Retail Storefront Near Major
For Sale
Contact for pricing
1267 State Rte 23, Wayne, NJ 07470
Commercial storefront positioned along a busy state route near established retail activity and regional roadway connections.
Property Size5,516 SF
Price / SF$213.02
Days on Market495
Property Features for 1267 State Rte 23
General Information
Standard status
Active
Size
5,516 SF
Property subtype
RETAIL
Site & Location
Highway Access
Yes
Road Access
Yes
Listing Agency:
NAI James E. Hanson | Teterboro
(201) 478-7476
Listed By:
Dominic Fittizzi · License #8337736
Source:
Moodyscre
Added: Apr 24, 2025
Changed: Aug 30
Last Checked: Aug 30 at 11:36PM
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 NAI James E. Hanson | Teterboro
Investment Insights
Based on property information with market context.
The property at 1267 State Rte 23 in Wayne, New Jersey, offers 5,516 square feet of storefront retail space. Its location places the building beside and across from major retailers, providing a commercial setting oriented toward retail activity.
State Route 23 provides the primary setting, with the Newark Pompton Turnpike only seconds away and Route 80 minutes from the property. Preakness Valley Golf Course is also nearby, adding another recognized destination within the surrounding area.
State Route 23 provides the primary setting, with the Newark Pompton Turnpike only seconds away and Route 80 minutes from the property. Preakness Valley Golf Course is also nearby, adding another recognized destination within the surrounding area.
Key Highlights
- 5,516 square feet of storefront retail space
- Positioned on busy State Route 23
- Next to and across from major retailers
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
$78,731
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
6.70%
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%
$1,574,620
$1.6M
Cap Rate 7%
$1,124,729
$1.1M
Cap Rate 9%
$874,789
$874.8K
Market Conditions
NOI Build-Up for 5,516 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
$119.1K $21.60/SF
− Vacancy
−$6.7K −$1.21/SF
EGI
$112.5K $20.39/SF
− OpEx
−$33.7K −$6.12/SF
NOI
$78.7K $14.27/SF
Area
Passaic 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%
$1,574,620
Cap Rate 7%
$1,124,729
Cap Rate 9%
$874,789
Alternative Uses
Best Use
Retail
$1.12M
$984.1K – $1.31M
NOI $78,731 @ 7.0% cap · market cap 6.70%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.44M
$1.26M – $1.68M
NOI $100,824 @ 7.0% cap · market cap 8.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
655
Businesses Nearby
92k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 73%
Dining 25%
Beauty & Spa 1%
Electronics 1%
QuickChek
Shops & Services
29,062 visits/mo
0.3 miles
Exxon
Shops & Services
21,760 visits/mo
0.4 miles
Burger King
Dining
11,166 visits/mo
0.0 miles
Taco Bell
Dining
11,126 visits/mo
0.3 miles
Mobil
Shops & Services
6,519 visits/mo
0.4 miles
Demographics for 07470, NJ
55,284
Population
19,396
Households
2.9
Avg Household Size
43
Median Age
57%
College-Educated
96%
High-School Grad
23.9 sq mi
ZIP Area
2,313
Density / Sq Mi
$151,561
Median Household Income
$70,100
Median Earnings
$2,126
Median Rent
$596,700
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?
Storefront property - Commercial storefront positioned along a busy state route near established retail activity and regional roadway connections.
Where is this storefront property located?
The property is located at 1267 State Rte 23 Wayne, NJ.
What is the asking price?
The asking price for this property is $1,175,000.
What are key features of this property?
This property features: 5,516 square feet of storefront retail space; Positioned on busy State Route 23; Next to and across from major retailers
