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    Renovated Flex/Industrial Park Investment Title is generated by Realmo AI

    700 Grand Ave, Hackettstown, NJ 07840

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    Newly renovated 13-unit flex/industrial park in Hackettstown, New Jersey.

    Type:Industrial
    Property size:
    38,850 SF
    Added:
    Jun 12, 2023
    Days on Market:
    1089
    Last Refresh:
    May 13 at 8:19 pm

    Property Features for 700 Grand Ave

    General Information

    Standard status
    Active
    Size
    38,850 SF
    Property subtype
    Industrial

    Building Details

    Year Built
    1900

    We can help!

    Listing Contact
    Derek Gee

    Listing agent Derek Gee License #NJ 1433552

    Listing office Garden State Realty

    Listing date Jun 12, 2023

    Source Crexi

    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 Garden State Realty

    HighLights

    • Newly renovated ±39,000 SF flex/industrial park in Hackettstown, New Jersey.
    • Multi‑tenant facility with 13 units ranging from 1,350 SF to 5,500 SF.
    • Eleven first‑floor industrial/flex units with drive‑in or tailgate loading.
    • New HVAC systems, roofs, and energy‑efficient insulated ceiling systems in all units.
    • New office and restroom buildouts, plus utility sink in every warehouse.
    • New parking lot with 71 spaces and attractive curb appeal with brick façade and landscaping.

    Overview

    Located in Hackettstown, New Jersey, Lackawanna Plaza is a newly renovated flex/industrial park. This multi-tenant facility spans approximately 39,000 square feet and comprises 13 units, ranging in size from 1,350 square feet to 5,500 square feet. Eleven of the twelve units are first-floor industrial/flex spaces, each equipped with independent drive-in or tailgate loading. The remaining unit is a second-floor flex/office space of approximately 5,500 square feet, fully leased and accessible by elevator. All units feature new HVAC systems that service both office and warehouse areas, providing heating and air conditioning. The property also includes new roofs and energy-efficient insulated ceiling systems. Each unit has new office and restroom buildouts, along with a utility sink in the warehouse area. Electrical service upgrades include new breaker panels, wiring, and either 200 Amps @ 240V (buildings 1&2) or 200 Amps @ 208V (building 3), all separately metered for each tenant. Substantial upgrades have been completed for water, sewer, and gas utilities, which are also separately metered. A newly installed parking lot offers 71 spaces. The site features a new brick façade, new sod lawn, landscaping, pedestrian walkways, and covered entries.
    Property Profile Location Intelligence

    Current Use by Public Records

    Hoff's Automotive Inc Vehicle Inspection Center P-nuff Crunch Food Processing Plant French & Parrello Associates Engineering Consultant Hackettstown Flooring & Tile ... General Contractor Liquid Metalworks Production Facility

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Stella G's — 186 Main St, Hackettstown, NJ 07840
    • Aramark — 400 Jefferson St, Hackettstown, NJ 07840
    • Perry's Catering — 100 Warren St, Hackettstown, NJ 07840

    Location Insight

    • Map
    • Local Demand
    City
    Hackettstown
    County
    Warren
    State
    New Jersey
    Longitude
    -74.8381801
    Latitude
    40.8471809

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    FAQs

    What type of property is this?
    Flex space - Newly renovated 13-unit flex/industrial park in Hackettstown, New Jersey.
    Where is this flex space located?
    The property is located at 700 Grand Ave Hackettstown, NJ.
    What are key features of this property?
    This property features: Newly renovated ±39,000 SF flex/industrial park in Hackettstown, New Jersey.; Multi‑tenant facility with 13 units ranging from 1,350 SF to 5,500 SF.; Eleven first‑floor industrial/flex units with drive‑in or tailgate loading.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Derek Gee
    Real Estate License ID: NJ 1433552
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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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

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

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