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    687-693 Bloomfield Ave West Caldwell, NJ 07006

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    687-693 Bloomfield Ave West Caldwell, NJ 07006

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    • Lifestyle centers
    • 3,000 SF
    • 0.24 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Lifestyle centers

    Property Details for 687-693 Bloomfield Ave

    Year built
    1969
    Lot size
    0.24 lot acres
    Property size
    3,000 SF
    Property type
    Lifestyle centers
    Property subtype
    Power centers

    Description

    Exceptional investment opportunity: a fully leased, 3,000 square foot shopping center in West Caldwell, New Jersey, situated on a high-traffic section of Bloomfield Avenue. This single-story, 1969-built property boasts a strong 6.18% cap rate and a substantial net operating income (NOI) of $102,000. The property features three tenants: a dog training academy, a bubble tea and dessert cafe, and a nail salon, ensuring consistent cash flow. The 0.24-acre lot provides ample parking with 15 spaces located behind the building. The building offers flexibility for future tenants; the space at 687-689 Bloomfield Avenue could be subdivided into two units, or the space at 691-693 Bloomfield Avenue could be combined. Utilities are separately metered for the nail salon, while the remaining units share and split costs. The property's convenient location near Caldwell University and Essex County Community College guarantees high visibility and foot traffic. This well-maintained commercial property is zoned for commercial use and presents a compelling investment prospect with built-in rent bumps. The asking price is $1,650,000, translating to $550 per square foot. This is a rare opportunity to acquire a stable, income-producing asset in a desirable location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    West Caldwell
    County
    Essex
    State
    New Jersey
    Longitude
    -74.2912
    Latitude
    40.8489

    Comparable in this City

    • Value Estimation by Request
      189,773 SF

      875-975 Bloomfield Ave

      Shopping centers • 189,773 SF
      875-975 Bloomfield Ave, West Caldwell, NJ 07006
      View Details
    • Value Estimation by Request
      1,088 SF

      693 Bloomfield Ave

      Restaurants • 1,088 SF
      693 Bloomfield Ave, West Caldwell, NJ 07006
      View Details
    • Value Estimation by Request
      9,271 SF

      1213 &1221 Bloomfield Ave

      Distribution properties • 9,271 SF
      1213 &1221 Bloomfield Ave, West Caldwell, NJ 07006
      View Details
    • Value Estimation
      $42,930,000
      17.90 Acres

      875 Bloomfield Ave

      REGIONAL SHOPPING CENTER, MALL • 17.90 Acres
      875 Bloomfield Ave, West Caldwell, NJ 07006-7102
      View Details
    • Value Estimation
      $865,000
      2.78 Acres

      1155 Bloomfield Ave

      COMMERCIAL (GENERAL) • 2.78 Acres
      1155 Bloomfield Ave, West Caldwell, NJ 07006-7105
      View Details
    • Value Estimation
      $510,000
      1.80 Acres

      11 Fairfield Pl

      INDUSTRIAL (GENERAL) • 1.80 Acres
      11 Fairfield Pl, West Caldwell, NJ 07006-6206
      View Details

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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
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