Former Bank with Vault
For Sale
$275,000
933 Lee Ave, Phillipsburg, NJ 08865
Former bank building with vault, ideal for small business.
Property Size874 SF
Price / SF$314.65
Days on Market322
Property Features for 933 Lee Ave
General Information
Standard status
Active
Size
874 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$2,368
Amenities
Central air
Asphalt Shingle Roof
1 Unit Cooling
1 Unit Heating
Off-Street Parking
Parking Lot-Exclusive
Listing Agency:
COLDWELL BANKER REALTY
(908) 735-8080
Listed By:
CONNIE MANAILOVICH
Source:
Corcoran
Added: Sep 26, 2025
Changed: Aug 8
Last Checked: Aug 8 at 6:02AM
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 COLDWELL BANKER REALTY
Investment Insights
Based on property information with market context.
This 874-square-foot property presents an opportunity for a small business venture or a brick-and-mortar location. Formerly a bank, the building includes a vault. It is suitable for those seeking dedicated commercial space outside of a home office, a startup business not yet requiring a large space, or a business needing only one office. The property also offers the potential to generate income by renting out other spaces. Owner financing is available.
Key Highlights
- Former bank with intact vault
- Owner financing available
- Suitable for small business or brick‑and‑mortar location
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
$11,303
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
4.11%
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%
$226,060
$226.1K
Cap Rate 7%
$161,471
$161.5K
Cap Rate 9%
$125,589
$125.6K
Market Conditions
NOI Build-Up for 874 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
$15.7K $18.00/SF
− Vacancy
−$661 −$0.76/SF
EGI
$15.1K $17.24/SF
− OpEx
−$3.8K −$4.31/SF
NOI
$11.3K $12.93/SF
Area
Warren County, NJ
Vacancy
4.20%
Lease Rate
$18.00 /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%
$226,060
Cap Rate 7%
$161,471
Cap Rate 9%
$125,589
Alternative Uses
Best Use
Specialty Retail
$161.5K
$141.3K – $188.4K
NOI $11,303 @ 7.0% cap · market cap 4.11%
Second Best
Retail
$143.5K
$125.5K – $167.4K
NOI $10,043 @ 7.0% cap · market cap 3.65%
Theoretical Best
Warehouse
$329.7K
$288.5K – $384.7K
NOI $23,081 @ 7.0% cap · market cap 8.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
131
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 Retail 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?
Bank - Former bank building with vault, ideal for small business.
Where is this bank located?
The property is located at 933 Lee Ave Phillipsburg, NJ.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: Former bank with intact vault; Owner financing available; Suitable for small business or brick‑and‑mortar location
