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    137 S Rutherford Ave Franklin, NJ 07416
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    137 S Rutherford Ave, Franklin, NJ 07416

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    • Commercial real estate
    • 3,328 SF
    • 0.82 lot acres
    For Lease
    $3,800/Mo
    View Listing →
    Versatile Commercial Building for Lease For Lease
    $3,800/Mo
    3,328 SF

    Versatile Commercial Building for Lease

    3,328 SF commercial building with flexible HC-2 zoning.

    137 S Rutherford Ave, Franklin, NJ 7416
    View Listing
    Property ID
    US59-2940038
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Commercial real estate

    Property Details for 137 S Rutherford Ave

    Year built
    1920
    Lot size
    0.82 lot acres
    Zone code
    HC-2
    Property type
    Commercial real estate
    APN
    06 01504-0000-00023
    APU
    601504000000023

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Mar 20, 2025 $375,000 Villamar Realty LLC Nicalex Construction LLC Deed —
    May 9, 2006 $335,000 Nicalex Construction LLC Gustofson,robert E & Lisa G Grant Deed $450k · Sussex Bank
    Jul 31, 1997 $110,000 Lisa Lehman Babcock,kenneth Grant Deed $65k · Certified Mortgage Assoc INC
    Jan 25, 1991 $124,000 Kenneth R Babcock Unknown Grant Deed —
    — — Robert E Gustofson — Deed Of Trust · related $25k · Summit Bank
    — — Nicalex Construction LLC — Deed Of Trust · related $750k · Sussex Bank
    — — Robert E Gustofson — Deed Of Trust · related $25k · Valley National Bank
    — — Nicalex Construction LLC — Deed Of Trust · related $1M · Sussex Bank
    — — Robert E Gustofson — Deed Of Trust · related $150k · Gmac Mortgage Corp
    — — Robert E Gustofson — Deed Of Trust · related $213k · Allied Home Mtg Capital Corp
    — — Nicalex Construction LLC — Deed Of Trust · related $619k · Sussex Bank
    — — Nicalex Construction LLC — Deed Of Trust · related $61k · Sussex Bank
    — — Nicalex Construction LLC — Deed Of Trust · related $1.2M · Sussex Bank

    Description

    This exceptional 3,328 square foot commercial property, located at 137 Rutherford Ave, Unit 1, Franklin, NJ, presents a unique investment opportunity. Situated on a 0.82-acre lot in a high-traffic area of Route 23, this property boasts excellent visibility and accessibility. Currently operating as a long-established hair salon, the space offers immediate income potential for a variety of businesses. The main floor is ready for immediate occupancy, requiring only minor cosmetic updates. The second floor, while not currently permitted as living space, presents significant potential for conversion into a two-bedroom apartment. This conversion would offer substantial cost savings by generating rental income to offset operational expenses, making this property an attractive option for owner-occupants seeking to reduce their monthly overhead. The property is being sold strictly "as is," reflecting the opportunity for a motivated buyer to capitalize on its potential. The asking price of $375,000 makes this a compelling investment in a prime Franklin, NJ location. The property's high visibility and established business history make it an ideal choice for entrepreneurs seeking a thriving commercial space.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Franklin
    County
    Sussex
    State
    New Jersey
    Longitude
    -74.5806
    Latitude
    41.1103
    CBSA code
    35620
    CBSA name
    NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2022
    $20,530
    $358,900
    $180,000
    $538,900
    -
    $358,900
    $180,000
    $538,900

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    Similar Nearby for Lease

    • $3,800 /Mo

      Versatile Commercial Building for Lease

      3,328 SF commercial building with flexible HC-2 zoning.
      137 S Rutherford Ave, Franklin, NJ 07416
      View Details
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    Franklin, NJ 07416
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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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