Add Listing
    For Lease
    • For Sale
    • For Lease
    • Sold
    • Property Lookup
    • Brokers
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    1375 State Rt 23 Butler, NJ 7405

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Lease
    $1,200/Mo $1.82 SF/Yr (calc)

    Office space on Highway 23 with ample parking.

    Type:Commercial
    Property size:
    7,914 SF
    Lot size:
    0.54 Acres
    Added:
    Sep 9, 2025
    Days on Market:
    235
    Last Refresh:
    Apr 5 at 11:31 pm

    Property Features for 1375 State Rt 23

    General Information

    Standard status
    Active
    Size
    7,914 SF
    Lot size
    0.54 Acres
    Property subtype
    Commercial

    Building Details

    Year Built
    1975

    We can help!

    Listing Contact
    ANNIE LEE

    Listing agent ANNIE LEE

    Listing office KELLER WILLIAMS CORNERSTONE

    Listing date Sep 9, 2025

    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 KELLER WILLIAMS CORNERSTONE

    Overview

    Highway 23 Office Space

    This commercial real estate offers an office space with approximately 1,000 square feet of workspace and includes two offices. The property is located in a prime location directly on Highway 23. Large windows provide ample sunlight. Ample parking spaces are available.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Office Units

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Skin Care Clinic

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

    Location Insight

    • Map
    • Local Demand
    City
    Butler
    County
    Morris
    State
    New Jersey
    Longitude
    -74.3516
    Latitude
    40.9953

    Nearby Similar for Lease

    • $2,450/Mo

      Route 23 Commercial Opportunity

      Freestanding building on Route 23 with maximum exposure.
      1432 State Rt 23, Butler Boro, NJ 07405-1624
      View Details
    • $1,200/Mo

      Highway 23 Commercial Space

      Commercial space on Highway 23 with ample parking.
      1375 State Rt 23, Butler Boro, NJ 07405-1733
      View Details
    • $2,450/Mo

      Route 23 Freestanding Retail Building

      Freestanding retail building on Route 23 with maximum exposure.
      1432 State Rt 23, Butler Boro, NJ 07405
      View Details
    • $2,450/Mo

      Freestanding Retail Building on Route 23

      Freestanding retail building available for rent on Route 23.
      1432 State Rt 23, Butler Boro, NJ 07405
      View Details
    • $12 SF/Yr

      First Floor Residential Unit

      First floor unit available 04/15/2026, walking distance to transportation.
      32 S Gifford St, Butler, NJ 07405-1216
      View Details
    • $1,200/Mo

      Prime Commercial Space in Butler

      650 sq ft commercial space in vibrant business district.
      16 Main St, Butler Boro, NJ 07405
      View Details
    • $17 SF/Yr

      Kinnelon Road Commercial Units

      Adaptable commercial units for lease on Kinnelon Road.
      91 Kinnelon Rd, Kinnelon Boro, NJ 07405
      View Details
    • $1,300/Mo

      Renovated Retail Space Available

      Newly renovated retail space with storefront windows and storage.
      174 Main St, Butler Boro, NJ 07405
      View Details
    • $17 SF/Yr

      Retail Space with Flexible Floorplan

      3,580 SF retail space suitable for various businesses.
      1376 State Rte 23, Butler, NJ
      View Details
    • $1,100/Mo

      Renovated Retail Space Available

      Newly renovated retail space with storefront, storage, and bathroom.
      178 Main St, Butler Boro, NJ 07405
      View Details
    • $130,000 SF/Yr

      Kinnelon Commercial Space Available

      Commercial space for rent in Kinnelon, New Jersey.
      170 Kinnelon Rd Unit 10/10M, Kinnelon Boro, NJ 07405
      View Details

    FAQs

    What type of property is this?
    Office units - Office space on Highway 23 with ample parking.
    Where is this office units located?
    The property is located at 1375 State Rt 23 Butler, NJ.
    What is the lease rate?
    The lease rate is $1,200 /Mo.
    What are key features of this property?
    This property features: Prime location on Highway 23; Unbeatable price; Approximately 1,000 square feet of workspace
    (908) 359-0893
    We can help!
    Listing Contact
    ANNIE LEE
    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

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!