Mixed-Use Property in
For Sale
$749,000
Pending
167-169 N Main Street, Milltown, NJ 08850
Mixed-use property with office spaces and residential apartment.
Property Size2,352 SF
Days on Market151
Property Features for 167-169 N Main Street
General Information
Standard status
Pending
Size
2,352 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$13,228
Amenities
Central air
Asphalt Roof
Central Air Cooling
Forced Air Heating
Highway Frontage
On Site
Paver Block
Shingle Roof
Sidewalks
Building Details
Year Built
1963
Listing Agency:
KELLER WILLIAMS REALTY WEST MONMOUTH
(732) 536-9010
Listed By:
VALENTYNA V LEW · License #1325118
(732) 857-7387
Source:
Corcoran
Added: Apr 7
Changed: Aug 8
Last Checked: Jul 23 at 7:56AM
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 REALTY WEST MONMOUTH
Investment Insights
Based on property information with market context.
This mixed-use property is located in Milltown and features six office spaces suitable for medical practices, attorneys, accountants, or owner-occupants seeking to operate their own business. The property also includes an updated three-bedroom, two-bath apartment on the upper level, complete with a private balcony. Additional features include basement storage, a laundry area, newer water heaters, and AC units. Parking is available for up to 10 cars in the back. The property has a total size of 2352 square feet and offers income potential.
Key Highlights
- Mixed‑use property with 6 office spaces and a 3‑bedroom apartment.
- Strong income potential from office rentals ($2,500/unit) and apartment.
- Updated 3‑bedroom, 2‑bath apartment with private balcony.
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
$35,986
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
4.80%
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%
$719,720
$719.7K
Cap Rate 7%
$514,086
$514.1K
Cap Rate 9%
$399,844
$399.8K
Market Conditions
NOI Build-Up for 2,352 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
$70.6K $30.00/SF
− Vacancy
−$22.6K −$9.60/SF
EGI
$48.0K $20.40/SF
− OpEx
−$12.0K −$5.10/SF
NOI
$36.0K $15.30/SF
Area
Middlesex County, NJ
Vacancy
32.00%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
25.00%
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%
$719,720
Cap Rate 7%
$514,086
Cap Rate 9%
$399,844
Alternative Uses
Best Use
Office B
$514.1K
$449.8K – $599.8K
NOI $35,986 @ 7.0% cap · market cap 4.80%
Second Best
Mixed Use
$290.7K
$254.4K – $339.2K
NOI $20,351 @ 7.0% cap · market cap 2.72%
Theoretical Best
Office A
$614.2K
$537.4K – $716.5K
NOI $42,991 @ 7.0% cap · market cap 5.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
552
Businesses Nearby
Explore this area
Business Placement
Demographics for 08850, NJ
8,325
Population
3,165
Households
2.6
Avg Household Size
42
Median Age
46%
College-Educated
96%
High-School Grad
2.3 sq mi
ZIP Area
3,620
Density / Sq Mi
$127,331
Median Household Income
$60,938
Median Earnings
$1,520
Median Rent
$436,600
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use property with office spaces and residential apartment.
Where is this mixed-use property located?
The property is located at 167-169 N Main Street Milltown, NJ.
What is the asking price?
The asking price for this property is $749,000.
What are key features of this property?
This property features: Mixed‑use property with 6 office spaces and a 3‑bedroom apartment.; Strong income potential from office rentals ($2,500/unit) and apartment.; Updated 3‑bedroom, 2‑bath apartment with **private balcony**.
