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Property profile & analytics

585 State Rt 23 Franklin, NJ 07416-2208

  • Commercial real estate
  • 1,552 SF
  • 0.31 lot acres
OFF-MARKET
Value Estimation
$470,000
Last Sale
Jul 31, 2023
$525,000
Location Intelligence
Property ID
US59-1839099
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.

Current Use by Public Records

  • Commercial real estate

Property Details for 585 State Rt 23

Year built
1930
Lot size
0.31 lot acres
Property size
1,552 SF
Zone code
HC-2
Property type
Commercial real estate
APN
06 00102-0000-00011
APU
600102000000011

Description

This exceptional 1,704 square foot commercial property, situated on a 0.31-acre lot at 585 State Route 23 in Franklin, NJ, presents a fantastic investment opportunity. The building, constructed of concrete block, features three garage bays, each equipped for efficient operation. A convenient garage door opener is installed on the first bay, enhancing accessibility. A car lift is included, adding significant functionality for repair work. The heated work area boasts 11 and 13-foot ceilings, providing ample space and headroom. A slop sink is conveniently located within the garage area. An exhaust fan is already in place, ensuring proper ventilation. The building also includes a waiting/office area with a case and electric heat, providing a comfortable space for clients. Additional features include a hatch attic for storage, multiple storage compartments throughout the building, and a bonus 12x8 shed offering even more storage capacity. The property also offers a lavatory and ample parking for both employees and clients. Oil heat and an oil burner provide reliable climate control. This prime location on a main highway ensures high visibility and accessibility, making it an ideal location for a variety of commercial uses. The property is priced at $2650.

Value Estimation

by Realmo proprietary methodology Last update: July 3, 2025
  • AI approach

    CAP return
    Estimation
    Estimation
    $450,000
  • CAP approach

    CAP return
    Estimation
    6%
    $455,000
    6.5%
    $415,000
    7%
    $425,000
  • Comparable approach

    Method
    Estimation
    Relative Method
    $470,000
    Geo Method
    $460,000
  • Alternative Use

    Use
    Estimation
    Distribution
    $435,000
    Retail
    $505,000
    Mixed-Use
    $515,000
    Hospitality
    $435,000
    Educational
    $445,000
    Residential Income
    $450,000
    Energy
    $540,000
    Income-Based Land
    $510,000
    Food Service
    $405,000

Location Insight

  • Map
  • Local Demand
City
Franklin
County
Sussex
State
New Jersey
Longitude
-74.5734
Latitude
41.1359
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
$15,023
$234,800
$331,400
$566,200
-
$234,800
$331,400
$566,200
More about this property
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