Mixed-Use Property with 6
New
For Sale
$749,000
167 N Main St N Unit 169, Milltown, NJ 08850
Combines multiple office suites with an updated apartment, storage, laundry facilities, and rear parking.
Property Size2,352 SF
Price / SF$318.45
Days on Market3
Property Features for 167 N Main St N Unit 169
General Information
Standard status
Active
Size
2,352 SF
Total Parking Spaces
10
Units
Unit Mix
1 x 3BR/2BA
Multifamily Units
1
Office Units
6
Amenities
private balcony
basement storage
laundry area
Building Details
Year Built
1963
Tenancy
Multi
Listing Agency:
KELLER WILLIAMS WEST MONMOUTH
Listed By:
VALENTYNA LEW · License #1325118
(732) 857-7387
Source:
Luminancerealty
Added: Sep 2
Changed: Sep 3
Last Checked: Sep 3 at 2:17AM
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 WEST MONMOUTH
Investment Insights
Based on property information with market context.
This mixed-use property combines six office spaces with an updated upstairs apartment containing three bedrooms and two bathrooms. The residential component also includes a private balcony, while the property provides basement storage and a designated laundry area. Newer water heaters and AC units are included among the building improvements.
The rear of the property accommodates parking for 10 cars. Built in 1963, the asset offers both commercial workspace and residential accommodation within one property, with the office configuration suitable for an owner-occupant or multiple professional users.
The rear of the property accommodates parking for 10 cars. Built in 1963, the asset offers both commercial workspace and residential accommodation within one property, with the office configuration suitable for an owner-occupant or multiple professional users.
Key Highlights
- Six office spaces configured for professional use
- Updated upstairs apartment with 3 bedrooms, 2 bathrooms, and a private balcony
- Basement storage and dedicated laundry area
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
$36,169
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
4.83%
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%
$723,380
$723.4K
Cap Rate 7%
$516,700
$516.7K
Cap Rate 9%
$401,878
$401.9K
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
−$4.8K −$2.04/SF
EGI
$65.8K $27.96/SF
− OpEx
−$29.6K −$12.58/SF
NOI
$36.2K $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 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%
$723,380
Cap Rate 7%
$516,700
Cap Rate 9%
$401,878
Alternative Uses
Best Use
Apartment 5plus
$516.7K
$452.1K – $602.8K
NOI $36,169 @ 7.0% cap · market cap 4.83%
Second Best
Office B
$514.1K
$449.8K – $599.8K
NOI $35,986 @ 7.0% cap · market cap 4.80%
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
Lease Details
6
Office units
1
Residential units
Multi-tenant
Tenancy
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 - Combines multiple office suites with an updated apartment, storage, laundry facilities, and rear parking.
Where is this mixed-use property located?
The property is located at 167 N Main St N Unit 169 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: Six office spaces configured for professional use; Updated upstairs apartment with 3 bedrooms, 2 bathrooms, and a private balcony; Basement storage and dedicated laundry area
