23 Finley AveBernards, NJ 07920

Property Details for 23 Finley Ave

Construction

BRICK

Lot size

0.14 AC

Property size (Sq ft)

5,074 SF

Zone code

B1

Property type

Other commercial real estate

APN

02 01801-0000-00005

APU

201801000000005

Description

This exceptional mixed-use investment opportunity in Basking Ridge, New Jersey, presents two buildings totaling 15 units: seven commercial and eight residential. Situated on 0.65 acres, the property boasts a 100% occupancy rate and a strong NOI of $335,406, yielding a 6.58% cap rate. The three-story building at 23 S Finley Ave features three ground-floor commercial units and four upper-floor, one-bedroom/one-bathroom residential units. The adjacent two-story building at 47 S Finley Ave includes four ground-floor commercial units and four upper-floor residential units (three one-bedroom/one-bathroom and one two-bedroom/one-bathroom). Six of the seven commercial tenants have built-in rent increases, providing inflation protection and revenue growth. The residential units are spacious, individually metered for utilities, and benefit from a prime location near shopping, schools, and parks. This transit-oriented property is conveniently located 0.5 miles from the Basking Ridge Train Station, offering easy access to Manhattan's Penn Station, and within close proximity to major roadways, including Interstates 287 and 87, and US Route 202. The property's strategic location in the heart of Basking Ridge places it near numerous national retailers (ShopRite, CVS, Walgreens, Chipotle, Starbucks) and benefits from a strong demographic profile, with over 23,300 people within a 3-mile radius and an average household income exceeding $342,955. The asking price is $5,100,000, offering a compelling return on investment. The property is offered fee simple with a gross lease structure.

Location Insight

City

Basking Ridge

County

Somerset

State

New Jersey

Latitude

40.7059

Longitude

-74.5495

CBSA code

35620

CBSA name

NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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