Renovated Mixed-Use Property For
1050 State Rt 23 Wantage Twp, NJ 07461
For Sale
$629,999
Pending
Renovated mixed-use property with income potential and 10% CAP.
Property Size5,000 SF
Lot Size3.24 Acres
Days on Market224
Property Features for 1050 State Rt 23
General Information
- Standard status
- Pending
- Size
- 5,000 SF
- Lot size
- 3.24 Acres
- Property subtype
- Commercial
Building Details
- Year Built
- 2021
Listing Agency:
REALTY EXECUTIVES EXCEPTIONAL
(973) 729-7141
Listed By:
JEANNETTE BURKE
Source:
Corcoran
Added: Dec 13, 2025
Changed: Jul 10
Last Checked: Jul 23 at 7:44AM
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 For Mixed Use
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $90.0k | $18.00 |
| − Vacancy | −$10.8k | −$2.16 |
| EGI | $79.2k | $15.84 |
| − OpEx | −$29.7k | −$5.94 |
| NOI | $49.5k | $9.90 |
5,000 SF · lease $18.00/SF/yr · vacancy 12.00% · expense 37.50%
Alternative Uses
Best Use
Office B
$1.09M
$956.3K – $1.28M
NOI $76,500 @ 7.0% cap · market cap 12.14%
Second Best
Mixed Use
$707.1K
$618.8K – $825.0K
NOI $49,500 @ 7.0% cap · market cap 7.86%
Theoretical Best
Office A
$1.31M
$1.14M – $1.52M
NOI $91,392 @ 7.0% cap · market cap 14.51%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Office Units
FAQs
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.
