Mixed-Use Building in Downtown
For Sale
$895,000
23-25 South Main Street, Manville, NJ 08835
Mixed-use retail and office building with redevelopment potential in downtown.
Property Size5,000 SF
Price / SF$179
Days on Market331
Property Features for 23-25 South Main Street
General Information
Standard status
Active
Size
5,000 SF
Class
C
Total Parking Spaces
5
Property subtype
Mixed Use
Zoning
M-C
Building Details
Building Size
5,000 SF
Year Built
1957
Listing Agency:
RE/MAX
(908) 458-6695
Listed By:
Antonio DeCicco · License #398985
(908) 458-6695
Source:
Remaxcommercial
Added: Sep 25, 2025
Changed: Aug 8
Last Checked: Aug 21 at 3:54AM
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
Investment Insights
Based on property information with market context.
This mixed-use building is located in downtown Manville and features both retail and elevated office space. The property includes two retail spaces, each with a full-height, leaseable basement. One retail space is currently owner-occupied and operates as a furniture store. The second retail space is fitted for a wash and press and remote dry cleaning service but is currently vacant. The second floor contains four separate offices, intentionally left vacant to allow the new owner flexibility in their use. The building is well-maintained. Parking includes street parking and five spaces at the rear of the building. Shared municipal parking is also available directly behind the building. The property offers redevelopment potential.
Key Highlights
- Mixed‑use building with retail and office spaces in downtown Manville.
- Two retail spaces, each with a full‑height, leaseable basement.
- Four vacant second‑floor offices offer flexible usage options.
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
$76,500
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
8.55%
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%
$1,530,000
$1.5M
Cap Rate 7%
$1,092,857
$1.1M
Cap Rate 9%
$850,000
$850.0K
Market Conditions
NOI Build-Up for 5,000 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
$150.0K $30.00/SF
− Vacancy
−$48.0K −$9.60/SF
EGI
$102.0K $20.40/SF
− OpEx
−$25.5K −$5.10/SF
NOI
$76.5K $15.30/SF
Area
Somerset County, NJ
Vacancy
32.00%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
25.00%
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%
$1,530,000
Cap Rate 7%
$1,092,857
Cap Rate 9%
$850,000
Alternative Uses
Best Use
Mixed Use
$1.20M
$1.05M – $1.40M
NOI $84,024 @ 7.0% cap · market cap 9.39%
Second Best
Office B
$1.09M
$956.3K – $1.28M
NOI $76,500 @ 7.0% cap · market cap 8.55%
Theoretical Best
Office A
$1.31M
$1.14M – $1.52M
NOI $91,392 @ 7.0% cap · market cap 10.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
629
Businesses Nearby
Explore this area
Business Placement
Demographics for 08835, NJ
10,953
Population
4,538
Households
2.4
Avg Household Size
39
Median Age
29%
College-Educated
92%
High-School Grad
2.3 sq mi
ZIP Area
4,762
Density / Sq Mi
$93,872
Median Household Income
$45,559
Median Earnings
$1,837
Median Rent
$321,100
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 - Mixed-use retail and office building with redevelopment potential in downtown.
Where is this mixed-use property located?
The property is located at 23-25 South Main Street Manville, NJ.
What is the asking price?
The asking price for this property is $895,000.
What are key features of this property?
This property features: Mixed‑use building with retail and office spaces in downtown Manville.; Two retail spaces, each with a full‑height, leaseable basement.; Four vacant second‑floor offices offer flexible usage options.
