Wayne Industrial Opportunity For
For Sale
$1,195,000
179 Old Turnpike Rd, Wayne, NJ 07470
Versatile property near major highways, ideal for various commercial uses.
Property Size2,411 SF
Lot Size0.36 Acres
Price / SF$495.64
Days on Market184
Property Features for 179 Old Turnpike Rd
General Information
Standard status
Active
Size
2,411 SF
Lot size
0.36 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$13,850
Amenities
Asphalt Shingle Roof
2 Units Heating
Corner
Flat Roof
Level Lot
Open Lot
Parking Lot-Exclusive
Building Details
Year Built
1926
Listing Agency:
KELLER WILLIAMS PROSPERITY REALTY
(973) 696-0077
Listed By:
TIMOTHY L. WALLER
(973) 865-0249
Source:
Corcoran
Added: Mar 2
Changed: Sep 2
Last Checked: Aug 31 at 8:00PM
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 PROSPERITY REALTY
Investment Insights
Based on property information with market context.
This industrial property is located in Wayne, NJ, and offers accessibility to major highways. The property is suitable for a wide range of commercial and contractor uses, including paving companies, landscapers, plumbers, electricians, mechanics, storage facilities, fleet parking, and truck parking. The property consists of two separate lots being sold together, situated on approximately 0.36 acres of flat, usable land. Improvements include a 1,301 sq. ft. warehouse and a 1,110 sq. ft. garage, suitable for equipment storage, vehicle servicing, material staging, or operational headquarters. The level lot allows for easy maneuverability of trucks, trailers, and heavy equipment, making it attractive for contractors and service-based businesses that require outdoor storage and parking. This property offers an investment or owner-user opportunity.
Key Highlights
- Prime location in Wayne, NJ with excellent access to major highways.
- Versatile property suitable for a wide range of commercial and contractor uses.
- Two separate lots totaling approximately .36 acres of flat, usable land, offering flexibility and expansion potential.
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
$34,413
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
2.88%
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%
$688,260
$688.3K
Cap Rate 7%
$491,614
$491.6K
Cap Rate 9%
$382,367
$382.4K
Market Conditions
NOI Build-Up for 2,411 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
$52.1K $21.60/SF
− Vacancy
−$2.9K −$1.21/SF
EGI
$49.2K $20.39/SF
− OpEx
−$14.7K −$6.12/SF
NOI
$34.4K $14.27/SF
Area
Passaic 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%
$688,260
Cap Rate 7%
$491,614
Cap Rate 9%
$382,367
Alternative Uses
Best Use
Retail
$491.6K
$430.2K – $573.6K
NOI $34,413 @ 7.0% cap · market cap 2.88%
Second Best
Warehouse
$469.4K
$410.8K – $547.7K
NOI $32,861 @ 7.0% cap · market cap 2.75%
Theoretical Best
Office A
$629.6K
$550.9K – $734.5K
NOI $44,069 @ 7.0% cap · market cap 3.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,166
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 07470, NJ
55,284
Population
19,396
Households
2.9
Avg Household Size
43
Median Age
57%
College-Educated
96%
High-School Grad
23.9 sq mi
ZIP Area
2,313
Density / Sq Mi
$151,561
Median Household Income
$70,100
Median Earnings
$2,126
Median Rent
$596,700
Median Home Value
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
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Similar Off Market Nearby
- Uncle Bob's Storage — 77 Willowbrook Blvd, Wayne, NJ 07470
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Frequently Asked Questions
What type of property is this?
Warehouse - Versatile property near major highways, ideal for various commercial uses.
Where is this warehouse located?
The property is located at 179 Old Turnpike Rd Wayne, NJ.
What is the asking price?
The asking price for this property is $1,195,000.
What are key features of this property?
This property features: Prime location in Wayne, NJ with excellent access to major highways.; Versatile property suitable for a wide range of commercial and contractor uses.; Two separate lots totaling approximately .36 acres of flat, usable land, offering flexibility and expansion potential.
