Renovated Highway
For Sale
$675,000
414 State Rt 23, Franklin, NJ 07416
Renovated commercial storefront with newer HVAC systems and roof improvements.
Property Size3,104 SF
Price / SF$217.46
Days on Market42
Property Features for 414 State Rt 23
General Information
Standard status
Active
Size
3,104 SF
Building Details
Year Built
1949
Listing Agency:
WEICHERT REALTORS
(973) 219-5355
Listed By:
DUFFY BRENNAN
Source:
Luminancerealty
Added: Jul 20
Changed: Aug 29
Last Checked: Aug 29 at 8:08PM
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 WEICHERT REALTORS
Investment Insights
Based on property information with market context.
This 3,104-square-foot storefront property was built in 1949 and has undergone renovation work, including newer HVAC systems and a newer roof. The improvements provide updated core building systems while preserving the property’s established commercial format.
Located at 414 State Rt 23 in Franklin Boro, New Jersey, the property occupies a highway commercial setting. A long-term tenant is in place, providing existing occupancy for the buyer to evaluate as part of the acquisition.
Located at 414 State Rt 23 in Franklin Boro, New Jersey, the property occupies a highway commercial setting. A long-term tenant is in place, providing existing occupancy for the buyer to evaluate as part of the acquisition.
Key Highlights
- 3,104‑square‑foot storefront property
- Renovated building with newer HVAC systems
- Newer roof
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
$44,304
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
6.56%
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%
$886,080
$886.1K
Cap Rate 7%
$632,914
$632.9K
Cap Rate 9%
$492,267
$492.3K
Market Conditions
NOI Build-Up for 3,104 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
$67.0K $21.60/SF
− Vacancy
−$3.8K −$1.21/SF
EGI
$63.3K $20.39/SF
− OpEx
−$19.0K −$6.12/SF
NOI
$44.3K $14.27/SF
Area
Sussex 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%
$886,080
Cap Rate 7%
$632,914
Cap Rate 9%
$492,267
Alternative Uses
Best Use
Retail
$632.9K
$553.8K – $738.4K
NOI $44,304 @ 7.0% cap · market cap 6.56%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$810.5K
$709.2K – $945.6K
NOI $56,736 @ 7.0% cap · market cap 8.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
321
Businesses Nearby
51k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 57%
Shops & Services 43%
ShopRite
Groceries
28,768 visits/mo
0.5 miles
Chase Bank
Shops & Services
6,964 visits/mo
0.3 miles
TD Bank
Shops & Services
5,290 visits/mo
0.3 miles
AutoZone
Shops & Services
4,132 visits/mo
0.1 miles
Advance Auto Parts
Shops & Services
2,274 visits/mo
0.1 miles
Demographics for 07416, NJ
5,615
Population
2,837
Households
2
Avg Household Size
46
Median Age
22%
College-Educated
93%
High-School Grad
12.2 sq mi
ZIP Area
460
Density / Sq Mi
$90,869
Median Household Income
$50,978
Median Earnings
$1,346
Median Rent
$263,600
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Renovated commercial storefront with newer HVAC systems and roof improvements.
Where is this storefront property located?
The property is located at 414 State Rt 23 Franklin, NJ.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: 3,104‑square‑foot storefront property; Renovated building with newer HVAC systems; Newer roof
