Two-Unit Mixed-Use
New
For Sale
$450,000
405 S Main St, Phillipsburg, NJ 08865
Combined commercial and residential layout with finished retail space, an upper-level home, and basement storage.
Property Size2,900 SF
Price / SF$155.17
Days on Market3
Property Features for 405 S Main St
General Information
Standard status
Active
Size
2,900 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$8,990
Amenities
Central air
2 Units Heating
Flat Roof
Wall A/C Unit(s) Cooling
Building Details
Year Built
1929
Listing Agency:
REAL
(855) 450-0442
Listed By:
STEVEN BETANCURTH · License #1539846
Source:
Corcoran
Added: Sep 9
Changed: Sep 10
Last Checked: Sep 10 at 6:34AM
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 REAL
Investment Insights
Based on property information with market context.
This two-unit mixed-use property combines a finished commercial component with a residential unit arranged across two levels. The approximately 2,000-square-foot first-floor space includes a private bathroom and basement storage and is occupied by a Caribbean grocery store under a lease extending through June 2027. The upper residence has two bedrooms, a den, living and dining rooms, and updated interiors.
The building contains approximately 2,900 square feet and was built in 1929. Its location on S Main St places it near downtown Phillipsburg shops and restaurants, with access to major roadways and the Pennsylvania border. The configuration supports a commercial storefront alongside an on-site residential component.
The building contains approximately 2,900 square feet and was built in 1929. Its location on S Main St places it near downtown Phillipsburg shops and restaurants, with access to major roadways and the Pennsylvania border. The configuration supports a commercial storefront alongside an on-site residential component.
Key Highlights
- Two‑unit mixed‑use property with approximately 2,900 square feet
- Approximately 2,000 square feet of finished first‑floor commercial space
- Commercial unit includes a private bathroom and basement storage
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
$37,506
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
8.33%
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%
$750,120
$750.1K
Cap Rate 7%
$535,800
$535.8K
Cap Rate 9%
$416,733
$416.7K
Market Conditions
NOI Build-Up for 2,900 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
$52.2K $18.00/SF
− Vacancy
−$2.2K −$0.76/SF
EGI
$50.0K $17.24/SF
− OpEx
−$12.5K −$4.31/SF
NOI
$37.5K $12.93/SF
Area
Warren County, NJ
Vacancy
4.20%
Lease Rate
$18.00 /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%
$750,120
Cap Rate 7%
$535,800
Cap Rate 9%
$416,733
Alternative Uses
Best Use
Mixed Use
$599.3K
$524.4K – $699.1K
NOI $41,948 @ 7.0% cap · market cap 9.32%
Second Best
Specialty Retail
$535.8K
$468.8K – $625.1K
NOI $37,506 @ 7.0% cap · market cap 8.33%
Theoretical Best
Warehouse
$1.09M
$957.3K – $1.28M
NOI $76,586 @ 7.0% cap · market cap 17.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
638
Businesses Nearby
Explore this area
Business Placement
Demographics for 08865, NJ
30,537
Population
14,146
Households
2.2
Avg Household Size
42
Median Age
29%
College-Educated
93%
High-School Grad
41.5 sq mi
ZIP Area
736
Density / Sq Mi
$78,519
Median Household Income
$49,811
Median Earnings
$1,248
Median Rent
$244,200
Median Home Value
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Market
Vacancy Rate% for Retail in Northeast region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Combined commercial and residential layout with finished retail space, an upper-level home, and basement storage.
Where is this mixed-use property located?
The property is located at 405 S Main St Phillipsburg, NJ.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Two‑unit mixed‑use property with approximately 2,900 square feet; Approximately 2,000 square feet of finished first‑floor commercial space; Commercial unit includes a private bathroom and basement storage
