Building Details

Building Size 3,800 SF

Year Built 9999

Stories 9999

Units 9999

Listing Agency: P***@cbmoves.com Show Phone

Listed By: PAMELA FABIAN

Source: Elliman

Added: Mar 12 Changed: Aug 26 Last Checked: Aug 31 at 6:52PM

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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 PAMELA FABIAN

Investment Insights

Based on property information with market context.

This completely renovated, turnkey property was previously utilized as a farmers' market and gift shop. The freestanding building is situated on a large lot with ample, well-lit parking. It is strategically located in a busy traffic area, offering high visibility to vehicles heading north or south on Route 206. Upgrades and improvements include a new roof, windows, floors, lighting, bathrooms, generator, security system, and decor. The lower level garages offer sizable space for inventory storage or interior parking for multiple vehicles.

Key Highlights

• Completely renovated, turnkey condition - move right in!
• High‑visibility location on busy RT 206.
• Large lot with ample, well‑lit parking.

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

$54,238

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

7.76%

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%

$1,084,760 $1.1M

Cap Rate 7%

$774,829 $774.8K

Cap Rate 9%

$602,644 $602.6K

Market Conditions

NOI Build-Up for 3,800 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

$82.1K $21.60/SF

− Vacancy

−$4.6K −$1.21/SF

EGI

$77.5K $20.39/SF

− OpEx

−$23.2K −$6.12/SF

NOI

$54.2K $14.27/SF

Area

Sussex 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%

$1,084,760

Cap Rate 7%

$774,829

Cap Rate 9%

$602,644

Alternative Uses

Best Use

Retail

$774.8K

$678.0K – $904.0K (±1% cap)

NOI $54,238 @ 7.0% cap · market cap 7.76%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$992.3K

$868.2K – $1.16M (±1% cap)

NOI $69,458 @ 7.0% cap · market cap 9.94%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Storefront properties

Suggested Use

Top Pick Parking Lot & Garage Electrical Service Auto Parts Store Big Box & Wholesale Store Plumbing Service Building Supply

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

63

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 07851, NJ

245

Population

142

Households

1.7

Avg Household Size

46

Median Age

43%

College-Educated

90%

High-School Grad

11.4 sq mi

ZIP Area

21

Density / Sq Mi

$105,139

Median Household Income

$50,208

Median Earnings

$322,500

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 - Completely renovated property on a large lot with ample parking.

Where is this storefront property located?

The property is located at 187 Us Highway 206 Layton, NJ.

What is the asking price?

The asking price for this property is $699,000.

What are key features of this property?

This property features: Completely renovated, turnkey condition - move right in!; High‑visibility location on busy RT 206.; Large lot with ample, well‑lit parking.