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    35 2nd St Fanwood, NJ 07023-1254
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    Property profile & analytics

    35 2nd St Fanwood, NJ 07023-1254

    View on Map
    • Commercial real estate
    • 7,140 SF
    • 0.20 lot acres
    Off-Market
    Last Sale Feb 26, 2021
    $1,000,000
    Property ID
    US59-1302655
    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
    $1,175,000
    Show details
    Cap Rate Potential
    7.4%
    Commercial real estate
    Location Intelligence

    Current Use by Public Records

    • The Blowout Lab / Hair Salon
    • DiLollo Chiropractic Center PC / Alternative Medicine Practice

    Property Details for 35 2nd St

    Year built
    2021
    Lot size
    0.20 lot acres
    Property size
    7,140 SF
    Property type
    Commercial real estate
    APN
    05 00064-0000-00022
    APU
    500064000000022

    Description

    This exceptional commercial retail unit in Fanwood, NJ, presents a prime leasing opportunity. Located at 35 2nd Street, the property boasts a modern exterior with large storefront windows, maximizing natural light and providing excellent visibility for attracting customers. The interior features an open floor plan, offering flexibility for various business types, whether retail or office-based. Updated lighting, a neutral color palette, and durable flooring create a clean and adaptable space ready for immediate occupancy. The unit includes a dedicated utility room for efficient operations and a substantial basement storage area, ideal for inventory or equipment. Ample on-site parking ensures convenient access for both staff and customers, enhancing the overall appeal and accessibility of this location. This property is situated in a high-traffic area, offering significant potential for businesses seeking a thriving location within a vibrant community. The combination of modern aesthetics, functional design, and convenient amenities makes this a highly desirable commercial space. The asking price is $2897 (lease terms to be determined).

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,270,000
      ML approach
      $1,245,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,570,000
      6.5%
      $1,450,000
      7%
      $1,345,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,069,000
      Market price range: $520k - $1.38M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $1,775,000
      Current use
      OFFICE BUILDING
      $1,455,000
      Change: -18% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Fanwood
    County
    Union
    State
    New Jersey
    Longitude
    -74.3847
    Latitude
    40.6395
    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
    $55,708
    $243,000
    $1,741,600
    $1,984,600
    -
    $243,000
    $1,741,600
    $1,984,600

    Comparable in this City

    • Value Estimation
      $750,000
      3,898 SF

      61 Ss Ave

      COMMERCIAL (GENERAL) • 3,898 SF
      61 Ss Ave, Fanwood, NJ 07023-1560
      View Details
    • Value Estimation
      $1,020,000
      5,929 SF

      155 Ss Ave

      COMMERCIAL (GENERAL) • 5,929 SF
      155 Ss Ave, Fanwood, NJ 07023-1263
      View Details
    • Value Estimation
      $1,080,000
      4,649 SF

      200 Ss Ave

      COMMERCIAL (GENERAL) • 4,649 SF
      200 Ss Ave, Fanwood, NJ 07023-1200
      View Details
    • Value Estimation by Request
      0.23 Acres

      336 Nn Ave

      COMMERCIAL (GENERAL) • 0.23 Acres
      336 Nn Ave, Fanwood, NJ 07023
      View Details
    • Value Estimation
      $830,000
      2,190 SF

      45 Martine Ave

      COMMERCIAL (GENERAL) • 2,190 SF
      45 Martine Ave, Fanwood, NJ 07023-1216
      View Details
    • Value Estimation
      $800,000
      4,096 SF

      572 Nn Ave

      COMMERCIAL (GENERAL) • 4,096 SF
      572 Nn Ave, Fanwood, NJ 07023-1322
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Mixed-Use Property in Downtown Fanwood

      Mixed-use property in a vibrant live-work-play environment.
      193 South Ave, Fanwood, NJ 07023
      View Details
    • Contact for pricing
      4,472 SF

      Prime Retail Space Near Train

      Highly visible retail space with commuter traffic and parking.
      265 South Ave, Fanwood, NJ 07023
      View Details
    • $999,000

      Dental Practice on Corner Lot

      Highly visible corner property with dental practice and parking.
      69 S Martine Ave, Fanwood, NJ 07023
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Freestanding Building in Fanwood

      Versatile space suitable for retail, restaurant, or office use.
      328 South Ave, Fanwood, NJ 07023
      View Details
    • $3,000 /Mo
      4,472 SF

      Prime Retail Space Near Train

      Highly visible retail space near Fanwood Train Station.
      265 South Ave, Fanwood, NJ 07023
      View Details
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    Fanwood, NJ 07023-1254
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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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