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High-Yield Investment with 5.8-Year WALT 611 River Dr 96,000 SF 100% Leased Office Building Online Auction Sale Elmwood Park, NJ 07407
Investment Highlights
- River Drive Center 3 offers a well-maintained professional office asset in the heart of Bergen County, currently 100% occupied with a 5.8-year WALT.
- Premier asset that has been with the same ownership since construction and is being offered for sale for the first time in 27 years.
- High-impact location with frontage to a four-way signalized intersection just off Interstate 80, offering exposure to over 29,000 daily vehicles.
- Performing mix of seven tenants across financial services, consulting, healthcare, and real estate, with Spencer Savings Bank as the anchor tenant.
- Positioned on a 3.95-acre site with lush landscaping and ample parking for staff and visitors, with 375 surface spaces available on site.
- Easily accessible from Route 46 and the Garden State Parkway, and only 12 miles from George Washington Bridge and New York City.
Executive Summary
River Drive Center 3 presents a lucrative investment opportunity in the heart of Bergen County, located at 611 River Drive. This well-maintained professional office will be delivered fully occupied with 5.8 years of weighted average lease term (WALT) remaining, delivering consistent, dependable rental income.
The property spans a total of 96,000 square feet across four floor and was originally built in 1999. It has been with the same owner since construction and is available for sale for the first time in 27 years. Key property features include a towering two-story atrium with granite and glass finishes, two passenger elevators, a lower-level storage space, and a rooftop cellular tower providing additional income. Situated on a 3.95-acre lot, the property is improved with lush landscaping and ample parking for staff and visitors with 375 surface spaces on site. The building is currently fully occupied by seven tenants in diverse fields such as financial services, consulting, healthcare, and real estate, with Spencer Savings Bank serving as the anchor tenant.
River Drive Center 3 enjoys a prominent location at a four-way signalized intersection just off Exit 61 of Interstate 80, with visibility to more than 29,000 daily vehicles. The site is ideal for regional commuters, sitting just minutes from Route 46 and the Garden State Parkway and only 12 miles from George Washington Bridge and New York City. The property further benefits from proximity to the Market Street retail corridor, enhancing tenant appeal with quick access to popular local shops and restaurants, alongside national brands like Dunkin’, 7-Eleven, Walgreens, Taco Bell, Subway, Papa John’s Pizza, DG Market, and more.
Positioned within the Route 46 Corridor Office Submarket, investors in River Drive Center 3 have the opportunity to capitalize on strong recent growth patterns and leasing fundamentals. Vacancies in the submarket sit below historical averages at 10.7%, and with no new inventory constructed during the past decade, there is significant competition which has driven stable rent growth for office properties. During the past five years, office rents have climbed an average of 2.1% annually, creating significant upside for a new owner to bring rates in line with the market average and capture increased returns.
Property tours are by appointment only. Please contact the listing broker to schedule.
The property spans a total of 96,000 square feet across four floor and was originally built in 1999. It has been with the same owner since construction and is available for sale for the first time in 27 years. Key property features include a towering two-story atrium with granite and glass finishes, two passenger elevators, a lower-level storage space, and a rooftop cellular tower providing additional income. Situated on a 3.95-acre lot, the property is improved with lush landscaping and ample parking for staff and visitors with 375 surface spaces on site. The building is currently fully occupied by seven tenants in diverse fields such as financial services, consulting, healthcare, and real estate, with Spencer Savings Bank serving as the anchor tenant.
River Drive Center 3 enjoys a prominent location at a four-way signalized intersection just off Exit 61 of Interstate 80, with visibility to more than 29,000 daily vehicles. The site is ideal for regional commuters, sitting just minutes from Route 46 and the Garden State Parkway and only 12 miles from George Washington Bridge and New York City. The property further benefits from proximity to the Market Street retail corridor, enhancing tenant appeal with quick access to popular local shops and restaurants, alongside national brands like Dunkin’, 7-Eleven, Walgreens, Taco Bell, Subway, Papa John’s Pizza, DG Market, and more.
Positioned within the Route 46 Corridor Office Submarket, investors in River Drive Center 3 have the opportunity to capitalize on strong recent growth patterns and leasing fundamentals. Vacancies in the submarket sit below historical averages at 10.7%, and with no new inventory constructed during the past decade, there is significant competition which has driven stable rent growth for office properties. During the past five years, office rents have climbed an average of 2.1% annually, creating significant upside for a new owner to bring rates in line with the market average and capture increased returns.
Property tours are by appointment only. Please contact the listing broker to schedule.
