation by Request
      3,700 SF

      Irvington Nj

      Individual retail properties • 3,700 SF
      0 Irvington Nj, Irvington, NJ 07111
      View Details

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    611 Grove St
    Irvington, NJ 07111
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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
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