Building Details

Year Built 1972

Listing Agency: COLDWELL BANKER REALTY Show Phone

Listed By: DOUGLAS MCWILLIAMS

Source: Corcoran

Added: Aug 23, 2025 Changed: Oct 16 Last Checked: Oct 16 at 9:27AM

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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

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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 / Yr

$57,464

Cap Rate

6.76%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,149,280 $1.1M

Cap Rate 7%

$820,914 $820.9K

Cap Rate 9%

$638,489 $638.5K

Is this asking price fair?

Market Conditions

NOI Build-Up for 4,026 SF

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 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 (±1% cap)

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 (±1% cap)

NOI $73,589 @ 7.0% cap · market cap 8.66%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Storefront properties

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

6% 2019

7.1% 2020

6.5% 2021

6% 2022

5.7% 2023

5.6% 2024

6% 2025

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$359,000

2,526 SF

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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.