Building Details

Year Built 2016

Tenancy Single

Listing Agency: Matthews

Listed By: Josh Bishop · License #688810

Source: Crexi

Added: Jun 17 Changed: Aug 31 Last Checked: Aug 31 at 4:48AM

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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 Matthews

Investment Insights

Based on property information with market context.

This retail storefront contains 6,810 square feet and was built in 2016. The property is associated with Advance Auto Parts and carries an NNN lease structure, providing a defined commercial occupancy framework.

The building is located at 1130 Route 46 in Ledgewood, New Jersey, within the New York City metropolitan statistical area. Advance Auto Parts operates under a national automotive aftermarket retail platform serving professional installers and do-it-yourself customers through its Advance Auto Parts and Carquest brands.

Key Highlights

• 6,810‑square‑foot retail storefront
• Constructed in 2016
• NNN lease structure

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

$97,201

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

4.25%

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%

$1,944,020 $1.9M

Cap Rate 7%

$1,388,586 $1.4M

Cap Rate 9%

$1,080,011 $1.1M

Market Conditions

NOI Build-Up for 6,810 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

$147.1K $21.60/SF

− Vacancy

−$8.2K −$1.21/SF

EGI

$138.9K $20.39/SF

− OpEx

−$41.7K −$6.12/SF

NOI

$97.2K $14.27/SF

Area

Morris 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%

$1,944,020

Cap Rate 7%

$1,388,586

Cap Rate 9%

$1,080,011

Alternative Uses

Best Use

Retail

$1.39M

$1.22M – $1.62M (±1% cap)

NOI $97,201 @ 7.0% cap · market cap 4.25%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.78M

$1.56M – $2.07M (±1% cap)

NOI $124,476 @ 7.0% cap · market cap 5.44%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Storefront properties

Suggested Use

Top Pick (Bike/Boat/Book/etc) Store Hair Salon Grocery & Convenience Store Locksmith Food Market Storage Facility

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

101

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 07852, NJ

3,723

Population

1,629

Households

2.3

Avg Household Size

45

Median Age

60%

College-Educated

95%

High-School Grad

3.6 sq mi

ZIP Area

1,034

Density / Sq Mi

$90,924

Median Household Income

$70,682

Median Earnings

$1,476

Median Rent

$424,900

Median Home Value

Market

Vacancy Rate% for Retail in Northeast region

6% 2019

7.1% 2020

6.5% 2021

6% 2022

5.7% 2023

5.6% 2024

6% 2025

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Frequently Asked Questions

What type of property is this?

Storefront property - NNN-leased retail property associated with Advance Auto on Route 46 in Ledgewood.

Where is this storefront property located?

The property is located at 1130 Route 46 Ledgewood, NJ.

What is the asking price?

The asking price for this property is $2,287,886.

What are key features of this property?

This property features: 6,810‑square‑foot retail storefront; Constructed in 2016; NNN lease structure