Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Wooded Land with Billboard Income Title is generated by Realmo AI

    1284 State Rt 23, Wantage Twp, NJ 07461

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $949,000

    Heavily wooded land, older house, billboard income, park proximity.

    Type:Land or Vacant Lot
    Lot size:
    96.45 Acres
    Added:
    Mar 25, 2026
    Days on Market:
    58
    Last Refresh:
    Mar 25 at 8:27 pm

    Property Features for 1284 State Rt 23

    General Information

    Standard status
    Active
    Lot size
    96.45 Acres
    Property subtype
    Land or Vacant Lot

    We can help!

    Listing Contact
    JOHN A FERA

    Listing agent JOHN A FERA

    Listing office WEICHERT REALTORS

    Listing date Mar 25, 2026

    Source Corcoran

    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 WEICHERT REALTORS

    HighLights

    • Contiguous to 770‑acre High Point State Park.
    • Billboard on site generates $4,000 annual income.
    • Property suitable for residential or commercial use.
    • Heavily wooded site with clearings.
    • Existing well and septic (to be tested by buyer).
    • Property is watched by a caretaker.

    Overview

    This property features a heavily wooded site with clearings along the road frontage. An older house is present on the property and is being sold "AS IS". The house, though currently unoccupied, has well and septic systems that require testing by the buyer. The house can be used for either residential or commercial purposes. A billboard is located on the site, generating an annual income of $4,000. An individual watches the property and is permitted to park vehicles behind the house without paying rent or having a lease. The property is contiguous to the 770-acre High Point State Park.
    Location Intelligence

    Current Use by Public Records

    Land

    Suggested Use

    Building Supply Hotel & Motel Kitchen & Bath Showroom Garden Center Plumbing Service Pet Store Pet Store & Service

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

    Location Insight

    • Map
    • Local Demand
    City
    Wantage Twp
    County
    Sussex
    State
    New Jersey
    Longitude
    -74.653943
    Latitude
    41.288485

    Nearby Similar for Sale

    • $125,000

      Commercial Land on State Route

      Exceptional commercial property on a highly traveled major State Route.
      Ryan Rd Rt23, Wantage Twp., NJ 07461
      View Details
    • $509,900

      Multi-Family Property with Pole Barn

      Two spacious units with a large, equipped pole barn.
      208 State Rt 284, Wantage Twp., NJ 07461-3912
      View Details
    • $75,000
      875 SF

      Established Pizzeria/Restaurant Business Opportunity

      Successful restaurant business for sale in Wantage Twp., NJ.
      1214 State Rt 23, Wantage Twp., NJ 07461-3603
      View Details
    • $449,000
      1,752 SF

      Versatile Commercial Property with Live/Work Potential

      Flexible commercial space with storage, parking, and live/work potential.
      160 County Road 565, Wantage Twp., NJ 07461
      View Details
    • $559,000

      Commercial Land on Route 23

      9.73 acre commercial property on Route 23 in Wantage Twp.
      Route 23 Pond School Rd, Wantage Twp., NJ 07461
      View Details
    • $629,999
      5,000 SF

      Renovated Mixed-Use Property For Sale

      Renovated mixed-use property with income potential and 10% CAP.
      1050 State Rt 23, Wantage Twp., NJ 07461
      View Details
    • $149,000

      Wantage Twp. Wooded Land Parcel

      17.19 acres of wooded land in Wantage, New Jersey.
      67 Pidgeon Hill, Wantage Twp., NJ 07461
      View Details
    • $150,000

      Spacious Land in Wantage Township

      5.17 acres in Wantage Twp., ideal for building.
      75 Unionville Rd, Wantage Twp., NJ 07461-3722
      View Details
    • $559,000

      Cleared Commercial Land on Route 23

      9.73 acre commercial property with highway frontage in Wantage Twp.
      Pond School Route 23, Wantage Twp., NJ 07461
      View Details
    • $600,000
      6,500 SF

      Former Horse Farm Opportunity

      21.26-acre former horse farm with endless possibilities.
      10 Pidgeon Hill Rd, Wantage Twp., NJ 07461
      View Details
    • $450,000

      75 Acres of Farmland in Wantage

      75+ acre land parcel in Wantage Twp., owner financing.
      728 Rt 23, Wantage Twp., NJ 07461-3325
      View Details
    • $525,000
      2,000 SF

      Wantage Twp Auto Shop

      Three-bay garage with lifts and office space for sale.
      168 County Rd 565, Wantage Twp., NJ 07461
      View Details

    FAQs

    What type of property is this?
    Land - Heavily wooded land, older house, billboard income, park proximity.
    Where is this land located?
    The property is located at 1284 State Rt 23 Wantage Twp, NJ.
    What is the asking price?
    The asking price for this property is $949,000.
    What are key features of this property?
    This property features: Contiguous to 770‑acre High Point State Park.; Billboard on site generates $4,000 annual income.; Property suitable for residential or commercial use.
    (973) 490-8222
    We can help!
    Listing Contact
    JOHN A FERA
    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

    Thank You for Inquiry
    1284 State Rt 23, Wantage Twp., NJ 07461
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!