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    385 state ROUTE 23 Franklin, NJ 07416

    View on Map
    For Lease
    $875 /Mo

    Commercial - Franklin Boro, NJ

    Lot size:
    0.19 Acres
    Added:
    Feb 18, 2025
    Days on Market:
    407
    Last Refresh:
    Apr 1 at 12:06 pm

    Property Features for 385 state ROUTE 23

    General Information

    Property type
    Commercial Lease
    Property subtype
    Other
    Zoning
    HC-2
    Parking features
    Parking Lot
    Standard status
    Active
    Lot size
    0.19 Acres

    Taxes and HOA fees

    TaxYear
    2024
    TaxAnnualAmount
    1377161

    Utilities

    Heating system
    Forced Air
    Cooling system
    Central Air, Multi Units

    Building Details

    Year built
    1920
    Floors in Building
    2
    Number of units
    3
    Flooring type
    Carpet
    Building materials
    Block, Brick, Vinyl Siding
    Roof type
    Asphalt, Shingle
    Architectural style
    Other

    We can help!

    Listing Contact
    JOANNE REDER
    JOANNE REDER

    Listing agent JOANNE REDER

    Listing office SUSSEX COUNTY REAL ESTATE 385 ROUTE 23 SOUTH, Franklin, NJ

    Listing date Feb 18, 2025

    MLS# 3946481 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

    Renovated Office Suites on Route 23

    These private, fully renovated second-floor office suites are available for rent in a two-story building. The suites come furnished and are ready for business use. Situated on Route 23 at a traffic light, the location offers high visibility. The suites feature new LVP flooring. Signage space is available facing both north and south on Route 23, in front of the building, as well as on the side and back. On-site parking is plentiful. The property is suitable for various businesses, including medical practices, accountants, attorneys, title companies, and insurance companies. A real estate office already occupies other offices in the building. The rental price is all-inclusive, covering all utilities and CAM charges. Tenants are only responsible for their own internet and telephone services. Tenants have full access to a kitchenette. The property is located in Franklin Boro, NJ, with a lot size of 0.19 acres and is zoned HC-2.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Office Units

    Map

    City
    Franklin
    County
    Sussex
    State
    New Jersey
    Longitude
    -74.5998
    Latitude
    41.1177

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    FAQs

    What type of property is this?
    Office units - Furnished, renovated office suites with utilities included on Route 23.
    Where is this office units located?
    The property is located at 385 state ROUTE 23 Franklin, NJ.
    What is the lease rate?
    The lease rate is $875 /Mo.
    What are key features of this property?
    This property features: All utilities and CAM charges included in rental price (tenant only pays for internet/phone).; Completely renovated, **furnished office suites; turn‑key ready** for various businesses.; **Superb highway location on Route 23** with signage opportunities facing both directions.
    (973) 827-8885
    We can help!
    Listing Contact
    JOANNE REDER
    JOANNE REDER
    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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