Data Room Click Here to Access
- Financials
- Leases
- Drawings
- Real Estate Property Tax Information
- Purchase Agreement
Market Analytics Click Here to Access
Property Facts
Sale Type
Investment
Sale Condition
Auction Sale
Type of Ownership
Fee Simple
Property Type
Office
Building Size
96,000 SF
Building Class
B
Year Built
1999
Percent Leased
100%
Tenancy
Multiple
Building Height
4 Stories
Typical Floor Size
21,501 SF
Slab To Slab
10’
Building FAR
0.56
Lot Size
3.95 AC
Parcel Number
11-01019-0000-00018-02
Zoning
C-O
Parking
375 Spaces (4.36 Spaces per 1,000 SF Leased)
Moderately walkable
70/100
Very drivable
80/100
Some public transit
50/100
Fairly bikeable
40/100
Demographics
Demographics
1 mile
3 mile
5 mile
2025 Population
21,115
324,156
671,106
2020 Population
22,547
341,764
684,080
2030 Population
21,239
326,367
681,324
2025-2030 Projected Population Growth
0.6%
0.7%
1.5%
Daytime Employees
15,919
115,711
267,039
Total Businesses
791
14,180
33,374
Average Household Income
$116,551
$97,036
$113,372
Median Household Income
$95,674
$71,167
$85,217
Total Consumer Spending
$248.1M
$3.1B
$7.4B
Median Age
40.9
37.9
39.2
2025 Households
7,289
107,666
232,241
Percent College Degree or Above
18%
14%
19%
Average Home Value
$495,977
$501,555
$556,507
$ values in USD
Sale Advisors
Sale Advisors
Kevin Louie, Vice President
Kevin Louie is Vice President in the Investment Sales group at RIPCO Real Estate. His experience covers a wide selection of asset classes, not-for-profit transactions and extensive experience throughout New York and New Jersey.
Kevin Louie has over 19 years of real estate experience in varies roles with eight years of experience in Investment Sales. Before joining RIPCO, Kevin worked as a Director of Capital Markets and Investment Sales at Cushman & Wakefield. Over the span of his career, he has succeeded in over $1.2 billion in real estate transactions in the capital markets and has performed over 900 broker opinions of values. Additionally, Kevin’s real estate experience includes bank transactions, title insurance, property management and acquisition.
Kevin is a member of Real Estate Board of NY (REBNY), Asian Real Estate Association of America (AREAA), Queens Chamber of Commerce where he serves as the Co-Chair of the Real Estate Committee and serves as Vice President for the Greater Flushing Chamber of Commerce. Kevin enjoys all types of outdoor activities including golfing, snowboarding, hiking, running marathons and obstacle course races.
Kevin Louie has over 19 years of real estate experience in varies roles with eight years of experience in Investment Sales. Before joining RIPCO, Kevin worked as a Director of Capital Markets and Investment Sales at Cushman & Wakefield. Over the span of his career, he has succeeded in over $1.2 billion in real estate transactions in the capital markets and has performed over 900 broker opinions of values. Additionally, Kevin’s real estate experience includes bank transactions, title insurance, property management and acquisition.
Kevin is a member of Real Estate Board of NY (REBNY), Asian Real Estate Association of America (AREAA), Queens Chamber of Commerce where he serves as the Co-Chair of the Real Estate Committee and serves as Vice President for the Greater Flushing Chamber of Commerce. Kevin enjoys all types of outdoor activities including golfing, snowboarding, hiking, running marathons and obstacle course races.
Stephen Preuss, Vice Chairman, Investment Sales
Stephen R. Preuss Sr. is a Vice Chairman in the Investment Sales group at RIPCO Real Estate, where he focuses on investment sales in the capital markets for the New York Metropolitan Area. Stephen joined RIPCO Real Estate in 2021 as the highest producing investment sales broker in Queens and one of the highest capital market producers in NYC. Stephen’s team consists of highly experienced members including several partners, senior brokers, and a full support staff with expertise in the NYC and outer boroughs markets, as well as marketing and analytical professionals.
Over his nearly 20-year career Stephen has produced an ambitious track record with over $7.5 billion of investment and commercial real estate transactions while consistently performing over 500 property valuations per year. Throughout his tenure Stephen has sold in excess of 800 properties and exclusively handles over 100 listings annually. Stephen is widely recognized as the #1 top performer in Queens and Brooklyn and a leading broker in the NYC capital markets. He is a major contributor to multiple major publications including Commercial Observer and The Real Deal, among several other regional and national publications. In addition, he is a regular speaker/panelist on several prestigious panels including Commercial Observer Brooklyn Queens Forum and BISNOW. Stephen is an executive board member of the Queens Chamber of Commerce, and a major contributor to the Queens Community House and several other not-for- profit organizations including the Long Island City Partnership, Greater Flushing Chamber of Commerce, Chinese Business Association, and the Chinese American Planning Council.
Over his nearly 20-year career Stephen has produced an ambitious track record with over $7.5 billion of investment and commercial real estate transactions while consistently performing over 500 property valuations per year. Throughout his tenure Stephen has sold in excess of 800 properties and exclusively handles over 100 listings annually. Stephen is widely recognized as the #1 top performer in Queens and Brooklyn and a leading broker in the NYC capital markets. He is a major contributor to multiple major publications including Commercial Observer and The Real Deal, among several other regional and national publications. In addition, he is a regular speaker/panelist on several prestigious panels including Commercial Observer Brooklyn Queens Forum and BISNOW. Stephen is an executive board member of the Queens Chamber of Commerce, and a major contributor to the Queens Community House and several other not-for- profit organizations including the Long Island City Partnership, Greater Flushing Chamber of Commerce, Chinese Business Association, and the Chinese American Planning Council.
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3% Transaction Fee
Based on Winning Bid Amount
Minimum Transaction Fee
$20,000 USD
Maximum Transaction Fee
$300,000 USD
Example Calculation
Winning Bid Amount
$5,000,000 USD
Transaction Fee
$150,000 USD (3%)
Total Purchase Price
$5,150,000 USD
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High-Yield Investment with 5.8-Year WALT | 611 River Dr
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