Mixed-Use Retail and Office
23 S MAIN ST Unit 1 Lebanon, NJ 08835
23 S MAIN ST Unit 1, Lebanon, NJ, 08835
$895,000
For Sale
$895,000
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 Market149
Property Features for 23 S MAIN ST Unit 1
General Information
- Standard status
- Active
- Size
- 5,000 SF
- Property subtype
- General Commercial
Building Details
- Year Built
- 1957
Listing agency
RE/MAX INSTYLE
(908) 752-2324
Listed by
ANTONIO DECICCO · License #398985
(908) 752-2324
Source
Xome
Added: Feb 23 Updated: Jul 21 at 7:43PM Checked: Jul 22 at 3:42AM
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
Local Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $150.0k | $30.00 |
| − Vacancy | −$48.0k | −$9.60 |
| EGI | $102.0k | $20.40 |
| − OpEx | −$25.5k | −$5.10 |
| NOI | $76.5k | $15.30 |
5,000 SF · lease $30.00/SF/yr · vacancy 32.00% · expense 25.00%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Retail space
Similar For Sale Nearby
FAQs
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 Unit 1 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
