Flex Space with Loading
For Sale
$988,888
1149 Raritan Avenue, Highland Park, NJ 08904
COMMERCIAL - Highland Park, NJ
Property Size2,800 SF
Lot Size0.10 Acres
Price / SF$353.17
Days on Market1007
Property Features for 1149 Raritan Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
c
Parking
3
Parking features
On Street
Lot features
Commercial Area
Directions
Lexington Ave & Route 27 (Raritan Ave)
Standard status
Active
APN
0701207000000017
Size
2,800 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Year
2022
Tax Annual Amount
14182
Utilities
Sewer type
Public Sewer
Heating system
Hot Water(Heating), Zoned, Baseboard
Cooling system
Central Air
Water source
Public
Building Details
Year built
1950
Floors in Building
1
Flooring type
Tile, Concrete, Carpet, Tile - Ceramic
Building materials
Brick
Roof type
Flat
Listing Agency:
AMERICA AGENCY
(800) 541-1999
Listed By:
Louis Trenta
(732) 985-7894
Added: Nov 21, 2023
Changed: Aug 4
Last Checked: Aug 24 at 3:06AM
MLS# 2405718R
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.
Flex space at 1149 Raritan Avenue is a brick building built in 1950 with a flat roof. The property uses hot water baseboard heat with zoned control and separate thermostats, along with central air. There is no gas in the building, but gas is available in the street for potential hook up.
The building includes a front unit and a rear rental. The rear unit is on the Lexington Avenue side of the entrance and has its own baseboard heat and separate central air. The owner pays heat and hot water for the rear rental, and the rear garage provides room for commercial truck parking with two electric overhead remote-controlled doors. A concrete slab 6x8 loading dock serves the front unit.
In the rear of the property there is a 150 ft. radio tower that is not in use. The rear unit lease has 18 months before termination. The property is described as environmentally clean with all approved permits and permits obtained for occupancy, and the lot size is 0.1033 acres with public water and public sewer.
The building includes a front unit and a rear rental. The rear unit is on the Lexington Avenue side of the entrance and has its own baseboard heat and separate central air. The owner pays heat and hot water for the rear rental, and the rear garage provides room for commercial truck parking with two electric overhead remote-controlled doors. A concrete slab 6x8 loading dock serves the front unit.
In the rear of the property there is a 150 ft. radio tower that is not in use. The rear unit lease has 18 months before termination. The property is described as environmentally clean with all approved permits and permits obtained for occupancy, and the lot size is 0.1033 acres with public water and public sewer.
Key Highlights
- No gas in the building; gas available in the street for hook up
- Rear rental on Lexington Ave side; lease has 18 months before termination
- Hot water baseboard heat with zoned control and separate thermostats
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
$40,697
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
4.12%
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%
$813,940
$813.9K
Cap Rate 7%
$581,386
$581.4K
Cap Rate 9%
$452,189
$452.2K
Market Conditions
NOI Build-Up for 2,800 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
$81.3K $29.04/SF
− Vacancy
−$18.7K −$6.68/SF
EGI
$62.6K $22.36/SF
− OpEx
−$21.9K −$7.83/SF
NOI
$40.7K $14.53/SF
Area
Middlesex County, NJ
Vacancy
23.00%
Lease Rate
$29.04 /SF/Yr
Expense Ratio
35.00%
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%
$813,940
Cap Rate 7%
$581,386
Cap Rate 9%
$452,189
Alternative Uses
Best Use
Flex RnD
$581.4K
$508.7K – $678.3K
NOI $40,697 @ 7.0% cap · market cap 4.12%
Second Best
Industrial
$449.0K
$392.9K – $523.8K
NOI $31,428 @ 7.0% cap · market cap 3.18%
Theoretical Best
Office A
$731.1K
$639.8K – $853.0K
NOI $51,180 @ 7.0% cap · market cap 5.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,121
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 08904, NJ
15,072
Population
6,858
Households
2.2
Avg Household Size
36
Median Age
70%
College-Educated
94%
High-School Grad
1.8 sq mi
ZIP Area
8,373
Density / Sq Mi
$101,991
Median Household Income
$58,786
Median Earnings
$1,881
Median Rent
$463,600
Median Home Value
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Brick flex space with hot water baseboard heat, central air, and a concrete slab loading dock to the front unit.
Where is this flex space located?
The property is located at 1149 Raritan Avenue Highland Park, NJ.
What is the asking price?
The asking price for this property is $988,888.
What are key features of this property?
This property features: No gas in the building; gas available in the street for hook up; Rear rental on Lexington Ave side; lease has 18 months before termination; Hot water baseboard heat with zoned control and separate thermostats
