Mixed-Use Building with
For Sale
$2,195,000
175 N Main St, Wharton, NJ 07885
20,000 SF mixed-use building with restaurant and office spaces.
Property Size20,000 SF
Lot Size1.51 Acres
Price / SF$109.75
Days on Market149
Property Features for 175 N Main St
General Information
Standard status
Active
Size
20,000 SF
Lot size
1.51 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$66,000
Amenities
Central air
Asphalt Shingle Roof
4+ Units Cooling
4+ Units Heating
Auxiliary Electric Heat Heating
Blacktop Driveway
Built-In Cooling
Central Air Cooling
Ductless Split AC Cooling
Electric Air Filter Cooling
Forced Hot Air Heating
Level Lot
Lighting
Multi-Zone Cooling
Multi-Zone Heating
Open Lot
Parking Lot-Exclusive
Building Details
Year Built
1885
Listing Agency:
KL SOTHEBY'S INT'L. REALTY
(908) 719-2500
Listed By:
LIDIA S. GABINELLI · License #8437069
Source:
Corcoran
Added: Mar 27
Changed: Aug 22
Last Checked: Aug 22 at 8:28AM
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 KL SOTHEBY'S INT'L. REALTY
Investment Insights
Based on property information with market context.
This 20,000 square foot brick building, constructed in 1885, is situated on 1.51 acres. The mixed-use property includes office spaces and a restaurant, Norte175, which has a liquor license and a security sprinkler system. The building, formerly a silk mill, is located on Washington Forge Pond with a dam running alongside it. Office spaces range from 250 to 4500 square feet. Current tenants include architects, a photography studio, an art studio, an engineering group, a training group, psychologists, and a religious group. The building features 14-foot ceilings and column spacing from 15 to 25 inches, as well as brick walls. The second level has the potential to be converted into residential rentals or condos. There is an easement for a decommissioned water tower licensed for cellular antennas. The property is located close to Route 80, Route 46, and Route 15, and is near the Dover and Mt. Arlington Train Stations and NYC Buses. There are 50 surface parking spaces available.
Key Highlights
- Mixed‑use 20,000 sq ft brick building on 1.51 acres with office and restaurant spaces.
- Includes a liquor license currently used by the restaurant (Norte175).
- Potential for residential conversion (rentals or condos) on the 2nd level.
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
$146,832
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
6.69%
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%
$2,936,640
$2.9M
Cap Rate 7%
$2,097,600
$2.1M
Cap Rate 9%
$1,631,467
$1.6M
Market Conditions
NOI Build-Up for 20,000 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
$268.8K $13.44/SF
− Vacancy
−$33.9K −$1.69/SF
EGI
$234.9K $11.75/SF
− OpEx
−$88.1K −$4.40/SF
NOI
$146.8K $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%
$2,936,640
Cap Rate 7%
$2,097,600
Cap Rate 9%
$1,631,467
Alternative Uses
Best Use
Office B
$4.37M
$3.83M – $5.10M
NOI $306,000 @ 7.0% cap · market cap 13.94%
Second Best
Mixed Use
$2.10M
$1.84M – $2.45M
NOI $146,832 @ 7.0% cap · market cap 6.69%
Theoretical Best
Office A
$5.22M
$4.57M – $6.09M
NOI $365,568 @ 7.0% cap · market cap 16.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
469
Businesses Nearby
Explore this area
Business Placement
Demographics for 07885, NJ
11,521
Population
4,947
Households
2.3
Avg Household Size
42
Median Age
38%
College-Educated
93%
High-School Grad
14.7 sq mi
ZIP Area
784
Density / Sq Mi
$100,903
Median Household Income
$52,325
Median Earnings
$1,961
Median Rent
$345,200
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - 20,000 SF mixed-use building with restaurant and office spaces.
Where is this mixed-use property located?
The property is located at 175 N Main St Wharton, NJ.
What is the asking price?
The asking price for this property is $2,195,000.
What are key features of this property?
This property features: Mixed‑use 20,000 sq ft brick building on 1.51 acres with office and restaurant spaces.; Includes a liquor license currently used by the restaurant (Norte175).; Potential for residential conversion (rentals or condos) on the 2nd level.
