Quonset Hut with
For Sale
$599,000
1923 GARFIELD AVE, Hamilton, NJ 08609
Quonset hut includes renovated offices, four bathrooms, and a fenced yard with parking for up to six vehicles.
Property Size3,021 SF
Price / SF$198.28
Days on Market99
Property Features for 1923 GARFIELD AVE
General Information
Standard status
Active
Size
3,021 SF
Total Parking Spaces
6
Property subtype
Industrial
Additional Details
Fenced Yard
Yes
Taxes and HOA fees
Annual Taxes
$6,166
Amenities
Central Air
3
Parking.
Driveway, Lot.
Other.
Building Details
Year Built
1950
Listing Agency:
Action USA Jay Robert Realtors
(609) 890-6858
Listed By:
Keith Alvarado · License #0563047
(609) 847-8431
Source:
Xome
Added: May 28
Changed: Sep 1
Last Checked: Sep 2 at 3:13PM
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 versatile Quonset hut provides warehouse and industrial space along with newly renovated office accommodations. The office portion features four private offices, a spacious conference room, a loft area, and four bathrooms, plus a brand-new kitchen with ample storage. Office and conference areas are equipped with heating and air conditioning for year-round comfort. The property also includes an updated alarm system.
Outside, there is a fenced quarter-acre yard suitable for storing building materials, equipment, or vehicles, along with parking for up to six cars. The property is offered for sale as-is, with flexibility for a range of commercial uses.
Outside, there is a fenced quarter-acre yard suitable for storing building materials, equipment, or vehicles, along with parking for up to six cars. The property is offered for sale as-is, with flexibility for a range of commercial uses.
Key Highlights
- Quonset hut offering over 3,000 SF of warehouse and industrial space for a variety of commercial uses
- Renovated office space with four private offices, a spacious conference room, and a loft area
- Office area includes 4 bathrooms and a brand‑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
$25,585
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
4.27%
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%
$511,700
$511.7K
Cap Rate 7%
$365,500
$365.5K
Cap Rate 9%
$284,278
$284.3K
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
$42.4K $14.04/SF
− Vacancy
−$3.1K −$1.01/SF
EGI
$39.4K $13.03/SF
− OpEx
−$13.8K −$4.56/SF
NOI
$25.6K $8.47/SF
Area
Mercer County, NJ
Vacancy
7.20%
Lease Rate
$14.04 /SF/Yr
Expense Ratio
35.00%
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%
$511,700
Cap Rate 7%
$365,500
Cap Rate 9%
$284,278
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
Current Use
Lease Details
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
1,043
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 Industrial in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Quonset hut includes renovated offices, four bathrooms, and a fenced yard with parking for up to six vehicles.
Where is this flex space located?
The property is located at 1923 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: Quonset hut offering over 3,000 SF of warehouse and industrial space for a variety of commercial uses; Renovated office space with four private offices, a spacious conference room, and a loft area; Office area includes 4 bathrooms and a brand‑new kitchen with ample storage
