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    Office Space in Millburn Township Title is generated by Realmo AI

    27 Bleeker St, Millburn, NJ 07041

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    Claim this Listing
    For Lease
    $2,500 /Mo

    Commercial - Millburn Twp., NJ

    Lot size:
    1.91 Acres
    Added:
    Sep 11, 2024
    Days on Market:
    618
    Last Refresh:
    May 21 at 3:06 pm

    Property Features for 27 Bleeker St

    General Information

    Property type
    Commercial Lease
    Property subtype
    Other
    Zoning
    2Sb
    Rooms
    Basement
    Parking features
    Parking Lot
    Basement Y/N
    1
    Standard status
    Active
    Lot size
    1.91 Acres

    Taxes and HOA fees

    Tax Year
    2023
    Tax Annual Amount
    80677

    Building Details

    Year built
    1969
    Flooring type
    Tile, Wood
    Architectural style
    Other

    We can help!

    Listing Contact
    JACK QIZHAN YAO
    JACK QIZHAN YAO

    Listing agent JACK QIZHAN YAO

    Listing office REALMART REALTY 27 BLEEKER STREET, South Plainfield, NJ

    Listing date Sep 11, 2024

    MLS# 3923434 Listing URL

    Copyright © 2026 Garden State MLS, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • 150+ parking spaces available
    • Prime location in Millburn/Short Hills
    • Easy access to major highways (Route 24, Route 78, Garden State Parkway, NJ Turnpike)
    • Convenient access to Newark Liberty International Airport and Ports of Newark and Elizabeth
    • Variety of private office rooms/cubicles available
    • Shared amenities: reception area, kitchen, dining area, meeting rooms, restrooms

    Overview

    Located in Millburn Township, this commercial property offers serviced offices, office spaces, and coworking spaces for rent. The building is situated in a picturesque area near Millburn/Short Hills, just minutes from Main Street, Route 24, Route 78, Garden State Parkway, and the New Jersey Turnpike. Its location provides convenient access to major highways, Newark Liberty International Airport, and the ports of Newark and Elizabeth. The property includes over 150 parking spaces. Available are private office rooms and cubicles of varying sizes, along with a common area and shared spaces that feature a reception area, shared kitchen, dining area, meeting rooms, and restrooms. Unit 229 is also available for rent at the same rate. The lot size is 1.91 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Realmart Realty Real Estate Agency Lightbridge Academy Daycare Center All About Body ... Gym & Fitness Center Paparella Paul Engineer

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Millburn
    County
    Essex
    State
    New Jersey
    Longitude
    -74.30575
    Latitude
    40.71559

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    FAQs

    What type of property is this?
    Serviced office - Serviced and coworking office spaces for rent in Millburn, NJ.
    Where is this serviced office located?
    The property is located at 27 Bleeker St Millburn, NJ.
    What is the lease rate?
    The lease rate is $2,500 /Mo.
    What are key features of this property?
    This property features: 150+ parking spaces available; Prime location in Millburn/Short Hills; Easy access to major highways (Route 24, Route 78, Garden State Parkway, NJ Turnpike)
    (732) 727-2285
    We can help!
    Listing Contact
    JACK QIZHAN YAO
    JACK QIZHAN YAO
    Real Estate License ID: 10491203908
    Learn More
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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.

    More about this property
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    27 Bleeker St, Millburn Twp., NJ 07041-1414
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