Sign Up Successful!
You now have access to more from Realmo!
    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

    165 State Rt 23 Franklin, NJ 07416

    Sponsored
    For Sale
    $525,000

    Commercial - Franklin Boro, NJ

    Property size:
    3,500 SF
    Lot size:
    1.01 Acres
    Days on Market:
    2
    Last Refresh:
    Feb 13 at 1:06 pm

    Property Features for 165 State Rt 23

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    Zoning
    HC-2
    Rooms
    Basement
    Parking
    14
    Parking features
    Parking Lot
    Basement Y/N
    1
    Size
    3,500 SF
    Lot size
    1.01 Acres

    Utilities

    Cooling system
    Central Air, Ductless, Multi Units

    Building Details

    Year built
    1900
    Floors in Building
    2
    Number of units
    3
    Flooring type
    Carpet
    Building materials
    Vinyl Siding
    Roof type
    Asphalt, Shingle
    Architectural style
    Other

    We can help!

    Listing Contact
    Donna Geba
    Donna Geba

    Century 21 Geba Realty (201) 874-6788

    Listing agent DONNA GEBA (973) 726-0333

    Listing date Feb 12, 2026

    MLS# 4009517 Listing URL

    Copyright © 2026 Garden State MLS, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Highway Commercial Zone Investment Opportunity

    This 3500 square foot building presents a commercial investment opportunity. Situated in a highly visible highway commercial zone, the property features two rented units. One unit offers 1400 square feet of office space, including six individual offices, a waiting room, a reception area, a handicapped-accessible bathroom, and a kitchen. The property also includes a full, usable basement with a separate entrance and a large parking lot. The HC-2 zoning allows for various business uses, such as doctor's offices, law offices, dental practices, chiropractic offices, general business offices, professional services, artist studios, antique shops, retail shops, coffee shops, and auto-related sales. The property is located in Franklin Boro, NJ, and is approximately 90 minutes from New York City. The lot size is 1.01 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Office space

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Franklin
    County
    Sussex
    State
    New Jersey
    Longitude
    -74.58015
    Latitude
    41.11215

    Nearby Similar for Sale

    • $349,900
      1,240 SF

      Restaurant/Coffee Shop with Outdoor Space

      Successful coffee house/restaurant with expansion potential in Franklin, NJ.
      432 Old Main St, Franklin, NJ 08802
      View Details
    • $439,900

      Ranch Home in Franklin, NJ

      Single-family Ranch with potential in a desirable Franklin neighborhood.
      56 Marvin Ave, Franklin, NJ 08873
      View Details
    • $950,000
      4,500 SF

      Established Garage on Busy Highway

      Well-established garage with property, business, and equipment for sale.
      2041 State Rte 27 Hwy, Franklin, NJ 08873
      View Details
    • $379,900
      3,000 SF

      Mixed-Use Property in Hardyston Twp.

      Residential/commercial property with apartment and separate medical office entrance.
      3200 State Rt 94, Franklin, NJ 07416
      View Details
    • $975,000

      Renovated Income-Generating Four-Unit Building

      Fully renovated four-unit building in a thriving commercial district.
      97 Newport Ave East, Franklin, NJ 08873
      View Details
    • Contact for pricing
      48,000 SF

      Franklin, NJ Commercial Office Space

      Modern Office Building, 48,000 sq ft
      12 Cork Hill Rd, Franklin, NJ 07416
      View Details
    • Contact for pricing

      Franklin Commercial Building - Great Location

      Spacious building, ideal for office or daycare.
      Cedar Grv Ln, Franklin, NJ 08873
      View Details
    • $950,000
      0.44 Acres

      Franklin Hwy 27 Garage Business

      Established Garage, Turnkey Operation, High Traffic
      2041 State Rte 27 Hwy, Franklin, NJ
      View Details
    • Contact for pricing
      0.76 Acres

      Franklin, NJ Commercial Garage Space

      Prime Franklin Location, High Traffic Area
      384 Rutherford Ave, Franklin, NJ 07416
      View Details
    • $150,000

      Franklin Township Commercial Office Space

      Prime Location, Spacious Office, Ample Parking
      Clyde Rd, Franklin, NJ 08873
      View Details
    • $150,000
      1,223 SF

      Franklin Commercial Office Space

      Prime Location, Spacious Office, Ready to Move In
      21 Clyde Rd, Franklin, NJ 08873
      View Details
    • $349,900

      Franklin Medical Office Building

      Prime Medical Office Space, Excellent Location
      27 Hwy, Franklin, NJ 08873
      View Details

    FAQs

    What type of property is this?
    Office space - 3500 SF building in a highly visible commercial zone.
    Where is this office space located?
    The property is located at 165 State Rt 23 Franklin, NJ.
    What is the asking price?
    The asking price for this property is $525,000.
    What are key features of this property?
    This property features: - Highway commercial zone location with high visibility.; - 3500 SF building with two rented units for income potential.; - **1400 SF office space with 6 individual offices, waiting room, reception area, handicapped bathroom, and kitchen.**
    (845) 856-6629
    Request Owner's contact information
    165 State Rt 23 Franklin, NJ 07416
    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.
    165 State Rt 23
    Franklin, NJ 07416
    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
    165 State Rt 23 Franklin, NJ 07416
    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

    We can help!
    Listing Contact
    Donna Geba
    Donna Geba
    Real Estate License ID: 31GE0748279
    (845) 856-6629 (201) 874-6788 (973) 726-0333
    Learn more
    Google sign-in failed. Please try again or use another login method.