Building Details

Building Size 4,320 SF

Year Built 2004

Buildings 1

Stories 2

Units 1

Listing Agency: RE/MAX SUPREME b***@remax.net Show Phone

Listed By: BRENT FRANKLIN · License #7843613

Source: Elliman

Added: Jul 21 Changed: Aug 29 Last Checked: Aug 31 at 6:04PM

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Investment Insights

Based on property information with market context.

Built in 2004, this two-story flex property at 210 3rd Ave in Alpha, New Jersey, combines office, storage, and loading functions. The first floor includes open office space, a bathroom, and a kitchen, along with two large garage bays used for loading and storage. The upper level provides partially finished open office space and a separate unfinished storage area.

The building is equipped with central air and gas heat and includes a dedicated parking lot. The property’s configuration supports a mix of office, storage, and service-oriented operations within one building. Walk Score is 53 and Bike Score is 28, described as somewhat walkable and somewhat bikeable, respectively.

Key Highlights

• Two‑story flex building constructed in 2004
• Two large garage bays provide loading and storage space
• Approximately 1,200 square feet allocated to garage bay loading and 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 (±1% cap)

NOI $114,087 @ 7.0% cap · market cap 16.90%

Second Best

Industrial

$1.34M

$1.17M – $1.57M (±1% cap)

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

Flex space

Suggested Use

Top Pick Law Firm Real Estate Agency Dental Office Auto Parts Store Parking Lot & Garage Kitchen & Bath Showroom

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

216

Businesses Nearby

Under-served

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

13.1% 2019

15.4% 2020

17.6% 2021

19.1% 2022

20.2% 2023

20.9% 2024

19.9% 2025

Questions? Ask Rey

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What type of property is this? Where is this flex space located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Flex space - Two-story commercial layout combines office areas, storage, loading bays, and on-site parking.

Where is this flex space located?

The property is located at 210 3rd Ave Alpha, 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 flex building constructed in 2004; Two large garage bays provide loading and storage space; Approximately 1,200 square feet allocated to garage bay loading and storage