Mixed-Use Retail and Office
For Sale
$895,000
23 S MAIN ST, Lebanon, NJ 08835
Two retail suites with full-height basements plus four second-floor offices within a single downtown building.
Property Size5,000 SF
Price / SF$179
Days on Market268
Property Features for 23 S MAIN ST
General Information
Standard status
Active
Size
5,000 SF
Total Parking Spaces
5
Property subtype
General Commercial
Additional Details
Office Units
4
Taxes and HOA fees
Annual Taxes
$17,935
Amenities
Central Air
3
Flat, Rubber
Commercial/TH
Parking.
5 Parking Spaces. Off Street, On Street, Lot.
50X135, 50X135
Central Business District.
Building Details
Year Built
1957
Tenancy
Multi
Listing Agency:
RE/MAX INSTYLE
(908) 752-2324
Listed By:
ANTONIO DECICCO · License #398985
(908) 752-2324
Source:
Xome
Added: Nov 16, 2025
Changed: Aug 8
Last Checked: Aug 11 at 5:28AM
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 RE/MAX INSTYLE
Investment Insights
Based on property information with market context.
This mixed-use building includes two separate retail spaces, each with a full-height basement that can be leased as additional space. One retail space is currently owner-occupied and operating as a furniture store. The second retail suite is fit-up for a wash and press and remote dry cleaning service, and is currently vacant. The second floor contains four separate offices that have been left vacant to give a new owner flexibility for future leasing plans.
The building offers street parking and includes five rear spaces, with additional shared municipal parking located directly behind the building. Manville zoning has changed, and there is the possibility of permitting residential on the second floor; interested parties should inquire with Manville Planning and Zoning.
The second retail space and one office upstairs require renovation. Pro-forma NOI is based on current lease rates for the owner-occupied retail and four offices that are ready to be leased.
The building offers street parking and includes five rear spaces, with additional shared municipal parking located directly behind the building. Manville zoning has changed, and there is the possibility of permitting residential on the second floor; interested parties should inquire with Manville Planning and Zoning.
The second retail space and one office upstairs require renovation. Pro-forma NOI is based on current lease rates for the owner-occupied retail and four offices that are ready to be leased.
Key Highlights
- Mixed‑use downtown Manville building with two retail spaces plus four second‑floor offices
- Each retail suite includes a full‑height basement that is also leaseable space
- 4, second‑floor offices are intentionally left vacant, offering new owner flexibility
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
Hunterdon 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
Office B
$1.09M
$956.3K – $1.28M
NOI $76,500 @ 7.0% cap · market cap 8.55%
Second Best
Retail
$1.02M
$892.1K – $1.19M
NOI $71,366 @ 7.0% cap · market cap 7.97%
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
Lease Details
4
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
329
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?
Retail space - Two retail suites with full-height basements plus four second-floor offices within a single downtown building.
Where is this retail space located?
The property is located at 23 S MAIN ST Lebanon, 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 downtown Manville building with two retail spaces plus four second‑floor offices; Each retail suite includes a full‑height basement that is also leaseable space; 4, second‑floor offices are intentionally left vacant, offering new owner flexibility
