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    2915 State Rt 23 Newfoundland, NJ 07435

    View on Map
    For Lease
    $2,150 /Mo

    Commercial - West Milford Twp., NJ

    Lot size:
    0.44 Acres
    Added:
    Oct 17, 2025
    Days on Market:
    168
    Last Refresh:
    Apr 2 at 5:06 am

    Property Features for 2915 State Rt 23

    General Information

    Property type
    Commercial Lease
    Property subtype
    Other
    Zoning
    Commercial
    Parking features
    Parking Lot
    Standard status
    Active
    Lot size
    0.44 Acres

    Taxes and HOA fees

    TaxYear
    2024
    TaxAnnualAmount
    24510

    Utilities

    Heating system
    Forced Air

    Building Details

    Year built
    1970
    Floors in Building
    1
    Building materials
    Concrete
    Roof type
    Flat
    Architectural style
    Other

    We can help!

    Listing Contact
    MARK MINADEO

    Listing agent MARK MINADEO

    Listing office RE/MAX COUNTRY REALTY 14 MARSHALL HILL RD, West Milford, NJ

    Listing date Oct 17, 2025

    MLS# 3993233 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.

    Overview

    Route 23 Retail Opportunity

    This meticulously maintained retail unit is located in a strip mall on Route 23 in the Newfoundland section of West Milford Township, New Jersey. The property is zoned for commercial use and offers a great opportunity for business. The location provides fantastic road exposure. The parking lot accommodates over 20 vehicles. The lot size is 0.44 acres. Tenants share CAM charges, and natural gas is available.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Strip malls

    Suggested Use

    Real Estate Agency Law Firm Building Supply Dental Office Big Box & Wholesale Store Auto Parts Store Kitchen & Bath Showroom HVAC Service Electrical Service Home Appliance Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Newfoundland
    County
    Passaic
    State
    New Jersey
    Longitude
    -74.397641
    Latitude
    41.018305

    Nearby Similar for Lease

    • Contact for pricing

      Renovated Commercial Space Available

      Renovated commercial space suitable for office or retail use.
      62 Old Rt 23, West Milford Twp., NJ 07435-1523
      View Details
    • Contact for pricing

      West Milford Turnkey Office Space

      Entry-level office space suitable for medical use in West Milford.
      7 Oak Ridge Rd UNIT 1 & 4, West Milford Twp., NJ 07435
      View Details
    • Contact for pricing

      Renovated Office or Retail Space

      Renovated space suitable for office or retail use.
      62 Old Rt 23, West Milford Twp., NJ 07435-1523
      View Details

    FAQs

    What type of property is this?
    Strip mall - Well-maintained retail unit with high visibility on Route 23.
    Where is this strip mall located?
    The property is located at 2915 State Rt 23 Newfoundland, NJ.
    What is the lease rate?
    The lease rate is $2,150 /Mo.
    What are key features of this property?
    This property features: High‑visibility location directly on Route 23.; Ample parking with a parking lot for 20+ vehicles.; Meticulously maintained strip mall unit.
    (973) 657-1000
    We can help!
    Listing Contact
    MARK MINADEO
    Real Estate License ID: 9133092
    Learn More
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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
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