Mixed-Use Building with
For Sale
$549,000
Pending
23 Morristown Rd, Bernardsville, NJ 07924
Commercial storefront on the main level with a one-bedroom, one-bath apartment above, delivered vacant for new ownership.
Property Size1,512 SF
Days on Market113
Property Features for 23 Morristown Rd
General Information
Standard status
Pending
Size
1,512 SF
Property subtype
Commercial
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$8,626
Building Details
Building Size
1,512 SF
Year Built
1920
Stories
2
Units
2
Listed By:
MATTHEW TATULLI
Source:
Elliman
Added: Jul 1
Changed: Oct 11
Last Checked: Oct 19 at 8:28AM
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 MATTHEW TATULLI
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Investment Insights
Based on property information with market context.
This mixed-use property is currently configured with a commercial storefront on the main level and a one-bedroom, one-bath apartment above. The building will be delivered completely vacant, allowing the next owner to update or reposition the space as desired.
Located in the heart of Bernardsville, it offers high visibility in a downtown setting. The property is described as being just steps from the Bernardsville Train Station, as well as nearby restaurants, boutique shopping, cafes, parks, and local entertainment.
Buyers should complete due diligence regarding permitted uses. The Walk Score and Bike Score provided indicate a more car-dependent area with some walkability.
Located in the heart of Bernardsville, it offers high visibility in a downtown setting. The property is described as being just steps from the Bernardsville Train Station, as well as nearby restaurants, boutique shopping, cafes, parks, and local entertainment.
Buyers should complete due diligence regarding permitted uses. The Walk Score and Bike Score provided indicate a more car-dependent area with some walkability.
Key Highlights
- Year built 1920 mixed‑use property with a commercial storefront on the main level and a 1‑bedroom, 1‑bath apartment above.
- Will be delivered completely vacant, offering new owners the ability to customize the space right away.
- Apartment above provides potential for independent residential rental separate from the storefront.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$25,409
Cap Rate
4.63%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$508,180
$508.2K
Cap Rate 7%
$362,986
$363.0K
Cap Rate 9%
$282,322
$282.3K
Market Conditions
NOI Build-Up for 1,512 SF
Gross rent
$52.3K $34.56/SF
− Vacancy
−$11.6K −$7.67/SF
EGI
$40.7K $26.89/SF
− OpEx
−$15.2K −$10.08/SF
NOI
$25.4K $16.80/SF
Area
Somerset County, NJ
Vacancy
22.20%
Lease Rate
$34.56 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$508,180
Cap Rate 7%
$362,986
Cap Rate 9%
$282,322
Alternative Uses
Best Use
Mixed Use
$363.0K
$317.6K – $423.5K
NOI $25,409 @ 7.0% cap · market cap 4.63%
Second Best
Office B
$330.5K
$289.2K – $385.6K
NOI $23,134 @ 7.0% cap · market cap 4.21%
Theoretical Best
Office A
$394.8K
$345.5K – $460.6K
NOI $27,637 @ 7.0% cap · market cap 5.03%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
870
Businesses Nearby
Explore this area
Business Placement
Demographics for 07924, NJ
7,650
Population
2,683
Households
2.9
Avg Household Size
41
Median Age
69%
College-Educated
93%
High-School Grad
12.0 sq mi
ZIP Area
638
Density / Sq Mi
$230,752
Median Household Income
$74,760
Median Earnings
$2,155
Median Rent
$733,800
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Northeast region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Commercial storefront on the main level with a one-bedroom, one-bath apartment above, delivered vacant for new ownership.
Where is this mixed-use property located?
The property is located at 23 Morristown Rd Bernardsville, NJ.
What is the asking price?
The asking price for this property is $549,000.
What are key features of this property?
This property features: Year built 1920 mixed‑use property with a commercial storefront on the main level and a 1‑bedroom, 1‑bath apartment above.; Will be delivered completely vacant, offering new owners the ability to customize the space right away.; Apartment above provides potential for independent residential rental separate from the storefront.
