23 Finley Ave Basking Ridge, NJ 07920-1420
- Commercial real estate
- 5,074 SF
- 0.14 lot acres
Current Use by Public Records
- South Finley Barber Shop / Barber Shop
Property Details for 23 Finley Ave
- Construction
- BRICK
- Lot size
- 0.14 lot acres
- Property size
- 5,074 SF
- Zone code
- B1
- Property type
- 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.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Basking Ridge
- County
- Somerset
- State
- New Jersey
- Longitude
- -74.5495
- Latitude
- 40.7059
- CBSA code
- 35620
- CBSA name
- NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA
