Storefront Property with Two-Bay
For Sale
$1,150,000
459 State Street, Perth Amboy, NJ 08861
Commercial Sale, Perth Amboy, NJ
Property Size5,000 SF
Price / SF$230
Days on Market75
Property Features for 459 State Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C-1
Parking
2
Directions
Gps
Standard status
Active
APN
160023000000000702
Size
5,000 SF
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
17617
Utilities
Sewer type
Public Sewer
Heating system
Central, Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1935
Floors in Building
1
Flooring type
Concrete, Tile
Building materials
Brick
Roof type
Flat
Listing Agency:
J.J. ELEK REALTY CO.
(732) 634-9100
Listed By:
Joseph Devizio · License #0568876
(732) 596-2118
Added: Jun 22
Changed: Sep 1
Last Checked: Sep 4 at 2:06PM
MLS# 2617987R
Copyright © 2026 All Jersey MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This brick storefront property includes a commercial building and a separate 2 Bay Garage currently used as a mechanic shop. The building dates to 1935 and features tile and concrete flooring, central heating with forced air, central air conditioning, and a flat roof.
Located at 459 State Street in Perth Amboy, the property has public water and public sewer service. C-1 zoning supports uses identified in the source data including restaurant, medical facility, lounge, bank, pharmacy, and retail operations. Approved architectural plans allow apartments to be developed above the commercial space.
Located at 459 State Street in Perth Amboy, the property has public water and public sewer service. C-1 zoning supports uses identified in the source data including restaurant, medical facility, lounge, bank, pharmacy, and retail operations. Approved architectural plans allow apartments to be developed above the commercial space.
Key Highlights
- 2 Bay Garage currently used as a mechanic shop
- C‑1 zoning
- Approved architectural plans allow apartments above the commercial space
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$71,366
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.21%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,427,320
$1.4M
Cap Rate 7%
$1,019,514
$1.0M
Cap Rate 9%
$792,956
$793.0K
Market Conditions
NOI Build-Up for 5,000 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$108.0K $21.60/SF
− Vacancy
−$6.0K −$1.21/SF
EGI
$102.0K $20.39/SF
− OpEx
−$30.6K −$6.12/SF
NOI
$71.4K $14.27/SF
Area
Middlesex County, NJ
Vacancy
5.60%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,427,320
Cap Rate 7%
$1,019,514
Cap Rate 9%
$792,956
Alternative Uses
Best Use
Retail
$1.02M
$892.1K – $1.19M
NOI $71,366 @ 7.0% cap · market cap 6.21%
Second Best
Industrial
$801.7K
$701.5K – $935.4K
NOI $56,121 @ 7.0% cap · market cap 4.88%
Theoretical Best
Office A
$1.31M
$1.14M – $1.52M
NOI $91,392 @ 7.0% cap · market cap 7.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Service bays
Location Intelligence
Trade Area within ½ mile
2,173
Businesses Nearby
74k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 62%
Dining 24%
Electronics 9%
Apparel 4%
PNC Bank
Shops & Services
13,747 visits/mo
0.5 miles
Chase Bank
Shops & Services
12,006 visits/mo
0.4 miles
Dunkin' Donuts
Dining
8,729 visits/mo
0.4 miles
Dollar General
Shops & Services
6,535 visits/mo
0.3 miles
Bank of America
Shops & Services
5,226 visits/mo
0.5 miles
Demographics for 08861, NJ
58,039
Population
21,032
Households
2.8
Avg Household Size
35
Median Age
16%
College-Educated
70%
High-School Grad
5.1 sq mi
ZIP Area
11,380
Density / Sq Mi
$60,464
Median Household Income
$34,093
Median Earnings
$1,623
Median Rent
$340,900
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - C-1-zoned commercial property with a mechanic shop, public utilities, and approved plans for apartments above the storefront.
Where is this storefront property located?
The property is located at 459 State Street Perth Amboy, NJ.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: 2 Bay Garage currently used as a mechanic shop; C‑1 zoning; Approved architectural plans allow apartments above the commercial space
