Commercial Real Estate Market in Milltown, NJ
Updated monthly: sale, lease, property records, location trend, and more… · Last update: October 31
29 active listings and 95 off-market properties in Milltown, NJ. Commercial property asks $152/SF to buy and $19.79/SF/Yr to lease.
Market Trends
Milltown, NJ spans 2.3 square miles in Middlesex County, New Jersey. Figures below refresh monthly; last updated 31 October 2026.
Office
Office space in Milltown, NJ asks $1/SF to buy. Vacancy runs 19.9% across the Northeast region in 2025, up from 13.1% in 2019.
Average Sale Price $/SF
Listings
Vacancy Rate % in Northeast region
Retail
Retail space in Milltown, NJ asks $170/SF to buy. Vacancy runs 6% across the Northeast region in 2025, little changed from 6% in 2019. Down from a 2020 peak of 7.1%.
Average Sale Price $/SF
Listings
Vacancy Rate % in Northeast region
Industrial
Industrial vacancy in Milltown, NJ runs 7.6% across the Northeast region in 2025, up from 5.4% in 2019. Nearly 2.4x the 2021 low of 3.2%.
Vacancy Rate % in Northeast region
Multifamily
Multifamily space in Milltown, NJ asks $318/SF to buy. Vacancy runs 5.6% across the Northeast region in 2025, up from 4% in 2022.
Average Sale Price $/SF
Listings
Vacancy Rate % in Northeast region
Zoning & Land Use
Land Use Mix share of zoned land by category
- Residential 70.5%
- Commercial 16.2%
- Open space 9%
- Industrial 2.8%
Largest Zones share of zoned land by district
Single Family Residential
Single Family Residential
Single Family Residential
Single Family Residential
Community Service
Milltown, NJ zones 958 acres across 17 districts. Commercial zoning covers 16.2% of zoned land, residential 70.5%, open space 9% and industrial 2.8%. The largest single district is Single Family Residential at 24.7%. For commercial buyers the practical constraint is that only 19% of land carries a commercial or industrial designation.
Single Family Residential (R-10)
R-10 Single Family Residential Zone. [ Ord. No. 919 Art. XV, E; Ord. No. 13-1378 § 2; Ord. No. 13-1382 § 2] The following regulations shall apply in the R-10 Residential Zone: a. Permitted Principal Uses. 1. Single family detached dwellings. b. Permitted Accessory Uses. 1. Private garage space for the storage of motor vehicles. 2. Greenhouses, toolsheds, and…
Market overview
Demographics & Economy
Milltown, NJ has 8,325 residents in 3,165 households. Density runs 3,611 people per square mile. Median household income here is $127,331 and median gross rent $1,520 a month.
8,325
Population
3,165
Households
2.6
Avg Household Size
42
Median Age
46%
College-Educated
96%
High-School Grad
2.3 sq mi
ZIP Area
3,611
Density / Sq Mi
$127,331
Median Household Income
$60,938
Median Earnings
$1,520
Median Rent
$436,600
Median Home Value
Tools
Lease vs Buy Breakeven
At $19.79/SF/Yr lease vs $152/SF buy → buying wins if held > 0.9 years.
The comparison uses county-wide sale comps against Milltown asking rents, so the implied 13% gross yield is computed off asking rents rather than a closed-deal cap-rate benchmark. Assumes 30% down at 6.5% fixed, 2% a year in taxes and upkeep, 3% appreciation, 5% opportunity cost, 2% closing plus 5% selling costs, and a 3% annual rent escalator.
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| New Brunswick | $152 (county avg) | $13.62 |
| East Brunswick | $152 (county avg) | $16.83 |
| Highland Park | $152 (county avg) | $50.10 |
Commercial property in Milltown, NJ asks $152/SF. The 3 bordering markets run from $152/SF in New Brunswick to $152/SF in New Brunswick, and the city sits in line with their $152/SF median.
Frequently Asked Questions
What is the average price per square foot for commercial property in Milltown?
Commercial property in Milltown, NJ asks an average of $152 per square foot. The 3 most recent recorded sales traded at a median of $153/SF. Multifamily carries the highest asking price at $318/SF.
How much does it cost to lease commercial space in Milltown?
Asking lease rates in Milltown, NJ average $19.79 per square foot per year.
Is it cheaper to lease or buy commercial space in Milltown?
Buying beats leasing in Milltown, NJ if the property is held longer than 0.9 years, comparing $19.79/SF/Yr asking rent with $152/SF asking price. The model assumes 30% down at 6.5% fixed, 2% of value per year in taxes and upkeep, 3% appreciation, 5% opportunity cost on the cash and a 3% annual rent escalator.
How does Milltown compare to nearby markets on price?
Milltown, NJ asks $152/SF against $152/SF in New Brunswick, $152/SF in East Brunswick and $152/SF in Highland Park.
What zoning applies to commercial property in Milltown?
Milltown, NJ zones 958 acres across 17 districts, of which 16.2% is commercial and 2.8% industrial. The largest single district is Single Family Residential at 24.7% of zoned land. R-10 Single Family Residential Zone. [ Ord. No. 919 Art. XV, E; Ord. No. 13-1378 § 2; Ord. No. 13-1382 § 2] The following regulations shall apply in the R-10 Residential Zone: a. Permitted Principal Uses. 1. Single family detached dwellings. b. Permitted Accessory Uses. 1. Private garage space for the storage of motor vehicles. 2. Greenhouses, toolsheds, and… Residential zoning covers 70.5% and open space 9%.
Where does Realmo's Milltown market data come from?
Realmo compiles Milltown, NJ figures from 5 recent recorded sales, 16 active sale listings, 13 active lease listings, 95 tracked off-market properties, the current Milltown zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 October 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 16 active for-sale and 13 active for-lease listings in Milltown, NJ. These are ASKING figures from live listings, not closed-transaction prices, and a segment carried by a handful of listings reads as indicative rather than an average.
- Price per square foot
- The county-level $/SF blends closed sales aggregated over the trailing months of available data, not a single day's snapshot — it can differ from any one month's own median.
- Vacancy rates
- Published per-sector market series, taken at the metro level where one exists and otherwise at the Census-region level — a chart reading "in <region> region" is a regional number, not this city's.
- Zoning and land use
- The current municipal zoning release: 958 zoned acres across 17 districts. Shares are of zoned land, so parcels the release leaves unclassified are excluded from the mix.
- Refresh
- The monthly aggregates close at the end of the previous month, so 31 October 2026 — not today — is the honest last update.
- Known limitations
- the lease-vs-buy comparison mixes county-wide sale comps with city asking rents, office vacancy is reported at Northeast region level, retail vacancy is reported at Northeast region level and industrial vacancy is reported at Northeast region level.
- Coverage
- Metrics below the 10-observation threshold fall back one geographic level. The geography used is named on each figure.
Compiled by the Realmo Data team · reviewed 31 October 2026 · How Realmo checks market page data · Report a data issue
