Turnkey Family Restaurant
For Sale
$829,000
1176 State Rt 23, Wantage Twp, NJ 07461
Well-established restaurant on Route 23 with a dining room, functional kitchen, and ample parking.
Property Size2,500 SF
Days on Market54
Property Features for 1176 State Rt 23
General Information
Standard status
Active
Size
2,500 SF
Zoning
PSC-C / NHCO
Additional Details
Business Included
Yes
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$10,942
Amenities
Electric
Building Details
Building Size
2,500 SF
Listing Agency:
KISTLE REALTY, LLC.
Listed By:
KELSEY KISTLE
(973) 670-7409
Source:
Evrealestate
Added: Jul 23
Changed: Sep 8
Last Checked: Sep 14 at 5:57AM
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 KISTLE REALTY, LLC.
Investment Insights
Based on property information with market context.
This for-sale restaurant property is a long-running, family-owned operation with a dedicated dining room and a functional kitchen supported by a restaurant-style layout. The space is positioned to serve continued foodservice use, whether operated by the existing owner-operator or by a new restaurateur.
Located on highly traveled Route 23 in Wantage Township, the property benefits from strong visibility and ample parking for guests.
While specific seating count and interior specifications are not provided, the overall configuration is designed for day-to-day restaurant operations, with the core front-of-house and back-of-house areas already in place.
Located on highly traveled Route 23 in Wantage Township, the property benefits from strong visibility and ample parking for guests.
While specific seating count and interior specifications are not provided, the overall configuration is designed for day-to-day restaurant operations, with the core front-of-house and back-of-house areas already in place.
Key Highlights
- Established, family‑owned restaurant business known as Elias Cole for about 48 years
- Located in Colesville on highly traveled Route 23
- On‑site dining room and functional restaurant kitchen
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
$38,232
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
4.61%
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%
$764,640
$764.6K
Cap Rate 7%
$546,171
$546.2K
Cap Rate 9%
$424,800
$424.8K
Market Conditions
NOI Build-Up for 2,500 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
$54.0K $21.60/SF
− Vacancy
−$3.0K −$1.21/SF
EGI
$51.0K $20.39/SF
− OpEx
−$12.7K −$5.10/SF
NOI
$38.2K $15.29/SF
Area
Sussex County, NJ
Vacancy
5.60%
Lease Rate
$21.60 /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%
$764,640
Cap Rate 7%
$546,171
Cap Rate 9%
$424,800
Alternative Uses
Best Use
Specialty Retail
$546.2K
$477.9K – $637.2K
NOI $38,232 @ 7.0% cap · market cap 4.61%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$652.8K
$571.2K – $761.6K
NOI $45,696 @ 7.0% cap · market cap 5.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
31
Businesses Nearby
Well-served
Demand for This Use
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
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Well-established restaurant on Route 23 with a dining room, functional kitchen, and ample parking.
Where is this conventional restaurant located?
The property is located at 1176 State Rt 23 Wantage Twp, NJ.
What is the asking price?
The asking price for this property is $829,000.
What are key features of this property?
This property features: Established, family‑owned restaurant business known as Elias Cole for about 48 years; Located in Colesville on highly traveled Route 23; On‑site dining room and functional restaurant kitchen
