Mixed-Use Building in Downtown
For Sale
$895,000
23 S Main St, Manville, NJ 08835
Mixed-use retail and office building with redevelopment potential.
Property Size5,000 SF
Price / SF$179
Days on Market191
Property Features for 23 S Main St
General Information
Standard status
Active
Size
5,000 SF
Building Details
Year Built
1957
Listing Agency:
RE/MAX INSTYLE
Listed By:
ANTONIO DECICCO · License #398985
(908) 458-6695
Source:
Goldstandardrealty
Added: Mar 31
Changed: Oct 2
Last Checked: Oct 5 at 8:52PM
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 RE/MAX INSTYLE
Investment Insights
Based on property information with market context.
This mixed-use building is located in downtown Manville. It features two retail spaces, each with a full-height, leaseable basement. One retail space is currently owner-occupied and operates as a furniture store. The second retail space is fitted for a wash and press and remote dry cleaning service but is currently vacant. The second floor contains four separate offices, intentionally left vacant. There are street parking spaces and five spaces at the rear of the building. Shared municipal parking is located directly behind the building. According to the public remarks, the Manville zoning has changed, with the possibility of permitting residential use on the second floor, and further inquiry with Manville Planning and Zoning is recommended. The second retail space and one office upstairs need renovating. The building is well-built and maintained.
Key Highlights
- Mixed‑use property featuring retail and office spaces in downtown Manville.
- Potential for increased income through leasing vacant office spaces and owner‑occupied retail space.
- Two retail spaces, each with a full‑height, leaseable basement.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$71,366
Cap Rate
7.97%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,427,320
$1.4M
Cap Rate 7%
$1,019,514
$1.0M
Cap Rate 9%
$792,956
$793.0K
Market Conditions
NOI Build-Up for 5,000 SF
Gross rent
$108.0K $21.60/SF
− Vacancy
−$6.0K −$1.21/SF
EGI
$102.0K $20.39/SF
− OpEx
−$30.6K −$6.12/SF
NOI
$71.4K $14.27/SF
Area
Somerset 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 Rate 5%
$1,427,320
Cap Rate 7%
$1,019,514
Cap Rate 9%
$792,956
Alternative Uses
Best Use
Mixed Use
$1.20M
$1.05M – $1.40M
NOI $84,024 @ 7.0% cap · market cap 9.39%
Second Best
Retail
$1.02M
$892.1K – $1.19M
NOI $71,366 @ 7.0% cap · market cap 7.97%
Theoretical Best
Office A
$1.31M
$1.14M – $1.52M
NOI $91,392 @ 7.0% cap · market cap 10.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
629
Businesses Nearby
31k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 83%
Shops & Services 9%
Home Improvements & Furnishings 5%
Beauty & Spa 2%
McDonald's
Dining
26,117 visits/mo
0.4 miles
Advance Auto Parts
Shops & Services
2,389 visits/mo
0.4 miles
Leslie's Pool Supplies
Home Improvements & Furnishings
1,681 visits/mo
0.4 miles
Great Clips
Beauty & Spa
768 visits/mo
0.4 miles
Jackson Hewitt Tax Service
Shops & Services
339 visits/mo
0.2 miles
Demographics for 08835, NJ
10,953
Population
4,538
Households
2.4
Avg Household Size
39
Median Age
29%
College-Educated
92%
High-School Grad
2.3 sq mi
ZIP Area
4,762
Density / Sq Mi
$93,872
Median Household Income
$45,559
Median Earnings
$1,837
Median Rent
$321,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Northeast region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use retail and office building with redevelopment potential.
Where is this mixed-use property located?
The property is located at 23 S Main St Manville, NJ.
What is the asking price?
The asking price for this property is $895,000.
What are key features of this property?
This property features: Mixed‑use property featuring retail and office spaces in downtown Manville.; Potential for increased income through leasing vacant office spaces and owner‑occupied retail space.; Two retail spaces, each with a full‑height, leaseable basement.
