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    8 Shunpike Rd Madison, NJ 07940

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    Claim this Listing
    For Sale
    $450,000

    Commercial - Madison Boro, NJ

    Property size:
    10,000 SF
    Lot size:
    1.10 Acres
    Price / SF:
    $45/SF
    Added:
    Jul 15, 2025
    Days on Market:
    288
    Last Refresh:
    Apr 28 at 6:06 pm

    Property Features for 8 Shunpike Rd

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    Medical
    Rooms
    Basement
    Parking
    60
    Parking features
    Parking Lot
    Basement Y/N
    1
    Standard status
    Active
    Size
    10,000 SF
    Lot size
    1.10 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    44832

    Building Details

    Year built
    1964
    Floors in Building
    2
    Number of units
    7
    Flooring type
    Carpet, Linoleum, Vinyl
    Building materials
    Block, Brick
    Roof type
    Flat, Rubber
    Architectural style
    Other

    We can help!

    Listing Contact
    LIDIA S. GABINELLI

    Listing agent LIDIA S. GABINELLI

    Listing office KL SOTHEBY'S INT'L. REALTY 454 MAIN STREET, Basking Ridge, NJ

    Listing date Jul 15, 2025

    MLS# 3975459 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

    Medical Office Suite in Madison

    This bright and sunny end unit, a 1,024 square foot medical office suite, is ideally located with close proximity to parking and easy, direct access. The layout includes a waiting room, reception area, three exam rooms, one private office, a storage room, a kitchenette, a closet, and a powder room. The property is designated for medical or dental use. It is located in a 10,000 square foot building consisting of 7 units with a partnership agreement. The monthly fee of $1792 covers all expenses, maintenance including trash and recycle removal, snow removal, and landscaping, utilities including heat, electric of common area, water/sewer, and insurance. Air conditioning is provided by separate units. The roof was redone in 2021. Situated in the heart of Madison, the property is 4.5 miles from Morristown Medical Center and 5.4 miles from Overlook Medical Center. It is also conveniently located close to shops, restaurants, Route 78, and Route 287. The building is located on a 1.1 acre lot.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Buryk Joellen Employment Agency Dr. Vesna Nikodijevic Pediatrician Coyle Dentistry: Dr. ... Dental Office Dr. Nimish B. ... Dental Office Gary Berger Pediatrician

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Building Supply Auto Repair Shop Gym & Fitness Center Pharmacy

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

    Similar Places Nearby

    • Veterinary Dentistry Specialists — 240 Main St, Madison, NJ 07940
    • Trapp, Inc — 83 Pomeroy Rd, Madison, NJ 07940

    Location Insight

    • Map
    • Local Demand
    City
    Madison
    County
    Morris
    State
    New Jersey
    Longitude
    -74.4289827
    Latitude
    40.7458589

    Nearby Similar for Sale

    • $300,000
      1,024 SF

      Updated Medical Office End Unit

      Updated medical office end unit near hospitals and major routes.
      8 Shunpike, Madison, NJ 07940-2740
      View Details
    • $400,000
      3,400 SF

      Retail Space with Liquor License

      Retail space available with liquor license to operate liquor store.
      35 Community Pl, Madison Boro, NJ 07940
      View Details

    FAQs

    What type of property is this?
    Medical Office Space - Bright, sunny medical office suite in the heart of Madison.
    Where is this medical office space located?
    The property is located at 8 Shunpike Rd Madison, NJ.
    What is the asking price?
    The asking price for this property is $450,000.
    What are key features of this property?
    This property features: Ideal location in the heart of Madison, close to shops, restaurants, Rt. 78 & Rt. 287.; Turnkey medical/dental office suite featuring a waiting room, reception, 3 exam rooms, private office, and kitchenette.; Convenient access with end‑unit location close to parking.
    (908) 719-2500
    We can help!
    Listing Contact
    LIDIA S. GABINELLI
    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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