Freestanding Commercial Building For
For Sale
$420,000
988 Spruce St, Lawrence, NJ 08648
2500 sq ft commercial building in thriving Lawrence Twp.
Property Size2,500 SF
Price / SF$168
Days on Market355
Property Features for 988 Spruce St
General Information
Standard status
Active
Size
2,500 SF
Taxes and HOA fees
Annual Taxes
$6,388
Listing Agency:
RE/MAX 1st ADVANTAGE
(732) 827-5344
Listed By:
ROBERT DEKANSKI · License #232901
(800) 691-0485
Source:
Exprealty
Added: Nov 5, 2025
Changed: Oct 25
Last Checked: Oct 26 at 5:19PM
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 1st ADVANTAGE
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This freestanding commercial building offers an investment opportunity in Lawrence Township. The property, totaling 2500 sq ft, is situated on a busy highway location. Zoned HC, the building is currently used for light industrial and manufacturing purposes. The front workspace measures approximately 23'9x61, with an additional rear workspace of 23'7x39'3, and includes a private half bath. On-site parking is available, with room for trailers. The location provides convenient access to shopping, major roads, and public transit.
Key Highlights
- Freestanding 2500 sq ft commercial building
- High visibility location on a busy highway
- Zoned HC, suitable for light industrial and manufacturing
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$21,172
Cap Rate
5.04%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$423,440
$423.4K
Cap Rate 7%
$302,457
$302.5K
Cap Rate 9%
$235,244
$235.2K
Market Conditions
NOI Build-Up for 2,500 SF
Gross rent
$35.1K $14.04/SF
− Vacancy
−$2.5K −$1.01/SF
EGI
$32.6K $13.03/SF
− OpEx
−$11.4K −$4.56/SF
NOI
$21.2K $8.47/SF
Area
Mercer County, NJ
Vacancy
7.20%
Lease Rate
$14.04 /SF/Yr
Expense Ratio
35.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$423,440
Cap Rate 7%
$302,457
Cap Rate 9%
$235,244
Alternative Uses
Best Use
Industrial
$668.2K
$584.6K – $779.5K
NOI $46,771 @ 7.0% cap · market cap 11.14%
Second Best
Flex RnD
$302.5K
$264.7K – $352.9K
NOI $21,172 @ 7.0% cap · market cap 5.04%
Theoretical Best
Warehouse
$804.3K
$703.8K – $938.4K
NOI $56,304 @ 7.0% cap · market cap 13.41%
Zoning and permitted uses should be independently verified with authorities.
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
997
Businesses Nearby
Explore this area
Business Placement
Demographics for 08648, NJ
31,955
Population
12,217
Households
2.6
Avg Household Size
40
Median Age
60%
College-Educated
92%
High-School Grad
16.7 sq mi
ZIP Area
1,913
Density / Sq Mi
$118,036
Median Household Income
$54,833
Median Earnings
$1,953
Median Rent
$395,400
Median Home Value
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Market
Vacancy Rate% for Industrial in Northeast region
Frequently Asked Questions
What type of property is this?
Manufacturing property - 2500 sq ft commercial building in thriving Lawrence Twp.
Where is this manufacturing property located?
The property is located at 988 Spruce St Lawrence, NJ.
What is the asking price?
The asking price for this property is $420,000.
What are key features of this property?
This property features: Freestanding 2500 sq ft commercial building; High visibility location on a busy highway; Zoned HC, suitable for light industrial and manufacturing
