Main Street Mixed-Use
For Sale
Contact for pricing
Pending
154 Main St, Butler, NJ 07405
Three-story mixed-use building with development potential in Butler, NJ.
Property Size5,326 SF
Days on Market185
Property Features for 154 Main St
General Information
Standard status
Pending
Size
5,326 SF
Property subtype
Retail, Mixed Use
Investment Type
Owner/User
Building Details
Year Built
1903
Stories
3
Listing Agency:
Terrie O'Connor Realtors
(201) 334-5730
Listed By:
Sarah Marie Drennan · License #1435382
Source:
Crexi
Added: Feb 7
Changed: Aug 9
Last Checked: Aug 10 at 3:44PM
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 Terrie O'Connor Realtors
Investment Insights
Based on property information with market context.
This three-story mixed-use building, originally constructed in 1903, presents a development opportunity in Butler's Main Street Business District. Previously the Goldstein Brothers Department Store and later Louis Levine's Clothing, the property features a large layout with possibilities for various uses. The first floor contains two finished commercial storefront units, one currently rented and the other occupied by the owner's business, both featuring high ceilings. The two upper floors are unfinished, offering potential for development. Plans exist for six two-bedroom apartments, subject to town approval and potential variances. The building size is 5,326 square feet. The owner believes the building once had an additional floor, with stairs leading to a non-existent fourth floor.
Key Highlights
- Large 3‑story mixed‑use building in Butler Main Street Business District offering development opportunities.
- Two finished commercial storefront units on the first floor, one currently rented providing immediate income.
- Potential for development into residential apartments on the upper floors (owner has plans for six 2‑bedroom units, subject to town approval).
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
$39,101
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
7.39%
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%
$782,020
$782.0K
Cap Rate 7%
$558,586
$558.6K
Cap Rate 9%
$434,456
$434.5K
Market Conditions
NOI Build-Up for 5,326 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
$71.6K $13.44/SF
− Vacancy
−$9.0K −$1.69/SF
EGI
$62.6K $11.75/SF
− OpEx
−$23.5K −$4.40/SF
NOI
$39.1K $7.34/SF
Area
Morris County, NJ
Vacancy
12.60%
Lease Rate
$13.44 /SF/Yr
Expense Ratio
37.50%
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%
$782,020
Cap Rate 7%
$558,586
Cap Rate 9%
$434,456
Alternative Uses
Best Use
Retail
$1.09M
$950.2K – $1.27M
NOI $76,019 @ 7.0% cap · market cap 14.37%
Second Best
Mixed Use
$558.6K
$488.8K – $651.7K
NOI $39,101 @ 7.0% cap · market cap 7.39%
Theoretical Best
Office A
$1.39M
$1.22M – $1.62M
NOI $97,351 @ 7.0% cap · market cap 18.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
694
Businesses Nearby
22k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
QuickChek
Shops & Services
16,195 visits/mo
0.3 miles
Dollar General
Shops & Services
5,687 visits/mo
0.4 miles
Demographics for 07405, NJ
17,910
Population
6,990
Households
2.6
Avg Household Size
43
Median Age
57%
College-Educated
96%
High-School Grad
19.8 sq mi
ZIP Area
905
Density / Sq Mi
$127,500
Median Household Income
$69,919
Median Earnings
$1,526
Median Rent
$552,500
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?
Mixed-use property - Three-story mixed-use building with development potential in Butler, NJ.
Where is this mixed-use property located?
The property is located at 154 Main St Butler, NJ.
What is the asking price?
The asking price for this property is $529,000.
What are key features of this property?
This property features: Large 3‑story mixed‑use building in Butler Main Street Business District offering development opportunities.; Two finished commercial storefront units on the first floor, one currently rented providing immediate income.; Potential for development into residential apartments on the upper floors (owner has plans for six 2‑bedroom units, subject to town approval).
