Two-Story Flex Building with Garage
For Sale
$675,000
210 3RD AVE, Phillipsburg, NJ 08865
Two-story building with two large garage bays, office space on both levels, and central air with gas heat.
Property Size4,320 SF
Price / SF$156.25
Days on Market190
Property Features for 210 3RD AVE
General Information
Standard status
Active
Size
4,320 SF
Property subtype
General Commercial
Taxes and HOA fees
Annual Taxes
$13,300
Amenities
Central Air
3
Carpet
Asphalt Shingle
B-2
Parking. Corner Lot.
5 Parking Spaces. Driveway, Off Street, Lot.
Level
117X125, 117X125
Storage Area, Freestanding. Central Business District, Corner, Level, Open.
Building Details
Year Built
2004
Stories
2
Listing Agency:
RE/MAX SUPREME
(908) 213-2828
Listed By:
BRENT FRANKLIN · License #7843613
Source:
Xome
Added: Jan 31
Changed: Aug 8
Last Checked: Aug 9 at 5:05AM
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 SUPREME
Investment Insights
Based on property information with market context.
This two-story commercial building features two large garage bays for loading and storage. The first floor includes open space office areas along with a bathroom and kitchen. The second floor is partially finished with open space office and also includes an additional unfinished storage area.
The property has central air, gas heat, and a parking lot. Public remarks also note strong visibility in a high-traffic area.
The seller believes the building could be converted to residential apartments; however, the existing configuration provides a practical combination of office space and garage-based storage and loading.
The property has central air, gas heat, and a parking lot. Public remarks also note strong visibility in a high-traffic area.
The seller believes the building could be converted to residential apartments; however, the existing configuration provides a practical combination of office space and garage-based storage and loading.
Key Highlights
- Two‑story commercial building (2004) with two large garage bays for loading and storage
- Approx. 1,200 SF of open space offices on the 1st floor with bathroom and kitchen
- Approx. 1,200+ SF open space office on the 2nd floor plus approx. 1,200 SF unfinished 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
$24,703
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
3.66%
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%
$494,060
$494.1K
Cap Rate 7%
$352,900
$352.9K
Cap Rate 9%
$274,478
$274.5K
Market Conditions
NOI Build-Up for 4,320 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
$41.0K $9.48/SF
− Vacancy
−$2.9K −$0.68/SF
EGI
$38.0K $8.80/SF
− OpEx
−$13.3K −$3.08/SF
NOI
$24.7K $5.72/SF
Area
Warren County, NJ
Vacancy
7.20%
Lease Rate
$9.48 /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%
$494,060
Cap Rate 7%
$352,900
Cap Rate 9%
$274,478
Alternative Uses
Best Use
Warehouse
$1.63M
$1.43M – $1.90M
NOI $114,087 @ 7.0% cap · market cap 16.90%
Second Best
Industrial
$1.34M
$1.17M – $1.57M
NOI $93,954 @ 7.0% cap · market cap 13.92%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
131
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 08865, NJ
30,537
Population
14,146
Households
2.2
Avg Household Size
42
Median Age
29%
College-Educated
93%
High-School Grad
41.5 sq mi
ZIP Area
736
Density / Sq Mi
$78,519
Median Household Income
$49,811
Median Earnings
$1,248
Median Rent
$244,200
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 - Two-story building with two large garage bays, office space on both levels, and central air with gas heat.
Where is this flex space located?
The property is located at 210 3RD AVE Phillipsburg, NJ.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: Two‑story commercial building (2004) with two large garage bays for loading and storage; Approx. 1,200 SF of open space offices on the 1st floor with bathroom and kitchen; Approx. 1,200+ SF open space office on the 2nd floor plus approx. 1,200 SF unfinished storage
