Renovated Flex Space with
For Sale
$599,000
19 19-23 Garfield Ave, Hamilton, NJ 08609
Warehouse and office configuration includes private offices, a conference room, bathrooms, kitchen, loft, and secured outdoor storage.
Property Size3,021 SF
Price / SF$198.28
Days on Market47
Property Features for 19 19-23 Garfield Ave
General Information
Standard status
Active
Size
3,021 SF
Total Parking Spaces
6
Site & Location
Fenced Yard
Yes
Outdoor Storage
Yes
Amenities
private offices
conference room
bathrooms
loft area
kitchen
alarm system
Building Details
Year Built
1950
Buildings
1
Construction
Quonset hut
Listing Agency:
Action USA Jay Robert Realtors
(609) 847-8431
Listed By:
Keith Alvarado · License #0563047
Source:
Harkesrealty
Added: Jul 15
Changed: Aug 30
Last Checked: Aug 30 at 1:07PM
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 Action USA Jay Robert Realtors
Investment Insights
Based on property information with market context.
This 3,021-square-foot flex property combines warehouse and industrial space with recently renovated office improvements. The office component includes four private offices, a conference room, four bathrooms, a loft, and a new kitchen with substantial storage. Heating and air conditioning serve the office and conference areas. The property is being sold as is.
A fenced quarter-acre yard provides outdoor space for building materials, equipment, or vehicles. The site also includes parking for up to six cars and an updated alarm system. Located at 19 19-23 Garfield Ave in Hamilton, NJ, the property was built in 1950 and offers a practical mix of enclosed work areas, office space, and secured exterior storage.
A fenced quarter-acre yard provides outdoor space for building materials, equipment, or vehicles. The site also includes parking for up to six cars and an updated alarm system. Located at 19 19-23 Garfield Ave in Hamilton, NJ, the property was built in 1950 and offers a practical mix of enclosed work areas, office space, and secured exterior storage.
Key Highlights
- 3,021 SF flex property with warehouse and industrial space
- Four private offices and a spacious conference room
- Four bathrooms, loft area, and new kitchen with ample storage
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
$27,102
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
4.52%
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%
$542,040
$542.0K
Cap Rate 7%
$387,171
$387.2K
Cap Rate 9%
$301,133
$301.1K
Market Conditions
NOI Build-Up for 3,021 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
$40.6K $13.44/SF
− Vacancy
−$4.5K −$1.48/SF
EGI
$36.1K $11.96/SF
− OpEx
−$9.0K −$2.99/SF
NOI
$27.1K $8.97/SF
Area
Mercer County, NJ
Vacancy
11.00%
Lease Rate
$13.44 /SF/Yr
Expense Ratio
25.00%
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%
$542,040
Cap Rate 7%
$387,171
Cap Rate 9%
$301,133
Alternative Uses
Best Use
Warehouse
$972.0K
$850.5K – $1.13M
NOI $68,038 @ 7.0% cap · market cap 11.36%
Second Best
Industrial
$807.4K
$706.5K – $942.0K
NOI $56,518 @ 7.0% cap · market cap 9.44%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
839
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 08609, NJ
14,867
Population
5,347
Households
2.8
Avg Household Size
33
Median Age
10%
College-Educated
72%
High-School Grad
1.3 sq mi
ZIP Area
11,436
Density / Sq Mi
$56,932
Median Household Income
$36,133
Median Earnings
$1,218
Median Rent
$96,700
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Warehouse and office configuration includes private offices, a conference room, bathrooms, kitchen, loft, and secured outdoor storage.
Where is this flex space located?
The property is located at 19 19-23 Garfield Ave Hamilton, NJ.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: 3,021 SF flex property with warehouse and industrial space; Four private offices and a spacious conference room; Four bathrooms, loft area, and new kitchen with ample storage
