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    The Largest CRE Database in the US with Over 1 Million Listings

    500 Route 10 Whippany, NJ 07981

    View on Map
    Pending
    $1,400,000

    Commercial - Hanover Twp., NJ

    Property size:
    8,000 SF
    Lot size:
    0.46 Acres
    Added:
    Dec 17, 2021
    Days on Market:
    1566
    Last Refresh:
    Apr 1 at 8:06 am

    Property Features for 500 Route 10

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    B-10
    Rooms
    Basement
    Basement Y/N
    1
    Standard status
    Pending
    Size
    8,000 SF
    Lot size
    0.46 Acres

    Taxes and HOA fees

    TaxYear
    2020
    TaxAnnualAmount
    11316

    Utilities

    Heating system
    Forced Air
    Cooling system
    Central Air

    Building Details

    Floors in Building
    2
    Building materials
    Block, Brick
    Roof type
    Flat
    Architectural style
    Other

    We can help!

    Listing Contact
    LOIS DECARO

    Listing agent LOIS DECARO

    Listing office FATHOM REALTY NJ 365 HARDING HIGHWAY, Morristown, NJ

    Listing date Dec 17, 2021

    MLS# 3756296 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.

    Overview

    Freestanding Building on Route 10

    This 8,000 +/- square foot freestanding building is located on a prime, high-traffic section of Route 10 at a traffic light intersection. The property benefits from excellent visibility and proximity to Routes 80, 287, 280, 24, and 46. The previous bank location includes a vault. The drive-through has been bricked. The B-10 zoning permits many retail and office uses. The lot size is 0.46 acres. Plans, architectural drawings, and a survey are available. There is a possibility for 28 parking spaces. Note that the town is not allowing restaurant use. The property is located in Hanover Township, NJ.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Banks

    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
    Whippany
    County
    Morris
    State
    New Jersey
    Longitude
    -74.41184
    Latitude
    40.8222343

    Nearby Similar for Sale

    • $1,200,000
      5,100 SF

      Renovated Medical Office For Sale

      5,100 sqft+ renovated medical office space with 30 parking spaces.
      375 State Route 10, Whippany, NJ
      View Details
    • $1,400,000
      8,000 SF

      Freestanding Building on High-Traffic Route

      8,000+/- SF building on Route 10 with high visibility.
      500 Route 10, Hanover Twp., NJ 07981
      View Details

    FAQs

    What type of property is this?
    Bank - 8,000+/- SF building on high-traffic Route 10.
    Where is this bank located?
    The property is located at 500 Route 10 Whippany, NJ.
    What is the asking price?
    The asking price for this property is $1,400,000.
    What are key features of this property?
    This property features: Prime high‑traffic location on Rt. 10 at a traffic light intersection with great visibility; Large 8000 +/- square feet freestanding building; Close proximity to multiple major highways: Routes 80, 287, 280, 24, and 46
    (973) 441-7080
    We can help!
    Listing Contact
    LOIS DECARO
    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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