Mixed-Use Building in Downtown
For Sale
$895,000
23 S Main St, Manville, NJ 08835
Mixed-use retail and office building with redevelopment potential.
Property Size5,000 SF
Lot Size0.15 Acres
Price / SF$179
Days on Market147
Property Features for 23 S Main St
General Information
Standard status
Active
Size
5,000 SF
Lot size
0.15 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$17,935
Amenities
Central air
1 Unit Heating
3 Units Cooling
Blacktop Driveway
Central Air Cooling
Flat Roof
Multi-Zone Heating
Off-Street Parking
On-Street Parking
Parking Lot-Shared
Rubberized Roof
Building Details
Year Built
1957
Listing Agency:
RE/MAX INSTYLE
(609) 303-3456
Listed By:
ANTONIO DECICCO · License #398985
Source:
Corcoran
Added: Mar 28
Changed: Aug 20
Last Checked: Aug 20 at 4:15AM
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 is located in downtown Manville. It features 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. There are street parking spaces and five spaces at the rear of the building. Shared municipal parking is located directly behind the building. According to the public remarks, the Manville zoning has changed, with the possibility of permitting residential use on the second floor, and further inquiry with Manville Planning and Zoning is recommended. The second retail space and one office upstairs need renovating. The building is well-built and maintained.
Key Highlights
- Mixed‑use property featuring retail and office spaces in downtown Manville.
- Potential for increased income through leasing vacant office spaces and owner‑occupied retail space.
- Two retail spaces, each with a full‑height, leaseable basement.
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
$71,366
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
7.97%
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%
$1,427,320
$1.4M
Cap Rate 7%
$1,019,514
$1.0M
Cap Rate 9%
$792,956
$793.0K
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
$108.0K $21.60/SF
− Vacancy
−$6.0K −$1.21/SF
EGI
$102.0K $20.39/SF
− OpEx
−$30.6K −$6.12/SF
NOI
$71.4K $14.27/SF
Area
Somerset County, NJ
Vacancy
5.60%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
30.00%
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%
$1,427,320
Cap Rate 7%
$1,019,514
Cap Rate 9%
$792,956
Alternative Uses
Best Use
Mixed Use
$1.20M
$1.05M – $1.40M
NOI $84,024 @ 7.0% cap · market cap 9.39%
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
Location Intelligence
Trade Area within ½ mile
629
Businesses Nearby
31k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 83%
Shops & Services 9%
Home Improvements & Furnishings 5%
Beauty & Spa 2%
McDonald's
Dining
26,117 visits/mo
0.4 miles
Advance Auto Parts
Shops & Services
2,389 visits/mo
0.4 miles
Leslie's Pool Supplies
Home Improvements & Furnishings
1,681 visits/mo
0.4 miles
Great Clips
Beauty & Spa
768 visits/mo
0.4 miles
Jackson Hewitt Tax Service
Shops & Services
339 visits/mo
0.2 miles
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 Retail 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.
Where is this mixed-use property located?
The property is located at 23 S Main St 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 property featuring retail and office spaces in downtown Manville.; Potential for increased income through leasing vacant office spaces and owner‑occupied retail space.; Two retail spaces, each with a full‑height, leaseable basement.
