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    243 Main St New Milford, NJ 07646

    View on Map
    Sponsored
    For Sale
    $850,000

    3-Three Story, Multi-Family - New Milford Boro, NJ

    Property size:
    1,600 SF
    Lot size:
    0.18 Acres
    Days on Market:
    2
    Last Refresh:
    Mar 14 at 1:06 pm

    Property Features for 243 Main St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Rooms
    Bathroom 1, Bathroom 2, Bathroom 3, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Dining Room, Family Room, Kitchen, Laundry, Living Room
    Bedrooms
    4
    Bathrooms
    3
    Parking
    10
    Interior features
    Blinds, Carbon Monoxide Detector, Drapes, See Remarks, Wood Floors
    Exterior features
    Curbs, Partially Fenced, Privacy Fence, Sidewalk
    Fencing
    Fenced, Partial, Privacy
    Appliances
    Dryer
    Size
    1,600 SF
    Lot size
    0.18 Acres

    Building Details

    Year built
    1975
    Number of units
    2
    Building materials
    Aluminum Siding, Brick
    Roof type
    Asphalt, Shingle
    Architectural style
    Other

    We can help!

    Listing Contact
    William Barraza

    NJ Metro Group LLC (973) 783-7400

    Listing agent WILLIAM BARRAZA (973) 783-7400

    Listing date Mar 13, 2026

    MLS# 4014425 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

    Mixed-Use Building in New Milford

    This three-story mixed-use building is located in New Milford Boro, NJ. The property offers a blend of residential and commercial space. The building features a street-level retail or commercial space suitable for various businesses such as boutique retail, professional services, medical offices, or a cafe. The property also includes a private three-bedroom apartment with one full bathroom on the upper floors. The ground floor commercial space includes a full bathroom. Situated on New Milford's Main Street corridor, the property benefits from consistent foot and vehicle traffic. The apartment provides rental income potential or live-work convenience. The property is conveniently located near schools, parks, restaurants, and NYC commuter routes, with nearby NJ bus service and access to rail stations and highways. The property size is 1,600 square feet and the lot size is 0.18 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Retail space

    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
    New Milford
    County
    Bergen
    State
    New Jersey
    Longitude
    -74.01824
    Latitude
    40.94564

    Nearby Similar for Sale

    • New
      $850,000
      1,600 SF

      Mixed-Use Building on Main Street

      Three-story mixed-use building with commercial space and apartment.
      243 Main St, New Milford, NJ 07646
      View Details
    • Contact for pricing

      New Milford Commercial Building For Sale

      Freestanding 3,500 SF commercial building suitable for various uses.
      219 Richmond Ave, New Milford, NJ 07646
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - Three-story mixed-use building with commercial space and apartment.
    Where is this mixed-use property located?
    The property is located at 243 Main St New Milford, NJ.
    What is the asking price?
    The asking price for this property is $850,000.
    What are key features of this property?
    This property features: - Prime mixed-use property on New Milford's Main Street, offering both commercial and residential spaces.; - Income-producing three-bedroom apartment upstairs provides rental income or live-work options.; - Flexible commercial space suitable for retail, professional services, medical offices, or a cafe.
    (973) 783-7400
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    243 Main St New Milford, NJ 07646
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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
    243 Main St New Milford, NJ 07646
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    We can help!
    Listing Contact
    William Barraza
    (973) 783-7400 (973) 783-7806 (201) 719-6935
    Learn more
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