Two-Level Restaurant and Live Music
New
For Sale
$875,000
24 Main Street, Madison, NJ 07940
Fully built-out dining and bar operation with a lower-level bistro for performances, private events, and additional seating.
Property Size3,000 SF
Days on Market5
Property Features for 24 Main Street
General Information
Standard status
Active
Size
3,000 SF
Property subtype
SCR-REST
Additional Details
Floor
Ground + Lower Level
Business Included
Yes
Building Details
Building Size
3,000 SF
Stories
2
Listing Agency:
KELLER WILLIAMS VILLAGE SQUARE
Listed By:
Edward Laub · License ##0792023
(201) 841-2560
Source:
Realnex
Added: Sep 8
Changed: Sep 9
Last Checked: Sep 12 at 3:26AM
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 KELLER WILLIAMS VILLAGE SQUARE
Investment Insights
Based on property information with market context.
Shanghai Jazz is an established restaurant and live entertainment venue at 24 Main Street in downtown Madison, New Jersey. The fully built-out operation spans two levels, with a first-floor dining room and bar providing the primary street-level setting. A lower-level bistro includes a separate bar and can accommodate live performances, private parties, or overflow seating.
The location is within Madison’s downtown district on Main Street, with access to pedestrian activity and the Madison NJ Transit station. The business has operated since 1995 and combines restaurant, bar, and entertainment components in one premises. The existing configuration supports continued operation under the current concept or adaptation to a different restaurant or entertainment use, subject to applicable approvals and terms.
The location is within Madison’s downtown district on Main Street, with access to pedestrian activity and the Madison NJ Transit station. The business has operated since 1995 and combines restaurant, bar, and entertainment components in one premises. The existing configuration supports continued operation under the current concept or adaptation to a different restaurant or entertainment use, subject to applicable approvals and terms.
Key Highlights
- Established restaurant and live entertainment venue operating since 1995
- Two‑level layout with dining, bar, bistro, and performance areas
- Lower‑level bistro has its own bar
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
$45,878
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
5.24%
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%
$917,560
$917.6K
Cap Rate 7%
$655,400
$655.4K
Cap Rate 9%
$509,756
$509.8K
Market Conditions
NOI Build-Up for 3,000 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
$64.8K $21.60/SF
− Vacancy
−$3.6K −$1.21/SF
EGI
$61.2K $20.39/SF
− OpEx
−$15.3K −$5.10/SF
NOI
$45.9K $15.29/SF
Area
Morris County, NJ
Vacancy
5.60%
Lease Rate
$21.60 /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%
$917,560
Cap Rate 7%
$655,400
Cap Rate 9%
$509,756
Alternative Uses
Best Use
Specialty Retail
$655.4K
$573.5K – $764.6K
NOI $45,878 @ 7.0% cap · market cap 5.24%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$783.4K
$685.4K – $913.9K
NOI $54,835 @ 7.0% cap · market cap 6.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,173
Businesses Nearby
39k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 70%
Dining 24%
Home Improvements & Furnishings 4%
Electronics 2%
Chipotle Mexican Grill
Dining
8,549 visits/mo
0.1 miles
Shell
Shops & Services
7,287 visits/mo
0.2 miles
Bank of America
Shops & Services
6,814 visits/mo
0.3 miles
Chase Bank
Shops & Services
5,187 visits/mo
0.2 miles
Sunoco
Shops & Services
4,788 visits/mo
0.1 miles
Demographics for 07940, NJ
18,403
Population
5,733
Households
3.2
Avg Household Size
34
Median Age
71%
College-Educated
97%
High-School Grad
4.9 sq mi
ZIP Area
3,756
Density / Sq Mi
$168,520
Median Household Income
$53,352
Median Earnings
$2,248
Median Rent
$883,200
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- The Commons Dining Hall — 36 Madison Ave, Madison, NJ 07940
- The Commons Dining Hall at Drew University — 36 Madison Ave, Madison, NJ 07940
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Fully built-out dining and bar operation with a lower-level bistro for performances, private events, and additional seating.
Where is this conventional restaurant located?
The property is located at 24 Main Street Madison, NJ.
What is the asking price?
The asking price for this property is $875,000.
What are key features of this property?
This property features: Established restaurant and live entertainment venue operating since 1995; Two‑level layout with dining, bar, bistro, and performance areas; Lower‑level bistro has its own bar
