Listing Agency: FATHOM REALTY NJ Show Phone

Listed By: LOIS DECARO Show Phone

Source: Corcoran

Added: May 2, 2023 Changed: Oct 26 Last Checked: Oct 26 at 3:55PM

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Investment Insights

Based on property information with market context.

This is an 8,000 +/- square foot freestanding building situated in a high-traffic location on Route 10 at a traffic light intersection, offering excellent visibility. The property, once renovated, has the potential to become a showpiece, contributing to the town's history. Previously a bank, the building includes a vault and a drive-through that has been bricked. Its location provides close proximity to routes 80, 287, 280, 24, and 46. Plans, architectural drawings, and a survey are available. The property allows for the possibility of 28 parking spaces. Zoned B-10, the location permits many retail and office uses. The town is not allowing restaurant use. The buyer should verify all information, any remaining approvals needed, and permitted uses with the township.

Key Highlights

• Prime high traffic location at a traffic light intersection with great visibility on Rt. 10
• 8000 +/- square feet freestanding building suitable for renovation
• Close proximity to routes 80, 287, 280, 24, and 46

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$122,342

Cap Rate

8.74%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,446,840 $2.4M

Cap Rate 7%

$1,747,743 $1.7M

Cap Rate 9%

$1,359,356 $1.4M

Is this asking price fair?

Market Conditions

NOI Build-Up for 8,000 SF

Gross rent

$172.8K $21.60/SF

− Vacancy

−$9.7K −$1.21/SF

EGI

$163.1K $20.39/SF

− OpEx

−$40.8K −$5.10/SF

NOI

$122.3K $15.29/SF

Area

Morris County, NJ

Vacancy

5.60%

Lease Rate

$21.60 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,446,840

Cap Rate 7%

$1,747,743

Cap Rate 9%

$1,359,356

Alternative Uses

Best Use

Specialty Retail

$1.75M

$1.53M – $2.04M (±1% cap)

NOI $122,342 @ 7.0% cap · market cap 8.74%

Second Best

Retail

$1.63M

$1.43M – $1.90M (±1% cap)

NOI $114,186 @ 7.0% cap · market cap 8.16%

Theoretical Best

Office A

$2.09M

$1.83M – $2.44M (±1% cap)

NOI $146,227 @ 7.0% cap · market cap 10.44%

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

Property Analytics

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Current Use

Banks

Suggested Use

Top Pick Real Estate Agency Restaurant Hair Salon Big Box & Wholesale Store Building Supply Spa & Massage Center

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

454

Businesses Nearby

32k

Monthly Visits Nearby

Explore this area Business Placement

Foot Traffic Nearby

Shops & Services 82% Dining 18%

QuickChek Shops & Services

20,279 visits/mo 0.2 miles

Dunkin' Donuts Dining

5,585 visits/mo 0.2 miles

Shell Shops & Services

4,501 visits/mo 0.2 miles

Exxon Shops & Services

1,414 visits/mo 0.4 miles

Demographics for 07981, NJ

9,051

Population

3,723

Households

2.4

Avg Household Size

48

Median Age

55%

College-Educated

98%

High-School Grad

6.0 sq mi

ZIP Area

1,509

Density / Sq Mi

$153,329

Median Household Income

$81,864

Median Earnings

$2,619

Median Rent

$611,300

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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Frequently Asked Questions

What type of property is this?

Bank - 8,000+/- SF building on Route 10 with high visibility.

Where is this bank located?

The property is located at 500 Route 10 Whippany, NJ.

What is the asking price?

The asking price for this property is $1,400,000.

What are key features of this property?

This property features: Prime high traffic location at a traffic light intersection with great visibility on Rt. 10; 8000 +/- square feet freestanding building suitable for renovation; Close proximity to routes 80, 287, 280, 24, and 46