Mixed-Use Property with Highway
For Sale
$575,000
Pending
93 State Route 183, Stanhope, NJ 07874
Commercial suites and a second-floor apartment share a dedicated on-site parking area.
Property Size2,820 SF
Lot Size0.50 Acres
Days on Market114
Property Features for 93 State Route 183
General Information
Standard status
Pending
Size
2,820 SF
Total Parking Spaces
14
Lot size
0.50 Acres
Property subtype
Commercial
Site & Location
Highway Access
Yes
Road Access
Yes
Units
Unit Mix
1 x 3BR/1BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$14,327
Building Details
Building Size
2,820 SF
Year Built
9999
Buildings
1
Stories
2
Units
2
Tenancy
Multi
Listing Agency:
RE/MAX HERITAGE PROPERTIES
(201) 993-0683
Listed By:
DULCE RUIVO · License #268072
Source:
Elliman
Added: May 9
Changed: Aug 29
Last Checked: Aug 29 at 2:53PM
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 HERITAGE PROPERTIES
Investment Insights
Based on property information with market context.
This mixed-use property combines a commercial medical layout with a second-floor apartment across 2,820 square feet. The commercial area includes three examining rooms, a lab, one bath, a private office, reception space, and storage. The residential component has three bedrooms, one full bath, a kitchen, and a spacious living room, with hardwood floors and central air and heat. Existing tenants are in place.
The property occupies 0.5 acres with 191 feet of frontage on State Route 183 and a private 14-space parking lot. Mixed-use zoning supports the combined commercial and residential configuration. Access to Route 206 and I-80 places the property within reach of established regional roadways. The address is 93 State Route 183 in Stanhope, New Jersey.
The property occupies 0.5 acres with 191 feet of frontage on State Route 183 and a private 14-space parking lot. Mixed-use zoning supports the combined commercial and residential configuration. Access to Route 206 and I-80 places the property within reach of established regional roadways. The address is 93 State Route 183 in Stanhope, New Jersey.
Key Highlights
- 2,820‑square‑foot mixed‑use property with commercial and residential components
- 191 feet of frontage on State Route 183
- 0.5‑acre lot with a private 14‑space parking lot
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
$43,366
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
7.54%
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%
$867,320
$867.3K
Cap Rate 7%
$619,514
$619.5K
Cap Rate 9%
$481,844
$481.8K
Market Conditions
NOI Build-Up for 2,820 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
$84.6K $30.00/SF
− Vacancy
−$5.8K −$2.04/SF
EGI
$78.8K $27.96/SF
− OpEx
−$35.5K −$12.58/SF
NOI
$43.4K $15.38/SF
Area
Sussex County, NJ
Vacancy
6.80%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
45.00%
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%
$867,320
Cap Rate 7%
$619,514
Cap Rate 9%
$481,844
Alternative Uses
Best Use
Apartment 5plus
$619.5K
$542.1K – $722.8K
NOI $43,366 @ 7.0% cap · market cap 7.54%
Second Best
Office B
$616.4K
$539.3K – $719.1K
NOI $43,146 @ 7.0% cap · market cap 7.50%
Theoretical Best
Office A
$736.4K
$644.3K – $859.1K
NOI $51,545 @ 7.0% cap · market cap 8.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
318
Businesses Nearby
Explore this area
Business Placement
Demographics for 07874, NJ
8,639
Population
3,325
Households
2.6
Avg Household Size
43
Median Age
39%
College-Educated
95%
High-School Grad
8.5 sq mi
ZIP Area
1,016
Density / Sq Mi
$125,517
Median Household Income
$59,407
Median Earnings
$1,735
Median Rent
$336,000
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Commercial suites and a second-floor apartment share a dedicated on-site parking area.
Where is this mixed-use property located?
The property is located at 93 State Route 183 Stanhope, NJ.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: 2,820‑square‑foot mixed‑use property with commercial and residential components; 191 feet of frontage on State Route 183; 0.5‑acre lot with a private 14‑space parking lot
