Building Details

Building Size 4,224 SF

Stories 2

Units 5

Tenancy Multi

Listing Agency: Keller Williams Elite Realtors

Listed By: Cynthia Kilker · License #1542275 Show Phone

Source: Cammarotarealestate

Added: Jan 25, 2023 Changed: Oct 22 Last Checked: Oct 22 at 9:05AM

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Review the available facts, identify missing information and prepare questions for the agent.

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Investment Insights

Based on property information with market context.

This mixed-use property contains three retail stores and two residential rentals within 4,224 square feet. The property is fully leased and zoned B1. Its combination of commercial and residential spaces is suited to an owner seeking a multi-component income property.

The property is at 396 Main St in Metuchen Boro, beside a train station and near various businesses.

Key Highlights

• Three retail stores and two residential rentals
• Fully leased property
• 4,224 square feet

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$64,957

Cap Rate

4.33%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,299,140 $1.3M

Cap Rate 7%

$927,957 $928.0K

Cap Rate 9%

$721,744 $721.7K

Is this asking price fair?

Market Conditions

NOI Build-Up for 4,224 SF

Gross rent

$126.7K $30.00/SF

− Vacancy

−$8.6K −$2.04/SF

EGI

$118.1K $27.96/SF

− OpEx

−$53.1K −$12.58/SF

NOI

$65.0K $15.38/SF

Area

Middlesex County, NJ

Vacancy

6.80%

Lease Rate

$30.00 /SF/Yr

Expense Ratio

45.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,299,140

Cap Rate 7%

$927,957

Cap Rate 9%

$721,744

Alternative Uses

Best Use

Apartment 5plus

$928.0K

$812.0K – $1.08M (±1% cap)

NOI $64,957 @ 7.0% cap · market cap 4.33%

Second Best

Retail

$861.3K

$753.6K – $1.00M (±1% cap)

NOI $60,290 @ 7.0% cap · market cap 4.02%

Theoretical Best

Office A

$1.10M

$965.1K – $1.29M (±1% cap)

NOI $77,208 @ 7.0% cap · market cap 5.15%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Contact the owner directly Get the owner's phone numbers and email

Open Analytics

Current Use

Quick In Food Store Grocery & Convenience Store

Suggested Use

Top Pick (Bike/Boat/Book/etc) Store Discount Store Catering Service Grocery & Convenience Store Nursing Home Furniture & Home Goods

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Residential units

100%

Occupancy

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

1,725

Businesses Nearby

104k

Monthly Visits Nearby

Explore this area Business Placement

Foot Traffic Nearby

Groceries 50% Dining 22% Shops & Services 19% Beauty & Spa 6%

Whole Foods Market Groceries

51,754 visits/mo 0.3 miles

Chipotle Mexican Grill Dining

12,729 visits/mo 0.3 miles

Wells Fargo Shops & Services

7,172 visits/mo 0.1 miles

Chase Bank Shops & Services

4,322 visits/mo 0.2 miles

Cinnaholic Dining

3,215 visits/mo 0.2 miles

Demographics for 08840, NJ

17,841

Population

6,552

Households

2.7

Avg Household Size

42

Median Age

62%

College-Educated

95%

High-School Grad

3.2 sq mi

ZIP Area

5,575

Density / Sq Mi

$150,938

Median Household Income

$72,765

Median Earnings

$1,994

Median Rent

$517,700

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?

Mixed-use property - B1-zoned property combines street-level commercial space with residential rentals in a fully occupied configuration.

Where is this mixed-use property located?

The property is located at 396 Main St Metuchen, NJ.

What is the asking price?

The asking price for this property is $1,500,000.

What are key features of this property?

This property features: Three retail stores and two residential rentals; Fully leased property; 4,224 square feet