Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    1467-1491 State Rte 23 Wayne, NJ

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Retail space available in Wayne, New Jersey shopping center.

    Type:OFFICE
    Property size:
    3,646 SF
    Lot size:
    4.66 Acres
    Added:
    Nov 16, 2023
    Days on Market:
    896
    Last Refresh:
    Apr 5 at 10:15 pm

    Property Features for 1467-1491 State Rte 23

    General Information

    Standard status
    Active
    Size
    3,646 SF
    Lot size
    4.66 Acres
    Property subtype
    OFFICE

    Spaces For Lease

    at 1467-1491 State Rte 23 Contact us

    We can help!

    Listing Contact
    David Townes

    Listing agent David Townes

    Listing office JLL | Parsippany

    Listing date Nov 16, 2023

    Source Moodyscre

    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 JLL | Parsippany

    Overview

    Wayne Retail Space For Lease

    Retail space is available for lease at Gurland Pavilion, located at 1471-1491 State Route 23 in Wayne, New Jersey. The available space includes 3,646 square feet with a new retail storefront adjacent to Harbor Freight. Additionally, 3,100 square feet is available on the second floor, formerly office space. The property is located at a traffic signalized intersection on a busy Route 23 retail corridor. Over 400 parking spaces are available. Co-tenants include Harbor Freight, Dunkin’, Paradise Liquors, Xtra Smoke Shop, nail salon, Pizza One, Yogurtini, My Salad, and Baskin Robbins. Impact Fitness and a Vet Urgent Care are upcoming additions to the center. NNN expenses are $9.00 per square foot.
    Location Intelligence

    Current Use by Public Records

    Shopping centers

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Bentwood Plaza — 1595 NJ-23, Wayne, NJ 07470
    • $ Plus Kraze — 1637 NJ-23 south, Wayne, NJ 07470
    • Packnack Wayne Shopping Center — NJ-23, Wayne, NJ 07470
    • Brentwood Plaza Shopping Center — 1625 NJ-23, Wayne, NJ 07470
    • Glen Ridge Shopping Center — 1491 NJ-23, Wayne, NJ 07470

    Location Insight

    • Map
    • Local Demand
    City
    Wayne
    County
    Passaic
    State
    New Jersey
    Longitude
    -74.2691
    Latitude
    40.9337

    Nearby Similar for Lease

    • $3,350/Mo

      Professional Office Space For Rent

      1,900 Sq Ft office space in excellent condition.
      573 VALLEY RD, Suite 5, Wayne Twp., NJ 07470-3511
      View Details
    • $5,250/Mo

      Turn-Key Medical Office Condo

      Furnished medical office condo near St. Joseph's University Medical Center.
      246 Hamburg Tpke, Wayne Twp., NJ 07470-2156
      View Details
    • $2,250/Mo

      Wayne Commercial Storefront or Office

      1,200 sq ft professional space in the heart of Wayne.
      48 Mountainview Blvd, Wayne Twp., NJ 07470-6766
      View Details
    • $3,350/Mo

      Professional Office Space For Rent

      Professional office space in excellent condition, convenient location.
      573 VALLEY RD, Suite 5, Wayne Twp., NJ 07470
      View Details
    • $2,250/Mo

      Wayne Retail/Office Space Available

      1,200 SF retail or office space in Wayne, NJ.
      48 Mountainview Blvd, Wayne Twp., NJ 07470
      View Details
    • $1,375/Mo

      Renovated Office Space Available

      Move-in ready office space with ample storage and parking.
      1341 Hamburg Tpke, Wayne Twp., NJ 07470
      View Details
    • $1,375/Mo

      Renovated Office Space Available

      Move-in ready office space with flexible lease terms.
      1341 Hamburg #2-4B, Wayne, NJ 07470
      View Details
    • $5,250/Mo

      Turn-Key Medical Office Condominium

      Furnished medical office near St. Joseph's University Medical Center.
      246 Hamburg #305F, Wayne, NJ 07470
      View Details
    • $1,950/Mo

      Furnished Office Condo For Lease

      Turn-key, furnished office condo suitable for medical or professional use.
      508 Hamburg Tpke, Wayne Twp., NJ 07470
      View Details
    • $2,000/Mo

      Shared Sanctuary and Social Hall

      Shared use of sanctuary, hall, and kitchen available.
      120 Lake Dr E, Wayne Twp., NJ 07470
      View Details
    • $24 SF/Yr

      Medical/Physical Therapy Space Available

      Turnkey medical space with exam rooms and modern design.
      82 Totowa Road, Wayne, NJ
      View Details
    • $1,500/Mo

      Commercial Space on Hamburg Tpke

      Versatile commercial unit in high-visibility Wayne location, suitable for various businesses.
      458 Hamburg Tpke, Wayne Twp., NJ 07470
      View Details

    FAQs

    What type of property is this?
    Shopping center - Retail space available in Wayne, New Jersey shopping center.
    Where is this shopping center located?
    The property is located at 1467-1491 State Rte 23 Wayne, NJ.
    What are key features of this property?
    This property features: Located on busy Route 23 retail corridor at a traffic‑signalized intersection.; 3,646 SF available for lease with a new retail storefront adjacent to Harbor Freight.; Over 400 car parking spaces available.
    (973) 829-4800 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    David Townes
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!