Mixed-Use Building with
For Sale
$549,000
23 Morristown Rd #23, Bernardsville, NJ 07924
A vacant downtown property pairs ground-floor commercial space with an upper-level residence.
Property Size1,512 SF
Price / SF$363.10
Days on Market124
Property Features for 23 Morristown Rd #23
General Information
Standard status
Active
Size
1,512 SF
Property subtype
Commercial
Zoning
D-CO
Additional Details
Public Transit
Yes
Building Details
Building Size
1,512 SF
Year Built
1920
Stories
2
Units
2
Tenancy
Multi
Owner Occupied
No
Listing Agency:
Signature Realty Nj
(908) 686-1200
Listed By:
Matthew Tatulli
(973) 921-1111
Source:
Cammarotarealestate
Added: Jun 25
Changed: Oct 25
Last Checked: Oct 26 at 3:57AM
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 Signature Realty Nj
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Investment Insights
Based on property information with market context.
This 1,512-square-foot mixed-use building, constructed in 1920, has a commercial storefront on the main level and a one-bedroom, one-bath apartment above. The property will be delivered vacant. Its zoning designation is D-CO.
Located at 23 Morristown Rd in Bernardsville, the property is steps from the train station and near restaurants, shops, cafes, parks, and local entertainment.
Located at 23 Morristown Rd in Bernardsville, the property is steps from the train station and near restaurants, shops, cafes, parks, and local entertainment.
Key Highlights
- 1,512‑square‑foot mixed‑use building
- Main‑level commercial storefront with a one‑bedroom, one‑bath apartment above
- Delivered vacant
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
Retail
$308.3K
$269.8K – $359.7K
NOI $21,581 @ 7.0% cap · market cap 3.93%
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.
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Property Analytics
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Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
870
Businesses Nearby
95k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 41%
Groceries 38%
Shops & Services 13%
Beauty & Spa 4%
ShopRite
Groceries
35,799 visits/mo
0.3 miles
Chipotle Mexican Grill
Dining
12,814 visits/mo
0.2 miles
Starbucks
Dining
12,117 visits/mo
0.3 miles
Dunkin' Donuts
Dining
8,639 visits/mo
0.4 miles
TD Bank
Shops & Services
3,925 visits/mo
0.2 miles
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Northeast region
Frequently Asked Questions
What type of property is this?
Mixed-use property - A vacant downtown property pairs ground-floor commercial space with an upper-level residence.
Where is this mixed-use property located?
The property is located at 23 Morristown Rd #23 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: 1,512‑square‑foot mixed‑use building; Main‑level commercial storefront with a one‑bedroom, one‑bath apartment above; Delivered vacant
