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    244 Passaic St Rochelle Park, NJ 07662-3131

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    244 Passaic St Rochelle Park, NJ 07662-3131

    View on Map
    • Commercial real estate
    • 13,538 SF
    • 1.50 lot acres
    Off-Market
    Property ID
    US59-1342433
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    $2,505,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Glass Gardens Inc / Grocery & Convenience Store / Food Market

    Property Details for 244 Passaic St

    Lot size
    1.50 lot acres
    Property size
    13,538 SF
    Property type
    Commercial real estate
    APN
    54 00100-0000-00001
    APU
    5400100000000001

    Description

    This exceptional 532-square-foot retail space, located at 244 W Passaic Street in Rochelle Park, New Jersey, presents a fantastic opportunity for a single-tenant business. Situated in Bergen County, this property offers immediate occupancy with no existing tenants. The space is categorized as both retail and restaurant-suitable, making it ideal for a variety of uses. The building's total square footage mirrors the vacant square footage, indicating a completely available space ready for immediate customization and build-out to suit your specific business needs. The property's street-level location within a shopping center ensures high visibility and accessibility for customers. Its convenient location in Rochelle Park, New Jersey, 07662, provides easy access to major transportation routes and a thriving local community. This single-tenant space offers a unique chance to establish a strong presence in a desirable commercial area. The property is classified as commercial, shopping center, and street retail, offering a versatile space for a variety of businesses. This is an excellent opportunity for a business seeking a well-located, readily available space to establish or expand its operations. The address is 244 W Passaic St, Rochelle Park, NJ 07662. The property is ready for immediate lease.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $3,150,000
      6.5%
      $2,905,000
      7%
      $2,700,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $2,370,000
      Market price range: $1.02M - $3.05M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $3,965,000
      Current use
      OFFICE BUILDING
      $3,270,000
      Change: -17% Conversion: Easy

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Rochelle Park
    County
    Bergen
    State
    New Jersey
    Longitude
    -74.0812
    Latitude
    40.9154
    CBSA code
    35620
    CBSA name
    NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2022
    $84,527
    $1,390,300
    $1,689,000
    $3,079,300
    -
    $1,390,300
    $1,689,000
    $3,079,300

    Comparable in this City

    • Value Estimation by Request
      0.91 Acres

      350 Passaic St

      COMMERCIAL (GENERAL) • 0.91 Acres
      350 Passaic St, Rochelle Park, NJ 07662-3073
      View Details
    • Value Estimation by Request
      0.46 Acres

      5 Passaic St

      COMMERCIAL (GENERAL) • 0.46 Acres
      5 Passaic St, Rochelle Park, NJ 07662-3200
      View Details
    • Value Estimation by Request
      3.35 Acres

      220 Passaic St

      COMMERCIAL (GENERAL) • 3.35 Acres
      220 Passaic St, Rochelle Park, NJ 07662-3118
      View Details
    • Value Estimation
      $18,530,000
      2.83 Acres

      218 State Rt 17th N

      COMMERCIAL (GENERAL) • 2.83 Acres
      218 State Rt 17th N, Rochelle Park, NJ 07662-3399
      View Details
    • Value Estimation
      $995,000
      4,303 SF

      251 Rochelle Ave

      COMMERCIAL (GENERAL) • 4,303 SF
      251 Rochelle Ave, Rochelle Park, NJ 07662-3914
      View Details
    • Value Estimation by Request
      2,246 SF

      223 Rte 17

      COMMERCIAL (GENERAL) • 2,246 SF
      223 Rte 17, Rochelle Park, NJ 07662
      View Details

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    • Contact for pricing

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    Similar Nearby for Lease

    • Contact for pricing
      2,824 SF

      Four-Story Office Building For Rent

      65,000 sq ft office building with flexible floor plates.
      201 W Passaic St, Rochelle Park, NJ 07662
      View Details
    • Contact for pricing
      3,529 SF

      Rochelle Park Office Space

      Five-story office building with flexible floor plates and ample parking.
      365 W Passaic St, Rochelle Park, NJ 07662
      View Details
    • Contact for pricing
      1,252 SF

      Rochelle Park Office Space Available

      Second floor office space suitable for medical or administrative use.
      405 Rochelle Ave, Rochelle Park, NJ 07662
      View Details
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    244 Passaic St
    Rochelle Park, NJ 07662-3131
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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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