Building Details

Year Built 1975

Listing Agency: RE/MAX SUPREME m***@njparealestate.com Show Phone

Listed By: MARK SCUDERI · License #337250

Source: Corcoran

Added: Apr 22, 2025 Changed: Mar 16 Last Checked: Mar 16 at 9:09AM

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Investment Insights

Based on property information with market context.

This 6,013 sq. ft. industrial flex property is located on 4 acres in Lebanon Township's ROM-3 Zone (Research, Office, and Manufacturing). Situated on US Route 22 with access to I-78, the property offers convenience and development potential. Constructed in 1975, the building includes a two-story office space comprising approximately 3,728 sq. ft. (62%) suitable for professional or administrative operations. A 2,263 sq. ft. single-story warehouse and a workshop with a loading dock provide space for manufacturing, storage, or distribution. The property is zoned for research, office, and manufacturing, making it suitable for businesses seeking flexibility and growth. The 4 acres of land offer potential for larger-scale industrial development.

Key Highlights

• 6,013 sq. ft. industrial flex property on 4 acres in Lebanon Township's ROM‑3 Zone.
• Strategically located on US Route 22 with easy access to I‑78.
• 62% (approx. 3,728 sq. ft.) two‑story office 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

$91,999

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

7.67%

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%

$1,839,980 $1.8M

Cap Rate 7%

$1,314,271 $1.3M

Cap Rate 9%

$1,022,211 $1.0M

Market Conditions

NOI Build-Up for 6,013 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

$180.4K $30.00/SF

− Vacancy

−$57.7K −$9.60/SF

EGI

$122.7K $20.40/SF

− OpEx

−$30.7K −$5.10/SF

NOI

$92.0K $15.30/SF

Area

Hunterdon County, NJ

Vacancy

32.00%

Lease Rate

$30.00 /SF/Yr

Expense Ratio

25.00%

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%

$1,839,980

Cap Rate 7%

$1,314,271

Cap Rate 9%

$1,022,211

Alternative Uses

Best Use

Office B

$1.31M

$1.15M – $1.53M (±1% cap)

NOI $91,999 @ 7.0% cap · market cap 7.67%

Second Best

Warehouse

$1.17M

$1.02M – $1.37M (±1% cap)

NOI $81,954 @ 7.0% cap · market cap 6.83%

Theoretical Best

Office A

$1.57M

$1.37M – $1.83M (±1% cap)

NOI $109,908 @ 7.0% cap · market cap 9.16%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Flex space

Suggested Use

Top Pick Real Estate Agency Building Supply Auto Repair Shop Hair Salon Plumbing Service Garden Center

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

26

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 08801, NJ

8,345

Population

2,732

Households

3.1

Avg Household Size

41

Median Age

62%

College-Educated

97%

High-School Grad

15.0 sq mi

ZIP Area

556

Density / Sq Mi

$144,060

Median Household Income

$69,821

Median Earnings

$2,496

Median Rent

$501,000

Median Home Value

Market

Vacancy Rate% for Office in Northeast region

13.1% 2019

15.4% 2020

17.6% 2021

19.1% 2022

20.2% 2023

20.9% 2024

19.9% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this flex space 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?

Flex space - 6,013 sq. ft. industrial flex property on 4 acres.

Where is this flex space located?

The property is located at 1411 Us Highway 22 Annandale, NJ.

What is the asking price?

The asking price for this property is $1,199,900.

What are key features of this property?

This property features: 6,013 sq. ft. industrial flex property on 4 acres in Lebanon Township's ROM‑3 Zone.; Strategically located on US Route 22 with easy access to I‑78.; 62% (approx. 3,728 sq. ft.) two‑story office space.