Building Details

Building Size 4,773 SF

Year Built 1893

Stories 2

Units 5

Tenancy Multi

Listing Agency: Exp Realty, LLC Show Phone

Listed By: Su Zheng · License #2078658 Show Phone

Source: Cammarotarealestate

Added: Oct 10 Changed: Oct 22 Last Checked: Oct 22 at 2:11PM

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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 Exp Realty, LLC

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Investment Insights

Based on property information with market context.

At 16 Main St in Butler, this mixed-use property contains two retail storefronts and three apartments. The building dates to 1893 and has a reported property size of 4,773. Commercial zoning is in place.

The property is fully leased, with established commercial tenants and residential units contributing separate rental streams. The reported cap rate is 7%+.

Key Highlights

• Two retail storefronts and three apartments
• Fully leased with established commercial tenants
• Reported 7%+ cap rate

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$73,399

Cap Rate

7.34%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,467,980 $1.5M

Cap Rate 7%

$1,048,557 $1.0M

Cap Rate 9%

$815,544 $815.5K

Is this asking price fair?

Market Conditions

NOI Build-Up for 4,773 SF

Gross rent

$143.2K $30.00/SF

− Vacancy

−$9.7K −$2.04/SF

EGI

$133.5K $27.96/SF

− OpEx

−$60.1K −$12.58/SF

NOI

$73.4K $15.38/SF

Area

Morris 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%

$1,467,980

Cap Rate 7%

$1,048,557

Cap Rate 9%

$815,544

Alternative Uses

Best Use

Apartment 5plus

$1.05M

$917.5K – $1.22M (±1% cap)

NOI $73,399 @ 7.0% cap · market cap 7.34%

Second Best

Retail

$973.2K

$851.6K – $1.14M (±1% cap)

NOI $68,126 @ 7.0% cap · market cap 6.81%

Theoretical Best

Office A

$1.25M

$1.09M – $1.45M (±1% cap)

NOI $87,243 @ 7.0% cap · market cap 8.72%

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

Property Analytics

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Current Use

Storefront properties

Suggested Use

Top Pick Real Estate Agency Law Firm Hair Salon Dental Office Pharmacy Spa & Massage Center

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

3

Residential units

100%

Occupancy

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

743

Businesses Nearby

26k

Monthly Visits Nearby

Explore this area Business Placement

Foot Traffic Nearby

Shops & Services 100%

QuickChek Shops & Services

16,195 visits/mo 0.5 miles

Dollar General Shops & Services

5,687 visits/mo 0.1 miles

Lakeland Bank Shops & Services

2,443 visits/mo 0.5 miles

Advance Auto Parts Shops & Services

1,255 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

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 - The building combines commercial space with three residential apartments under commercial zoning.

Where is this mixed-use property located?

The property is located at 16 Main St #16 Butler, NJ.

What is the asking price?

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

What are key features of this property?

This property features: Two retail storefronts and three apartments; Fully leased with established commercial tenants; Reported 7%+ cap rate