Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    16 Forest Terrace Wayne, NJ 07470

    View on Map
    Claim this Listing
    New
    For Sale
    $649,000

    1 Story, Ranch - Wayne, NJ

    Type:Ranch
    Added:
    Apr 20, 2026
    Days on Market:
    3
    Last Refresh:
    Apr 22 at 5:06 am

    Property Features for 16 Forest Terrace

    General Information

    Property type
    Residential
    Property subtype
    Ranch
    Bedrooms
    3
    Bathrooms
    2
    Rooms
    Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 2, Bedroom 3
    Standard status
    Active

    Utilities

    Heating system
    Baseboard, Hot Water (Heating), Natural Gas
    Cooling system
    Central Air
    Water front features
    Lake Rights

    Building Details

    Floors in Building
    1
    Flooring type
    Carpet
    Architectural style
    Ranch

    We can help!

    Listing Contact
    Teresa Forte

    Listing agent Teresa Forte

    Listing office Keller Williams Prosperity Realty 1700 State Route 23, Wayne, NJ

    Listing date Apr 20, 2026

    MLS# 26013649 Listing URL

    Copyright © 2026 New Jersey MLS Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Updated Ranch in Packanack Lake

    This updated ranch-style property offers single-story living. The interior features an open-concept great room with vaulted ceilings, exposed beam details, and skylights. Walls of windows provide natural light. The updated kitchen includes stainless steel appliances and a breakfast bar, flowing into a separate dining area. The primary suite has an updated en-suite bath and dual closets. There are two additional bedrooms and a full bath with direct bedroom access. Access from the kitchen leads to a fenced yard with a garden. Additional features include a long driveway for parking and a built-in storage room. Updates include an electrical panel (2018), skylights and central A/C (2020), furnace (2022), attic insulation and carpeting (2023), plus washer/dryer, French drain, primary bath shower, and siding/soffits all completed in 2025. Residents can enjoy Packanack Lake amenities such as fishing, swimming, boating, a playground, pickleball, and tennis.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Single family properties

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Wayne
    County
    Passaic
    State
    New Jersey
    Longitude
    -74.2466706
    Latitude
    40.9358369

    Nearby Similar for Sale

    • $185,000

      Professional Office Space in Wayne

      Well-maintained office space suitable for various professional uses.
      504 Hamburg Tpke, Wayne Twp., NJ 07470
      View Details
    • $550,000
      68,900 SF

      Turn-Key Medical Office Condominium

      Furnished medical office near St. Joseph's University Medical Center.
      246 Hamburg Tpke, Wayne Twp., NJ 07470-2156
      View Details
    • $799,000
      3,440 SF

      Prime Medical Park Corner Offices

      Three versatile office suites in a desirable medical park.
      502 Hamburg Tpke, Wayne Twp., NJ 07470
      View Details
    • $899,900

      Custom Brick Ranch in Wayne

      Beautifully crafted ranch with finished basement and private backyard.
      7 Jefferson Place, Wayne, NJ 07470
      View Details
    • $535,000

      Charming Ranch in Lions Head Lake

      Comfortable 4-bedroom ranch in a peaceful, wooded setting.
      96 E Lions Head, Wayne, NJ 07470
      View Details
    • $1,195,000
      2,411 SF

      Wayne Industrial Opportunity For Sale

      Versatile industrial property in Wayne, NJ, near major highways.
      179-183 Old Turnpike Rd, Wayne Twp., NJ 07470-6926
      View Details
    • $1,750,000
      4,340 SF

      Modern Retail Building on Hamburg Tpke

      Modern retail building with strong rental income and high traffic.
      2252 Hamburg Tpke, Wayne, NJ
      View Details
    • $419,000

      Medical Building Near St. Joe's

      Medical building with gym equipment near St. Joe's Hospital.
      342 Hamburg #108, Wayne, NJ 07470
      View Details
    • $550,000

      Turn-Key Medical Office Condominium

      Furnished medical office near St. Joseph’s University Medical Center.
      246 Hamburg #305F, Wayne, NJ 07470
      View Details
    • $3,000,000
      2,651 SF

      BP Gas Station Investment Opportunity

      Gas station with corporate guarantee in prime location.
      536 Alps Rd, Wayne, NJ 07470
      View Details
    • $399,000
      1,500 SF

      Turnkey Medical/Dental Office Condo

      Ready-to-operate condo with existing medical/dental infrastructure.
      504 HAMBURG TURNPIKE, Wayne, NJ 07470-9999
      View Details
    • $195,000
      1,100 SF

      Professional Office Space For Sale

      Well-maintained 1,100 sq. ft. office space for professional use.
      504 Hamburg #102B, Wayne, NJ 07470
      View Details

    FAQs

    What type of property is this?
    Single family property - Updated 3-bedroom, 2-bath ranch with lake access.
    Where is this single family property located?
    The property is located at 16 Forest Terrace Wayne, NJ.
    What is the asking price?
    The asking price for this property is $649,000.
    What are key features of this property?
    This property features: Packanack Lake access with amenities: fishing, swimming, boating, playground, pickleball & tennis.; Extensively updated: electrical panel (2018), skylights & central A/C (2020), furnace (2022), attic insulation & carpeting (2023), washer/dryer, French drain, primary bath shower, and siding/soffits (2025).; Updated 3 Bedroom, 2 Bath Ranch offering easy one‑floor living.
    (201) 774-6563
    We can help!
    Listing Contact
    Teresa Forte
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!