Building Details

Year Built 2021

Listing Agency: REALTY EXECUTIVES EXCEPTIONAL Show Phone

Listed By: JEANNETTE BURKE · License #293430 Show Phone

Source: Corcoran

Added: Dec 13, 2025 Changed: Sep 4 Last Checked: Aug 14 at 7:23AM

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Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of REALTY EXECUTIVES EXCEPTIONAL

Investment Insights

Based on property information with market context.

This renovated mixed-use property offers income potential and a 10% CAP rate. The 5,000 square foot building features three rental units, including two updated apartments, dedicated office space, and a spacious event/banquet hall area. The flexible configuration allows for potential restaurant or catering use. The property has been improved and well maintained, ensuring rental appeal and long-term stability. It is located in Wantage Twp., NJ.

Key Highlights

• High Income Potential: Offers a 10% CAP RATE, indicating strong profitability.
• Renovated Mixed‑Use Property: Features three rental units, including apartments, office space, and a banquet hall.
• Versatile Configuration: Flexible layout allows for restaurant or catering use.

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

$49,500

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

7.86%

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%

$990,000 $990.0K

Cap Rate 7%

$707,143 $707.1K

Cap Rate 9%

$550,000 $550.0K

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

$90.0K $18.00/SF

− Vacancy

−$10.8K −$2.16/SF

EGI

$79.2K $15.84/SF

− OpEx

−$29.7K −$5.94/SF

NOI

$49.5K $9.90/SF

Area

Sussex County, NJ

Vacancy

12.00%

Lease Rate

$18.00 /SF/Yr

Expense Ratio

37.50%

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%

$990,000

Cap Rate 7%

$707,143

Cap Rate 9%

$550,000

Alternative Uses

Best Use

Mixed Use

$707.1K

$618.8K – $825.0K (±1% cap)

NOI $49,500 @ 7.0% cap · market cap 7.86%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.31M

$1.14M – $1.52M (±1% cap)

NOI $91,392 @ 7.0% cap · market cap 14.51%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Mixed-use properties

Suggested Use

Top Pick Auto Repair Shop Restaurant Farmer's Market Food Market Hotel & Motel

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

8

Businesses Nearby

Explore this area Business Placement

Demographics for 07461, NJ

18,530

Population

7,972

Households

2.3

Avg Household Size

44

Median Age

28%

College-Educated

93%

High-School Grad

83.0 sq mi

ZIP Area

223

Density / Sq Mi

$104,441

Median Household Income

$46,590

Median Earnings

$1,456

Median Rent

$338,500

Median Home Value

Questions? Ask Rey

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What type of property is this? Where is this mixed-use properties located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Renovated mixed-use property with income potential and 10% CAP.

Where is this mixed-use property located?

The property is located at 1050 State Rt 23 Wantage Twp, NJ.

What is the asking price?

The asking price for this property is $629,999.

What are key features of this property?

This property features: High Income Potential: Offers a **10% CAP RATE**, indicating strong profitability.; Renovated Mixed‑Use Property: Features three rental units, including apartments, office space, and a banquet hall.; Versatile Configuration: Flexible layout allows for restaurant or catering use.