Corner Storefront
For Sale
$3,250,000
228-236 Main Street, Chatham, NJ 07928
A full, unfinished walk-out area and natural gas service add functional features to this B-2-zoned storefront.
Property Size10,252 SF
Days on Market25
Property Features for 228-236 Main Street
General Information
Standard status
Active
Size
10,252 SF
Zoning
B-2
Additional Details
Corner Location
Yes
Liquor License
No
Taxes and HOA fees
Annual Taxes
$33,795
Amenities
Natural Gas
Full, Unfinished, Walk-Out Access
Building Details
Building Size
10,252 SF
Year Built
1910
Listed By:
MARY T. WEICHERT
(201) 532-0788
Source:
Evrealestate
Added: Sep 8
Changed: Sep 28
Last Checked: Oct 1 at 11:26AM
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 MARY T. WEICHERT
Investment Insights
Based on property information with market context.
This storefront property dates to 1910 and includes a full, unfinished area with walk-out access. Natural gas service is also present, and the property is zoned B-2.
The building occupies the corner of Main Street and N Passaic Ave in Chatham Boro, Morris County.
The building occupies the corner of Main Street and N Passaic Ave in Chatham Boro, Morris County.
Key Highlights
- Corner location at Main Street and N Passaic Ave
- B‑2 zoning
- Full, unfinished area with walk‑out access
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
$146,330
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
4.50%
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%
$2,926,600
$2.9M
Cap Rate 7%
$2,090,429
$2.1M
Cap Rate 9%
$1,625,889
$1.6M
Market Conditions
NOI Build-Up for 10,252 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
$221.4K $21.60/SF
− Vacancy
−$12.4K −$1.21/SF
EGI
$209.0K $20.39/SF
− OpEx
−$62.7K −$6.12/SF
NOI
$146.3K $14.27/SF
Area
Morris County, NJ
Vacancy
5.60%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
30.00%
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%
$2,926,600
Cap Rate 7%
$2,090,429
Cap Rate 9%
$1,625,889
Alternative Uses
Best Use
Retail
$2.09M
$1.83M – $2.44M
NOI $146,330 @ 7.0% cap · market cap 4.50%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.68M
$2.34M – $3.12M
NOI $187,390 @ 7.0% cap · market cap 5.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
994
Businesses Nearby
33k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 64%
Dining 36%
Dunkin' Donuts
Dining
10,792 visits/mo
0.3 miles
Bank of America
Shops & Services
10,777 visits/mo
0.1 miles
TD Bank
Shops & Services
4,868 visits/mo
0.4 miles
Shell
Shops & Services
4,141 visits/mo
0.4 miles
Citizens Bank
Shops & Services
1,064 visits/mo
0.2 miles
Demographics for 07928, NJ
19,778
Population
6,837
Households
2.9
Avg Household Size
42
Median Age
83%
College-Educated
99%
High-School Grad
9.3 sq mi
ZIP Area
2,127
Density / Sq Mi
$236,000
Median Household Income
$101,563
Median Earnings
$2,441
Median Rent
$965,800
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Exotic Flowers Inc — 30 Commerce St, Chatham, NJ 07928
- Bloomers — 221 Main St, Chatham, NJ 07928
- Sunnywoods Florist — 251 Main St, Chatham, NJ 07928
Frequently Asked Questions
What type of property is this?
Storefront property - A full, unfinished walk-out area and natural gas service add functional features to this B-2-zoned storefront.
Where is this storefront property located?
The property is located at 228-236 Main Street Chatham, NJ.
What is the asking price?
The asking price for this property is $3,250,000.
What are key features of this property?
This property features: Corner location at Main Street and N Passaic Ave; B‑2 zoning; Full, unfinished area with walk‑out access
