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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    691 Franklin Ave Nutley, NJ 07110

    • Commercial real estate
    • 2,498 SF
    • 0.15 lot acres
    For Sale
    View listing
    $735,000
    Value Estimations
    Cap Rate Potential
    7.7%
    Commercial real estate
    Location Intelligence
    Property ID
    US59-1118243
    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.

    Current Use by Public Records

    • Dancers In Motion / Training Center

    Property Details for 691 Franklin Ave

    Year built
    1790
    Lot size
    0.15 lot acres
    Property size
    2,498 SF
    Zone code
    B-1
    Property type
    Commercial real estate
    APN
    16 02001-0000-00015
    APU
    1602001000000015

    Description

    This exceptional mixed-use property at 691 Franklin Avenue, Unit 0, in Nutley, NJ, presents a compelling investment or business ownership opportunity. The 2,498 square foot building is situated on a corner lot in Nutley's vibrant downtown area, offering high visibility and accessibility. Currently configured as a commercial space attached to a residential unit, the property's zoning allows for diverse commercial and neighborhood business uses, ranging from professional offices (such as an attorney's office) to retail establishments (like a coffee shop). The ample space extends from the building to the sidewalk, providing significant potential for outdoor seating or display. Its strategic location is a key advantage, boasting proximity to a NYC bus stop directly on the corner, Route 3, train transportation, the ON3 Campus, and numerous downtown shops. This combination of factors ensures high foot traffic and convenient access for both employees and customers. The property's versatility and prime location make it an ideal investment for those seeking a strong return on investment in a thriving New Jersey community. The asking price is $799,900. Serious inquiries are encouraged.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $445,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $575,000
      6.5%
      $530,000
      7%
      $490,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $556,000
      Market price range: $387k - $646k

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

    Location Insight

    • Map
    • Local Demand
    City
    Nutley
    County
    Essex
    State
    New Jersey
    Longitude
    -74.15
    Latitude
    40.8283
    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
    2023
    $20,582
    $455,900
    $343,100
    $799,000
    -
    $455,900
    $343,100
    $799,000

    Comparable in this City

    • Value Estimation
      $655,000
      0.60 Acres

      174 Bloomfield Ave

      COMMERCIAL (GENERAL) • 0.60 Acres
      174 Bloomfield Ave, Nutley, NJ 07110-4611
      View Details
    • Value Estimation by Request
      0.10 Acres

      250 Ctr St

      COMMERCIAL (GENERAL) • 0.10 Acres
      250 Ctr St, Nutley, NJ 07110-2702
      View Details
    • Value Estimation by Request
      0.35 Acres

      104 Ctr St

      COMMERCIAL (GENERAL) • 0.35 Acres
      104 Ctr St, Nutley, NJ 07110-3487
      View Details
    • Value Estimation by Request
      0.44 Acres

      492 Franklin Ave, Unit 494

      COMMERCIAL (GENERAL) • 0.44 Acres
      492 Franklin Ave, Nutley, NJ 07110-1732
      View Details
    • Value Estimation by Request
      2.05 Acres

      310 Kingsland St

      COMMERCIAL (GENERAL) • 2.05 Acres
      310 Kingsland St, Nutley, NJ 07110-1150
      View Details
    • Value Estimation
      $720,000
      7.54 Acres

      299 Kingsland St

      COMMERCIAL (GENERAL) • 7.54 Acres
      299 Kingsland St, Nutley, NJ 07110
      View Details

    Similar Nearby for Sale

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    • $1,950,000

      Mixed-Use Income Property in Nutley

      Mixed-use property with warehouse, storefront, and apartments in Nutley.
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    • New
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    Similar Nearby for Lease

    • $2,400 /Mo

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      Office or retail space in a prime Nutley location.
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      View Details
    • $2,900 /Mo
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      Retail/Office Space in Nutley

      Prime location suitable for retail or professional use.
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      View Details
    • $4,950 /Mo

      Spacious Luxury Apartment with Skyline Views

      Upscale 4-bedroom apartment with garage, yard, and Manhattan views.
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    • $2,350 /Mo
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      Nutley Twp. Commercial Opportunity

      Prime commercial space in Nutley's Spring Garden neighborhood for rent.
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    • $4,500 /Mo

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      View Details
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    691 Franklin Ave
    Nutley, NJ 07110
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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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