Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Route 23 Commercial Building Title is generated by Realmo AI

    1856 State Rt 23, West Milford, NJ 07480

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $999,900

    Modern 3,750 SF building on Route 23 for sale.

    Type:Commercial
    Property size:
    3,750 SF
    Lot size:
    1.11 Acres
    Price / SF:
    $266/SF
    Added:
    Feb 13, 2026
    Days on Market:
    94
    Last Refresh:
    Apr 5 at 9:03 pm

    Property Features for 1856 State Rt 23

    General Information

    Standard status
    Active
    Size
    3,750 SF
    Lot size
    1.11 Acres
    Property subtype
    Commercial

    Building Details

    Year Built
    2019

    We can help!

    Listing Contact
    STEWART DANIELS
    STEWART DANIELS

    Listing agent STEWART DANIELS License #0895636

    Listing office RE/MAX PINNACLE

    Listing date Feb 13, 2026

    Source Corcoran

    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 RE/MAX PINNACLE

    HighLights

    • Prominent 3,750 sq ft commercial building on Route 23 with strong highway visibility.
    • Built in 2019 with modern interior features: high ceilings, recessed lighting, large display windows, open layout.
    • Highway Commercial Zone allows for retail, showroom, gallery, medical, or professional office use.
    • Generous on‑site parking.
    • Flexible open interior suitable for single occupant or segmented professional suites.
    • Located on the northbound side of Route 23 with steady daily traffic counts and regional accessibility.

    Overview

    This is a prominent 3,750 square foot commercial building constructed in 2019. It is positioned directly on Route 23 within the Highway Commercial Zone, offering strong highway visibility and generous on-site parking. The flexible, open interior is suitable for retail, showroom, gallery, medical, or professional office use. The modern interior features high ceilings, recessed lighting, and large display windows. The clean, open layout can accommodate single occupant use or segmented professional suites. The building is suitable for owner occupants seeking strong brand exposure or investors targeting quality commercial tenancy. Located on the northbound side of Route 23, the site benefits from steady daily traffic counts and regional accessibility.

    Financial Insights

    Value Estimation Calculated for Office B

    Conservative
    $637.5K
    NOI $57,375 @ 9.00% cap · cautious / downside scenario
    Moderate
    $819.6K
    NOI $57,375 @ 7.00% cap · market / base-case scenario
    Aggressive
    $1.15M
    NOI $57,375 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    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.
         Calculated for Office B

    Component $ $/SF
    Gross rent $112.5k $30.00
    − Vacancy −$36.0k −$9.60
    EGI $76.5k $20.40
    − OpEx −$19.1k −$5.10
    NOI $57.4k $15.30
    3,750 SF · lease $30.00/SF/yr · vacancy 32.00% · expense 25.00%

    Alternative Use Scenarios

    Best Use
    Office B
    $819.6K
    $717.2K – $956.3K (±1% cap)
    NOI $57,375 @ 7.0% cap · market cap 5.74%
    Second Best
    Healthcare Medical
    $797.7K
    $698.0K – $930.6K (±1% cap)
    NOI $55,836 @ 7.0% cap · market cap 5.58%
    Theoretical Best
    Office A
    $979.2K
    $856.8K – $1.14M (±1% cap)
    NOI $68,544 @ 7.0% cap · market cap 6.86%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Showrooms

    Suggested Use

    Real Estate Agency Law Firm Building Supply Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hotel & Motel Gym & Fitness Center Department Store HVAC Service

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    West Milford
    County
    Passaic
    State
    New Jersey
    Longitude
    -74.3838
    Latitude
    41.0157

    Nearby Similar for Sale

    • $999,900
      3,750 SF

      Route 23 Commercial Building

      Modern 3,750 SF building on Route 23 for sale.
      1856 State Rt 23, West Milford Twp., NJ 07480-3623
      View Details
    • $750,000

      West Milford Mechanic Garage

      Mechanic garage on nearly 3 acres in West Milford, NJ.
      101 Otterhole Rd, West Milford Twp., NJ 07480-4101
      View Details
    • $550,000

      Renovated Lakefront Ranch in West Milford

      Fully renovated 3-bedroom, 2-bath ranch with lake frontage.
      502 Otterhole Road, West Milford, NJ 07480
      View Details
    • $320,000

      Renovated Home on Quiet Street

      Completely renovated home with big personality on a quiet street.
      20 Madelyn Avenue, West Milford, NJ 07480
      View Details
    • $635,000

      Renovated Ranch-Style Home

      Renovated 3-bedroom, 3-bath ranch with fenced yard and garages.
      1 Circle Boulevard, West Milford, NJ 07435
      View Details
    • $225,000

      Active Adult Community Condo

      Bright, sunny 1-bedroom condo in active adult community.
      5320 Richmond Rd, West Milford, NJ 07480
      View Details

    FAQs

    What type of property is this?
    Showroom - Modern 3,750 SF building on Route 23 for sale.
    Where is this showroom located?
    The property is located at 1856 State Rt 23 West Milford, NJ.
    What is the asking price?
    The asking price for this property is $999,900.
    What are key features of this property?
    This property features: Prominent 3,750 sq ft commercial building on Route 23 with strong highway visibility.; Built in 2019 with **modern interior features**: high ceilings, recessed lighting, large display windows, open layout.; Highway Commercial Zone allows for retail, showroom, gallery, medical, or professional office use.
    (908) 306-9600
    We can help!
    Listing Contact
    STEWART DANIELS
    STEWART DANIELS
    Real Estate License ID: 0895636
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    1856 State Rt 23, West Milford Twp., NJ 07480
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!