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    68 Nj-23 Franklin, NJ 07416

    Sponsored
    For Lease
    Contact for pricing

    Prime Route 23 location, 1900 sq ft.

    Lot size:
    1,900 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    401
    This exceptional 1,900 square foot creative office space enjoys a highly visible location on State Route 23, the first commercial building encountered upon entering Franklin Borough. Its single-tenant occupancy offers flexibility and control. The property boasts 11-foot ceilings and convenient access via a side double door, perfect for loading and unloading. Ample parking is provided with 30 spaces available. The strategic location benefits from extremely high traffic counts and proximity to Crystal Springs Golf Resort. This prime retail space is surrounded by a thriving commercial environment, including major national brands such as T-Mobile (next door), Starbucks, Walmart, Weis Supermarket, and many more. Nearby businesses also include QuickChek with a gas station, Circle K, Speedway, Dunkin' Donuts, Taco Bell, Wine Country, Advance Auto Parts, Mavis Discount Tire, Walgreens, Dollar Tree, McDonald's, ShopRite, Staples, Wendy's, Chase, TD Bank, Burger King, and Sleepy's. This presents a unique opportunity to establish a business in a high-traffic area with excellent visibility and strong neighboring businesses. The property is classified as Retail, Office, and Special Purpose, making it suitable for a variety of uses.

    Property Features for 68 Nj-23

    General Information

    Property type
    Office space
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    1,900 SF

    Unit(s) available at that property

    Space
    Size
    1,900 SF

    HighLights

    • High‑visibility retail/office building in Franklin Borough, NJ, situated at the entrance to town.
    • Single‑tenant occupancy with 1,900 square feet of space.
    • Features 11‑foot ceilings and 30 parking spaces, including convenient side double‑door loading.
    • Excellent location with high traffic counts, near Crystal Springs Golf Resort and surrounded by strong national and regional co‑tenants including QuickChek, Starbucks, Walmart, and many more.
    Property Profile Location Intelligence

    Current Use by Public Records

    Office space

    Map

    City
    Franklin
    County
    Sussex
    State
    New Jersey
    Longitude
    -74.581681234651
    Latitude
    41.105723052668

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    FAQs

    What type of property is this?
    Office space - Prime Route 23 location, 1900 sq ft.
    Where is this office space located?
    The property is located at 68 Nj-23 Franklin, NJ.
    What are key features of this property?
    This property features: High-visibility retail/office building in Franklin Borough, NJ, situated at the entrance to town.; Single-tenant occupancy with 1,900 square feet of space.; Features 11-foot ceilings and 30 parking spaces, including convenient side double-door loading.
    Request Owner's contact information
    68 Nj-23 Franklin, NJ 07416
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    Franklin, NJ 07416
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    68 Nj-23 Franklin, NJ 07416
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