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    229 Main St Andover, NJ 07821

    View on Map
    Sponsored
    For Lease
    $4,000 /Mo ($1.57 SF/Yr)

    Commercial - Andover Boro, NJ

    Lot size:
    0.70 Acres
    Days on Market:
    38
    Last Refresh:
    Mar 5 at 11:06 pm

    Property Features for 229 Main St

    General Information

    Property type
    Commercial Lease
    Property subtype
    Other
    Standard status
    Active
    Zoning
    Mixed
    Rooms
    Basement
    Basement Y/N
    1
    Lot size
    0.70 Acres

    Utilities

    Cooling system
    None (Cooling)

    Building Details

    Year built
    1960
    Architectural style
    Other

    We can help!

    Listing Contact
    LISA FISCHER

    Realty Executives Exceptional Realtors (973) 575-6700

    Listing agent LISA FISCHER (973) 729-7141

    Listing date Jan 27, 2026

    MLS# 3999719 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

    Andover Boro Commercial Yard, Office

    This property offers a rare opportunity for contractors or businesses seeking a combination of office space, storage, and a large yard with parking for approximately 13 vehicles. The property includes a 24' x 40' wide garage/shop with a 10' height and approximately 1000 sq. ft. of loft space. The basement has been converted into multiple office spaces, a conference room of approximately 700 sq. ft., and a restroom. Situated on Route 206, the location provides convenient access to Routes 80, 15, 46, and 206. The house on the property is not for use, as the first floor is rented; however, the basement area serves as an office. The 0.7-acre yard includes a diesel tank for tenant use, with diesel at their expense. The garage will be cleared out, along with any remaining items in the yard. The yard with garage only is available for $3,500. Flexible lease options are available, with a preference for a long-term lease. The property is zoned mixed.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Flex space

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Hair Salon Auto Repair Shop Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Andover
    County
    Sussex
    State
    New Jersey
    Longitude
    -74.74593
    Latitude
    40.9985

    Nearby Similar for Lease

    • Contact for pricing
      2,017 SF

      Retail Space on Main Street

      High visibility retail space centrally located on Route 206.
      126 Main St, Andover, NJ 07821
      View Details

    FAQs

    What type of property is this?
    Flex space - Contractor's yard with office space for rent in Andover.
    Where is this flex space located?
    The property is located at 229 Main St Andover, NJ.
    What is the lease rate?
    The lease rate is $1.57 SF/Yr.
    What are key features of this property?
    This property features: - Large yard/parking area suitable for approximately 13 vehicles, ideal for contractors or businesses; - Spacious 24' x 40' garage/shop with approximately 1000 sq. ft. of loft space; - Basement converted into office space with multiple offices and a conference room (approximately 700 sq. ft.), plus restroom
    (973) 575-6700
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    229 Main St Andover, NJ 07821
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    Andover, NJ 07821
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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
    229 Main St Andover, NJ 07821
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    We can help!
    Listing Contact
    LISA FISCHER
    (973) 575-6700 (973) 598-1700 (973) 729-7141
    Learn more
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