Fully Leased Strip
For Sale
$3,999,000
176 Us Highway 46, Rockaway, NJ 07866
Two-story retail center with service-oriented tenants, separate utilities, and access at a signalized highway intersection.
Property Size17,236 SF
Lot Size1.32 Acres
Price / SF$232.01
Days on Market13
Property Features for 176 Us Highway 46
General Information
Standard status
Active
Size
17,236 SF
Lot size
1.32 Acres
Occupancy
100%
Site & Location
Corner Location
Yes
Highway Access
Yes
Road Access
Yes
Utilities to Site
Yes
Building Details
Year Built
1997
Buildings
1
Stories
2
Tenancy
Multi
Listing Agency:
KELLER WILLIAMS VILLAGE SQUARE
(201) 445-4300
Listed By:
MEENA R. PATEL
Source:
Luminancerealty
Added: Aug 17
Changed: Aug 28
Last Checked: Aug 28 at 8:30AM
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 VILLAGE SQUARE
Investment Insights
Based on property information with market context.
This two-story strip mall contains 17,236 SF on a 1.32-acre parcel and was built in 1997. The center is 100% leased, with separate utility service for each tenant. Occupants include a childcare center, hair salon, nail salon, and deli/grill, creating a varied service-oriented mix within the building.
The property occupies the signalized intersection of Route 46 East and Franklin Road, with direct access to I-80 and exposure along Route 46. A new roof was installed in July 2026, providing a recent building improvement for the next owner. The combination of established occupancy, multiple tenant uses, and highway-oriented access supports the property’s role as a retail and service center.
The property occupies the signalized intersection of Route 46 East and Franklin Road, with direct access to I-80 and exposure along Route 46. A new roof was installed in July 2026, providing a recent building improvement for the next owner. The combination of established occupancy, multiple tenant uses, and highway-oriented access supports the property’s role as a retail and service center.
Key Highlights
- 17,236 SF two‑story strip mall on 1.32 acres
- 100% leased with childcare, salon, nail salon, and deli/grill tenants
- Signalized corner at Route 46 East and Franklin Road
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
$246,014
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
6.15%
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%
$4,920,280
$4.9M
Cap Rate 7%
$3,514,486
$3.5M
Cap Rate 9%
$2,733,489
$2.7M
Market Conditions
NOI Build-Up for 17,236 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
$372.3K $21.60/SF
− Vacancy
−$20.8K −$1.21/SF
EGI
$351.4K $20.39/SF
− OpEx
−$105.4K −$6.12/SF
NOI
$246.0K $14.27/SF
Area
Morris County, NJ
Vacancy
5.60%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
30.00%
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%
$4,920,280
Cap Rate 7%
$3,514,486
Cap Rate 9%
$2,733,489
Alternative Uses
Best Use
Retail
$3.51M
$3.08M – $4.10M
NOI $246,014 @ 7.0% cap · market cap 6.15%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.50M
$3.94M – $5.25M
NOI $315,047 @ 7.0% cap · market cap 7.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
496
Businesses Nearby
83k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 43%
Groceries 30%
Shops & Services 15%
Apparel 10%
McDonald's
Dining
25,419 visits/mo
0.2 miles
Aldi
Groceries
24,857 visits/mo
0.3 miles
Goodwill
Apparel
8,436 visits/mo
0.3 miles
KFC
Dining
5,243 visits/mo
0.1 miles
Arby's
Dining
4,613 visits/mo
0.2 miles
Demographics for 07866, NJ
22,965
Population
8,863
Households
2.6
Avg Household Size
44
Median Age
50%
College-Educated
97%
High-School Grad
23.0 sq mi
ZIP Area
998
Density / Sq Mi
$123,828
Median Household Income
$70,340
Median Earnings
$1,604
Median Rent
$434,200
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Strip mall - Two-story retail center with service-oriented tenants, separate utilities, and access at a signalized highway intersection.
Where is this strip mall located?
The property is located at 176 Us Highway 46 Rockaway, NJ.
What is the asking price?
The asking price for this property is $3,999,000.
What are key features of this property?
This property features: 17,236 SF two‑story strip mall on 1.32 acres; 100% leased with childcare, salon, nail salon, and deli/grill tenants; Signalized corner at Route 46 East and Franklin Road
