Prime Corner Commercial
For Sale
$849,900
360 Us Highway 46 E Mountain Lakes Boro, Mountain Lakes, NJ 07046
Commercial property with high visibility and redevelopment potential.
Property Size4,026 SF
Lot Size0.28 Acres
Price / SF$211.10
Days on Market366
Property Features for 360 Us Highway 46 E Mountain Lakes Boro
General Information
Standard status
Active
Size
4,026 SF
Lot size
0.28 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$11,440
Amenities
Central air
Asphalt Shingle Roof
1 Car Width
1 Unit Cooling
1 Unit Heating
Blacktop Driveway
Central Air Cooling
Corner
Driveway-Shared
Forced Hot Air Heating
Irregular Lot
Off-Street Parking
Open Lot
Building Details
Year Built
1972
Listing Agency:
COLDWELL BANKER REALTY
(973) 263-0400
Listed By:
DOUGLAS MCWILLIAMS
Source:
Corcoran
Added: Aug 23, 2025
Changed: Aug 23
Last Checked: Aug 22 at 7:12AM
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 COLDWELL BANKER REALTY
Investment Insights
Based on property information with market context.
This commercial property, formerly a Veterinary Hospital, offers approximately 4,026 square feet of space based on the building footprint, excluding the finished walk-out basement. While many systems require updating and repair, the property benefits from a prominent corner location with high visibility. The value is primarily in the land, but the existing commercial building is restorable and can be redeveloped or replaced according to town requirements. The property shares road access with two residential homes located behind it, which are not included in this sale but could be negotiated separately. One is a single-family rental home, and the other is a two-family rental home. A deeded easement provides access to parking for both homes, utilizing the same egress as the commercial property. An easement is also in place across the adjacent property, providing access to Route 46 East. The property is being sold 'AS IS', allowing for a due diligence period.
Key Highlights
- Outstanding location with arguably the best visibility in town.
- Corner lot, suitable for various uses.
- Commercial building is restorable/redevelopable or replaceable within town requirements.
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
$57,464
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
6.76%
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%
$1,149,280
$1.1M
Cap Rate 7%
$820,914
$820.9K
Cap Rate 9%
$638,489
$638.5K
Market Conditions
NOI Build-Up for 4,026 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
$87.0K $21.60/SF
− Vacancy
−$4.9K −$1.21/SF
EGI
$82.1K $20.39/SF
− OpEx
−$24.6K −$6.12/SF
NOI
$57.5K $14.27/SF
Area
Morris 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%
$1,149,280
Cap Rate 7%
$820,914
Cap Rate 9%
$638,489
Alternative Uses
Best Use
Retail
$820.9K
$718.3K – $957.7K
NOI $57,464 @ 7.0% cap · market cap 6.76%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.05M
$919.9K – $1.23M
NOI $73,589 @ 7.0% cap · market cap 8.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
170
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 07046, NJ
4,508
Population
1,451
Households
3.1
Avg Household Size
41
Median Age
84%
College-Educated
98%
High-School Grad
2.7 sq mi
ZIP Area
1,670
Density / Sq Mi
$250,001
Median Household Income
$127,604
Median Earnings
$2,941
Median Rent
$915,100
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.
Frequently Asked Questions
What type of property is this?
Storefront property - Commercial property with high visibility and redevelopment potential.
Where is this storefront property located?
The property is located at 360 Us Highway 46 E Mountain Lakes Boro Mountain Lakes, NJ.
What is the asking price?
The asking price for this property is $849,900.
What are key features of this property?
This property features: Outstanding location with arguably the best visibility in town.; Corner lot, suitable for various uses.; Commercial building is restorable/redevelopable or replaceable within town requirements.
