Englewood Office Condo Value-Add Opportunity | 157 Engle St
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Englewood Office Condo Value-Add Opportunity 157 Engle St
5,286 SF 72% Leased Office Building Online Auction Sale Englewood, NJ 07631
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Investment Highlights
- Excellent opportunity to purchase a boutique office property in Englewood, Bergen County, New Jersey.
- 157 Engle Street sits 1.8 miles from Route 4, offering 10-minute access to the George Washington Bridge and New York City.
- Opportunity to significantly grow NOI through continued lease-up of the property and improved expense efficiency.
- The building is comprised of several small suites making it ideal for a user/investor.
- Perfectly situated at the edge of Downtown Englewood benefiting from great nearby shopping and dining opportunities.
Executive Summary
As exclusive agent, Cushman & Wakefield is pleased to offer a 100% interest in 157 Engle Street, Englewood, New Jersey 07631 for sale. 157 Engle Street is a 3-story, 5,286 SF office building within the chestnut Hill Professional Center. This asset represents condominium ownership of the entire building and 21% interest in the office park, offering hassle free possession and occupancy as common area maintenance is handled by the Chestnut Hill Professional Center condo association.
157 Engle Street is currently occupied by 11 tenants with 4 additional vacant suites. Leases at the property are structured such that tenants occupy their own suites but also have access to common amenities such as a kitchen, restrooms, and a conference room on the first floor. Tenant businesses at the property include lawyers, doctors, and other professional uses. This offering represents the opportunity for an owner/occupier or investor to acquire a right-sized office property in one of the most accessible markets in Bergen County to either occupy for their own needs or to add value through the continued lease-up of the property.
Property tours are available by appointment only, please contact the listing broker to schedule.
157 Engle Street is currently occupied by 11 tenants with 4 additional vacant suites. Leases at the property are structured such that tenants occupy their own suites but also have access to common amenities such as a kitchen, restrooms, and a conference room on the first floor. Tenant businesses at the property include lawyers, doctors, and other professional uses. This offering represents the opportunity for an owner/occupier or investor to acquire a right-sized office property in one of the most accessible markets in Bergen County to either occupy for their own needs or to add value through the continued lease-up of the property.
Property tours are available by appointment only, please contact the listing broker to schedule.
Offering Memorandum Click Here to Access
Data Room Click Here to Access
- Offering Memorandum
- Operating and Financials
- Purchase Agreement
- Title and Insurance
- Third Party Reports
Market Analytics Click Here to Access
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Market Sale Price per SF
New York - NY USA
Market Cap Rate
New York - NY USA
Market Sale Price per SF by Star Rating
1 - 2 Star
3 Star
4 - 5 Star
Market Cap Rate by Star Rating
1 - 2 Star
3 Star
4 - 5 Star
Market Sale Price per SF Distribution
Market Cap Rate Distribution
Property Facts
Sale Type
Investment
Sale Condition
Auction Sale
Property Type
Office
Building Size
5,286 SF
Building Class
C
Year Built
1950
Percent Leased
72%
Tenancy
Multiple
Building Height
2 Stories
Typical Floor Size
2,643 SF
Slab To Slab
10’
Building FAR
0.28
Lot Size
0.44 AC
Zoning
RM-B
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Walk Score®
Very Walkable (84)
About GW Bridge
The GW Bridge Submarket includes the areas of Englewood Cliffs, Palisades Park, and Fort Lee. This more suburban office setting located directly across the Hudson River appeals to a host of occupiers including Unilever, Prudential Financial, LG Electronics, and Sanofi.
Helping drive demand is the submarket's ease of access. Not only are commercial properties here accessible within New Jersey via the New Jersey Turnpike, Route 80, and Route 4, but the area is also a short drive to New York City via either the George Washington Bridge or the Lincoln Tunnel.
This connectivity ensures that occupiers are never too far from the submarkets bevy of retail, dining, and leisure options.
DEMOGRAPHICS
Demographics
1 Mile
3 Mile
5 Mile
2024 Population
19,709
149,948
1,064,160
2020 Population
18,874
144,693
1,072,358
2029 Population
19,719
149,497
1,022,238
2024-2029 Projected Population Growth
0.1%
-0.3%
-3.9%
Daytime Employees
14,356
69,433
350,835
Total Businesses
2,001
8,789
45,081
Average Household Income
$113,826
$142,568
$90,378
Median Household Income
$76,201
$113,401
$61,275
Total Consumer Spending
$230.4M
$2.1B
$10.6B
Median Age
41.0
42.8
39.6
2024 Households
7,111
53,474
391,650
Percent College Degree or Above
18%
28%
20%
Average Home Value
$594,450
$600,719
$552,836
zoning
| Zoning Code | RM-B |
| RM-B |
PROPERTY TAXES
| Parcel Number | 15-01105-0000-00001-01 | Improvements Assessment | $508,400 |
| Land Assessment | $548,800 | Total Assessment | $1,057,200 |
PROPERTY TAXES
Parcel Number
15-01105-0000-00001-01
Land Assessment
$548,800
Improvements Assessment
$508,400
Total Assessment
$1,057,200
Sale Advisors
Sale Advisors
Andrew Schwartz, Managing Director
(973) 292-4624
Contact
Andrew J. Schwartz is a Senior Director in the Metropolitan Area Capital Markets Group. He is located in Cushman & Wakefield’s Morristown, New Jersey office and specializes in middle markets transactions in the $2 million to $20 million range in the suburban New York Metropolitan area.
Since joining the Capital Markets Group, Andrew has been involved in more than $500 million of property sales comprising over 5.7 million square feet. Prior to that, he worked on Wall Street for 20 years serving institutional clients at Abel Noser and Morgan Stanley. Previous to that, he was with Cushman & Wakefield as an office and industrial leasing broker.
Since joining the Capital Markets Group, Andrew has been involved in more than $500 million of property sales comprising over 5.7 million square feet. Prior to that, he worked on Wall Street for 20 years serving institutional clients at Abel Noser and Morgan Stanley. Previous to that, he was with Cushman & Wakefield as an office and industrial leasing broker.
Andre Balthazard, Sr. Associate
(732) 360-6249
Contact
André Balthazard is an Associate on the Metropolitan Area Capital Markets team based out of Morristown, New Jersey. Andres’s team specializes in middle-market transactions in the Northern New Jersey and Suburban New York markets. Prior to joining the Capital Markets team, André interned with Cushman & Wakefield in the Sacramento, California office where he worked with teams that represented office and industrial tenants and landlords.
Jordan Sobel, Director
(973) 292-4633
Contact
Jordan N. Sobel is a Director in the Metropolitan Area Capital Markets Group. He is located in Cushman & Wakefield’s Morristown, New Jersey office and specializes in middle markets transactions in the $2 million to $30 million range in the suburban New York Metropolitan area. Prior to joining the Capital Markets Group, Jordan was a Land Acquisition Analyst at K. Hovnanian Homes. There he assisted the Acquisition team with the evaluation of current and potential acquisitions.
Daniel Bottiglieri, Associate - Capital Markets
(732) 439-1919
Contact
Daniel J. Bottiglieri is an Associate in the Metropolitan Area Capital Markets Group. He is located in Cushman & Wakefield’s Morristown, New Jersey office and specializes in middle market dispositions ranging from $2 million to $30 million with a specific focus on retail sales.
About the Auction Platform
Ten-X Commercial is the leading end-to-end digital transaction platform for commercial real estate. With over $26bn sold, Ten-X’s platform empowers brokers, sellers and buyers with data-driven technology and comprehensive marketing tools to expand market visibility and decrease time to close. Ten-X consistently yields trade rates at two times the industry average. Ten-X expedites the entire CRE transaction timeline by enabling brokers and sellers to tap into a digital platform that makes it easy to onboard properties, evaluate the success of complimentary omnichannel marketing campaigns and follow up on the strongest pre-qualified leads. Buyers are precision-matched with properties aligned with their investment goals, with unprecedented access to market analysis and due diligence documents to help them securely acquire properties online, with confidence.
Read More
Auction Contact
Emily Walper
Contact
Auctioneer License:
Ten-X Commercial, LLC Arlene Richardson RE Brkr 2187404
Contacts
-
Andrew Schwartz -
Andre Balthazard -
Jordan Sobel -
Daniel Bottiglieri -
Cushman & Wakefield
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VIDEOS
3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
Transaction Fee Schedule
Based on Percentage of Winning Bid Amount.
Winning Bid Amount
Transaction Fee
$0m to < $1m
5.00% ($20,000 min)
$1m to < $3m
3.00%
$3m to < $5m
2.50%
$5m to < $10m
2.25%
$10m to < $15m
2.00%
$15m to < $25m
1.75%
$25m to < $35m
1.50%
$35M to < $45M
1.00%
$45M to < $55M
0.75%
$55M and Up
0.50%
Example Calculation
Winning Bid Amount
$4,000,000
Transaction Fee
$100,000 (2.5%)
Total Purchase Price
$4,100,000
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Englewood Office Condo Value-Add Opportunity | 157 Engle St
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