Flex Space with Overhead
For Sale
$849,000
23 Lawrence Square Boulevard N, Lawrence Twp, NJ 08648
Metal commercial building with open floor area, office, bathroom, concrete flooring, and available public utilities.
Property Size2,000 SF
Price / SF$424.50
Days on Market36
Property Features for 23 Lawrence Square Boulevard N
General Information
Standard status
Active
Size
2,000 SF
Site & Location
Highway Access
Yes
Road Access
Yes
Utilities to Site
Yes
Additional Details
Clear Height
12 ft
Land Use
commercial
Building Details
Year Built
1998
Buildings
1
Construction
metal Butler style
Listing Agency:
RealtyMark Properties
(856) 322-0200
Listed By:
Julia P Samouilova · License #1435581
Source:
Kableteam
Added: Jul 25
Changed: Aug 28
Last Checked: Aug 26 at 5:36AM
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 RealtyMark Properties
Investment Insights
Based on property information with market context.
The property includes a 2,000-square-foot metal Butler-style building on more than one acre. Interior improvements include an open floor area, one office, a bathroom, concrete flooring, and a 12-foot ceiling. Two overhead doors serve the building, while a macadam parking area is already in place.
Public water, sewer, electric, and natural gas are available at the site. Preliminary plans have been prepared for a 10,000-square-foot commercial building, offering an established starting point for future development or expansion. The property is in Lawrence Township near Quaker Bridge Mall, I-95, and Route 1.
Public water, sewer, electric, and natural gas are available at the site. Preliminary plans have been prepared for a 10,000-square-foot commercial building, offering an established starting point for future development or expansion. The property is in Lawrence Township near Quaker Bridge Mall, I-95, and Route 1.
Key Highlights
- 2,000‑square‑foot metal Butler‑style building
- More than one acre of land
- Two overhead doors and 12' high ceiling
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
$45,043
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
5.31%
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%
$900,860
$900.9K
Cap Rate 7%
$643,471
$643.5K
Cap Rate 9%
$500,478
$500.5K
Market Conditions
NOI Build-Up for 2,000 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
$57.6K $28.80/SF
− Vacancy
−$4.6K −$2.30/SF
EGI
$53.0K $26.50/SF
− OpEx
−$7.9K −$3.97/SF
NOI
$45.0K $22.52/SF
Area
Mercer County, NJ
Vacancy
8.00%
Lease Rate
$28.80 /SF/Yr
Expense Ratio
15.00%
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%
$900,860
Cap Rate 7%
$643,471
Cap Rate 9%
$500,478
Alternative Uses
Best Use
Warehouse
$643.5K
$563.0K – $750.7K
NOI $45,043 @ 7.0% cap · market cap 5.31%
Second Best
Industrial
$534.5K
$467.7K – $623.6K
NOI $37,417 @ 7.0% cap · market cap 4.41%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
12 ft
Clear height
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
337
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 08648, NJ
31,955
Population
12,217
Households
2.6
Avg Household Size
40
Median Age
60%
College-Educated
92%
High-School Grad
16.7 sq mi
ZIP Area
1,913
Density / Sq Mi
$118,036
Median Household Income
$54,833
Median Earnings
$1,953
Median Rent
$395,400
Median Home Value
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Metal commercial building with open floor area, office, bathroom, concrete flooring, and available public utilities.
Where is this flex space located?
The property is located at 23 Lawrence Square Boulevard N Lawrence Twp, NJ.
What is the asking price?
The asking price for this property is $849,000.
What are key features of this property?
This property features: 2,000‑square‑foot metal Butler‑style building; More than one acre of land; Two overhead doors and 12' high ceiling
