Building Details

Year Built 1963

Listing Agency: Keller Williams Realty West Monmouth

Listed By: Valentyna V Lew · License #1325118 Show Phone

Source: Thebansalteam

Added: Sep 4 Changed: Oct 12 Last Checked: Oct 21 at 1:04AM

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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 Keller Williams Realty West Monmouth

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Investment Insights

Based on property information with market context.

This mixed-use property combines six office spaces with an updated upstairs apartment configured with three bedrooms and two bathrooms. The residential portion also includes a private balcony, while the building provides basement storage and a dedicated laundry area. Newer water heaters and AC units add to the existing improvements.

Located at 167-169 N Main St in Milltown, the property includes rear parking for 10 cars. Its combination of commercial office areas and an upper-level residence supports a flexible owner-occupant or multi-use layout, subject to applicable requirements.

Key Highlights

• Six office spaces within a mixed‑use property
• Updated upstairs apartment with 3 bedrooms and 2 bathrooms
• Private residential balcony

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$36,169

Cap Rate

4.83%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$723,380 $723.4K

Cap Rate 7%

$516,700 $516.7K

Cap Rate 9%

$401,878 $401.9K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,352 SF

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 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 (±1% cap)

NOI $36,169 @ 7.0% cap · market cap 4.83%

Second Best

Office B

$514.1K

$449.8K – $599.8K (±1% cap)

NOI $35,986 @ 7.0% cap · market cap 4.80%

Theoretical Best

Office A

$614.2K

$537.4K – $716.5K (±1% cap)

NOI $42,991 @ 7.0% cap · market cap 5.74%

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

Property Analytics

Current Use

Office Units

Suggested Use

Top Pick Building Supply Storage Facility Hotel & Motel Garden Center Law Firm Grocery & Convenience Store

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

6

Office units

1

Residential units

Location Intelligence

Trade Area within ½ mile

767

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

13.1% 2019

15.4% 2020

17.6% 2021

19.1% 2022

20.2% 2023

20.9% 2024

19.9% 2025

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Six office spaces pair with an updated three-bedroom apartment, private balcony, basement storage, and rear parking.

Where is this mixed-use property located?

The property is located at 167169 167-169 N Main St 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 within a mixed‑use property; Updated upstairs apartment with 3 bedrooms and 2 bathrooms; Private residential balcony