Building Details

Year Renovated 2014

Buildings 1

Stories 3

Units 3

Tenancy Multi

Listing Agency: Location Realty Advisors LLC

Listed By: Chris Castagno · License #DE RB -0020139

Source: Crexi

Added: Nov 14, 2024 Changed: Oct 7 Last Checked: Oct 19 at 6:10AM

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Investment Insights

Based on property information with market context.

Available for the first time in 30 years, this three-tenant office building is located at the corner of South Finley and Henry Streets in Downtown Basking Ridge. The building is situated on the main corner downtown and has been fully occupied for 30 years. The property is well-maintained with no deferred maintenance. Current tenants include Edward Jones Investments, Wabba Travel, and Country Tailor. Two leases are gross plus taxes over base year, and the third is NN+ with taxes over base year. The building backs up to a free municipal parking lot and also offers street parking. In 2014, the building was renovated with Hardi-plank siding and a new roof. The property has a size of 1953 square feet.

Key Highlights

• Prime downtown location at the corner of South Finley and Henry Streets in Basking Ridge.
• Fully occupied with long‑term tenants (Edward Jones Investments, Wabba Travel, and Country Tailor) and zero vacancies for 30 years.
• Well‑maintained building with no deferred maintenance.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$29,881

Cap Rate

3.08%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$597,620 $597.6K

Cap Rate 7%

$426,871 $426.9K

Cap Rate 9%

$332,011 $332.0K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,953 SF

Gross rent

$58.6K $30.00/SF

− Vacancy

−$18.7K −$9.60/SF

EGI

$39.8K $20.40/SF

− OpEx

−$10.0K −$5.10/SF

NOI

$29.9K $15.30/SF

Area

Somerset County, NJ

Vacancy

32.00%

Lease Rate

$30.00 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$597,620

Cap Rate 7%

$426,871

Cap Rate 9%

$332,011

Alternative Uses

Best Use

Office B

$426.9K

$373.5K – $498.0K (±1% cap)

NOI $29,881 @ 7.0% cap · market cap 3.08%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$510.0K

$446.2K – $595.0K (±1% cap)

NOI $35,698 @ 7.0% cap · market cap 3.68%

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

Property Analytics

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Current Use

Wabba Travel Travel Agency Edward Jones - Financial ... Financial Advisor Edward Jones - Financial ... Financial Advisor

Suggested Use

Top Pick Auto Repair Shop Hair Salon Parking Lot & Garage Restaurant Auto Parts Store 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

418

Businesses Nearby

Explore this area Business Placement

Demographics for 07920, NJ

27,912

Population

10,943

Households

2.6

Avg Household Size

45

Median Age

74%

College-Educated

97%

High-School Grad

27.2 sq mi

ZIP Area

1,026

Density / Sq Mi

$184,630

Median Household Income

$101,310

Median Earnings

$2,330

Median Rent

$769,300

Median Home Value

Market

Vacancy Rate% for Office in Northeast region

13.1% 2019

15.4% 2020

17.6% 2021

19.1% 2022

20.2% 2023

20.9% 2024

19.9% 2025

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Frequently Asked Questions

What type of property is this?

Office building - Three-tenant office building in downtown Basking Ridge, fully occupied.

Where is this office building located?

The property is located at 66 S Finley Ave Basking Ridge, NJ.

What is the asking price?

The asking price for this property is $970,000.

What are key features of this property?

This property features: Prime downtown location at the corner of South Finley and Henry Streets in Basking Ridge.; Fully occupied with long‑term tenants (Edward Jones Investments, Wabba Travel, and Country Tailor) and zero vacancies for 30 years.; Well‑maintained building with no deferred maintenance.