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    Downtown Lake Hiawatha Storefronts Available Title is generated by Realmo AI

    Parsippany-Troy Hills Twp., Lake Hiawatha, NJ 07034

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    For Lease
    $1,700 /Mo

    Commercial - Parsippany-Troy Hills Twp., NJ

    Added:
    Jul 1, 2024
    Days on Market:
    690
    Last Refresh:
    May 21 at 11:06 pm

    Property Features for Parsippany-Troy Hills Twp.

    General Information

    Property type
    Commercial Lease
    Property subtype
    Other
    Zoning
    COMMERCIAL
    Parking features
    Parking Lot
    Standard status
    Active

    Taxes and HOA fees

    Tax Year
    2022
    Tax Annual Amount
    17566

    Utilities

    Cooling system
    Central Air

    Building Details

    Year built
    1952
    Floors in Building
    1
    Flooring type
    Laminate
    Building materials
    Block, Brick
    Architectural style
    Other

    We can help!

    Listing Contact
    LISA MOTISI

    Listing agent LISA MOTISI

    Listing office RE/MAX NEIGHBORHOOD PROPERTIES 381 MAIN ROAD, Montville, NJ

    Listing date Jul 1, 2024

    MLS# 3911002 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

    • Prime downtown Lake Hiawatha business district location.
    • High foot traffic area.
    • On‑street parking available.
    • Suitable for professional offices or retail store.
    • Central air conditioning.
    • Building constructed of brick and block.

    Overview

    Located in the downtown Lake Hiawatha area, these storefronts are situated in a prime business district. The location is ideal for professional offices or a store. The property benefits from significant foot traffic and the availability of on-street parking. Estimated shared expenses include heat at $112 per month plus $240 per year, snow removal as needed at $48.75, tax escalation at $912 per year, and water at $462 per year. The property is zoned for commercial use.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Storefront properties

    Similar Places Nearby

    • Landmark Floral Shop — 50 N Beverwyck Rd, Lake Hiawatha, NJ 07034

    Map

    City
    Lake Hiawatha
    County
    Morris
    State
    New Jersey
    Longitude
    -74.3827
    Latitude
    40.8818

    Nearby Similar for Lease

    • $995/Mo

      Office Space in Parsippany-Troy Hills

      Office space with highway location and open floor plan.
      13 N Beverwyck Rd, Parsippany-Troy Hills Twp., NJ 07034
      View Details
    • $995/Mo

      Office Space in Lake Hiawatha

      One-room office space with private bathroom in a busy location.
      101 N Beverwyck Rd, Parsippany-Troy Hills Twp., NJ 07034-2222
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    • $100,000 SF/Yr

      Parsippany-Troy Hills Retail Opportunity

      Retail, parking, and automotive property available for rent.
      114 N Beverwyck Rd, Parsippany-Troy Hills Twp., NJ 07034
      View Details

    FAQs

    What type of property is this?
    Storefront property - Storefronts in prime business district, ideal for offices or stores.
    Where is this storefront property located?
    The property is located at Parsippany-Troy Hills Twp. Lake Hiawatha, NJ.
    What is the lease rate?
    The lease rate is $1,700 /Mo.
    What are key features of this property?
    This property features: Prime downtown Lake Hiawatha business district location.; High foot traffic area.; On‑street parking available.
    (973) 334-3341
    We can help!
    Listing Contact
    LISA MOTISI
    Real Estate License ID: 9700339
    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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    Parsippany-Troy Hills Twp., NJ 07034-2252
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