Mixed-Use Building with Garage
For Sale
$675,000
210 3rd Ave, Phillipsburg, NJ 08865
Two-story commercial building with garage bays and office space.
Property Size4,320 SF
Price / SF$156.25
Days on Market143
Property Features for 210 3rd Ave
General Information
Standard status
Active
Size
4,320 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$13,300
Amenities
Central air
Asphalt Shingle Roof
1 Unit Cooling
1 Unit Heating
Blacktop Driveway
Central Air Cooling
Corner
Driveway-Exclusive
Forced Hot Air Heating
Level Lot
Off-Street Parking
Open Lot
Parking Lot-Exclusive
Building Details
Year Built
2004
Listing Agency:
RE/MAX SUPREME
(908) 213-2828
Listed By:
BRENT FRANKLIN · License #7843613
Source:
Corcoran
Added: Apr 1
Changed: Aug 21
Last Checked: Aug 21 at 8:40AM
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 suitable for loading and storage, encompassing approximately 1200 square feet. The first floor includes open-space offices, a bathroom, and a kitchen, also covering approximately 1200+ square feet. The second floor is partially finished, offering approximately 1200 square feet of open-space office area and an additional approximately 1200 square feet of unfinished storage space. The property is equipped with central air conditioning, gas heat, and a parking lot. Situated in a high-traffic area, the building offers great visibility. The seller suggests the building could be converted into all residential apartments. The property's total size is 4320 square feet.
Key Highlights
- High visibility location in a high traffic area
- Two large garage bays for loading and storage
- Potential for conversion to all residential apartments
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
$57,181
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
8.47%
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%
$1,143,620
$1.1M
Cap Rate 7%
$816,871
$816.9K
Cap Rate 9%
$635,344
$635.3K
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
$108.9K $25.20/SF
− Vacancy
−$4.9K −$1.13/SF
EGI
$104.0K $24.07/SF
− OpEx
−$46.8K −$10.83/SF
NOI
$57.2K $13.24/SF
Area
Warren County, NJ
Vacancy
4.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
45.00%
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%
$1,143,620
Cap Rate 7%
$816,871
Cap Rate 9%
$635,344
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
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
131
Businesses Nearby
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
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two-story commercial building with garage bays and office space.
Where is this mixed-use property 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: High visibility location in a high traffic area; Two large garage bays for loading and storage; Potential for conversion to all residential apartments
