Building Details

Year Built 1949

Listing Agency: WEICHERT REALTORS

Listed By: DUFFY BRENNAN Show Phone

Source: Luminancerealty

Added: Jul 20 Changed: Oct 14 Last Checked: Oct 6 at 12:20AM

Report an Issue

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.

Key Highlights

• 3,104‑square‑foot storefront property
• Renovated building with newer HVAC systems
• Newer roof

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$44,304

Cap Rate

6.56%

Suggested Prices Based on Cap Rates

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

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 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 (±1% cap)

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 (±1% cap)

NOI $56,736 @ 7.0% cap · market cap 8.41%

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

Property Analytics

Unlock full access to Insights Subscribe to Realmo Intelligence

Open Analytics

Current Use

Storefront properties

Suggested Use

Top Pick Real Estate Agency Dental Office Law Firm Hair Salon Spa & Massage Center Skin Care Clinic

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

6% 2019

7.1% 2020

6.5% 2021

6% 2022

5.7% 2023

5.6% 2024

6% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this storefront properties located? What is the asking price? Find similar properties What are key features of this property?

Similar For Sale Nearby

Mixed-Use Commercial Building

3031 State Route 27, Franklin, NJ 08823

$1,150,000

8,320 SF

View details

Retail Space with Dedicated Parking

75 State Rt 23, Franklin, NJ 07416

Contact for pricing

2,000 SF

View details

Medical Office with Exam Rooms

1553 Route 27, Franklin, NJ 08873

$787,500

3,500 SF

View details

First-Floor Medical Office Condo

11 Clyde Road, Franklin, NJ 08873

$249,000

1,223 SF

View details

Warehouse with Outside Storage

Franklin, NJ 07416

Contact for pricing

10,000 SF

View details

Two-Family Duplex with In-Law Suite

11 Mabie St, Franklin, NJ 07416

$469,900

0.12 Acres

View details

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