Corner Property with Development
For Sale
$289,900
64 Filmore St, Phillipsburg, NJ 08865
Versatile property with garage, basement, and flexible zoning.
Property Size1,600 SF
Lot Size0.05 Acres
Price / SF$181.19
Days on Market179
Property Features for 64 Filmore St
General Information
Standard status
Active
Size
1,600 SF
Lot size
0.05 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$2,872
Amenities
Asphalt Shingle Roof
2 Car Width
Corner
Listing Agency:
RE/MAX SUPREME
(908) 213-2828
Listed By:
CHRISTINE SIRMARCO
Source:
Corcoran
Added: Feb 11
Changed: Aug 8
Last Checked: Aug 8 at 1:28PM
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 RE/MAX SUPREME
Investment Insights
Based on property information with market context.
This corner property offers flexibility for investors, business owners, or owner-occupants. Situated on a prominent corner lot, this unique property allows both commercial or residential use under R-50/R-75 zoning, opening the door to a wide variety of permitted uses. The building features soaring 20 ft ceilings (approximate), a full basement for storage or expansion potential, and a detached one-car garage with off-street parking. A new roof was installed in 2024. The property is currently vacant and ready for renovation, repositioning, or occupancy subject to any site plan approval depending on choice of use. Previously approved for laundromat use, the space presents value-add potential for retail, office, service business, live-work conversion, or possible single-family redevelopment. It is ideal for investors, contractors, entrepreneurs, or 1031 exchange buyers seeking a versatile asset. The property size is approximately 1600 square feet.
Key Highlights
- Rare corner property with flexible R‑50/R‑75 zoning allowing for commercial or residential use.
- Features a full basement and detached one‑car garage with off‑street parking.
- Soaring 20 ft ceilings (approximate).
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
$25,186
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
8.69%
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%
$503,720
$503.7K
Cap Rate 7%
$359,800
$359.8K
Cap Rate 9%
$279,844
$279.8K
Market Conditions
NOI Build-Up for 1,600 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
$42.2K $26.40/SF
− Vacancy
−$8.7K −$5.41/SF
EGI
$33.6K $20.99/SF
− OpEx
−$8.4K −$5.25/SF
NOI
$25.2K $15.74/SF
Area
Warren County, NJ
Vacancy
20.50%
Lease Rate
$26.40 /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%
$503,720
Cap Rate 7%
$359,800
Cap Rate 9%
$279,844
Alternative Uses
Best Use
Office B
$359.8K
$314.8K – $419.8K
NOI $25,186 @ 7.0% cap · market cap 8.69%
Second Best
Mixed Use
$330.6K
$289.3K – $385.7K
NOI $23,144 @ 7.0% cap · market cap 7.98%
Theoretical Best
Warehouse
$603.6K
$528.2K – $704.2K
NOI $42,254 @ 7.0% cap · market cap 14.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
964
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
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Versatile property with garage, basement, and flexible zoning.
Where is this mixed-use property located?
The property is located at 64 Filmore St Phillipsburg, NJ.
What is the asking price?
The asking price for this property is $289,900.
What are key features of this property?
This property features: Rare corner property with flexible R‑50/R‑75 zoning allowing for commercial or residential use.; Features a full basement and detached one‑car garage with off‑street parking.; Soaring 20 ft ceilings (approximate).
