Partially Occupied Flex
For Sale
$3,165,000
1 Stewart Ct, Denville, NJ 07834
Partially occupied warehouse property with integrated office space and flexible commercial functionality.
Property Size14,203 SF
Price / SF$222.84
Days on Market150
Property Features for 1 Stewart Ct
General Information
Standard status
Active
Size
14,203 SF
Property subtype
Warehouse
Amenities
1 Stewart Ct is a 14,203 Square Foot Flex Building Partially Occupied with a 5,681 Square Foot Tenant and an Existing 8,522 Square Foot Vacancy
Situated on 2.21 Acres with Two Loading Docks
Parking for Up to 30 Cars
Building Details
Building Size
14,203 SF
Year Built
1989
Listing Agency:
Marcus & Millichap - New Jersey
(201) 742-6118
Listed By:
Alan Cafiero · License #License(s): NJ: 0791092
(201) 742-6118
Source:
Marcusmillichap
Added: Apr 3
Changed: Aug 29
Last Checked: Aug 29 at 9:12PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Marcus & Millichap - New Jersey
Investment Insights
Based on property information with market context.
This 14,203-square-foot warehouse property combines office and warehouse areas within a flex-oriented commercial layout. The building was constructed in 1989 and is currently partially occupied.
The property is located at 1 Stewart Ct in Denville, New Jersey, with a 07834 ZIP code and a Morris County setting.
The property is located at 1 Stewart Ct in Denville, New Jersey, with a 07834 ZIP code and a Morris County setting.
Key Highlights
- 14,203‑square‑foot warehouse property
- Flex configuration with office and warehouse areas
- Currently partially occupied
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$193,579
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.12%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,871,580
$3.9M
Cap Rate 7%
$2,765,414
$2.8M
Cap Rate 9%
$2,150,878
$2.2M
Market Conditions
NOI Build-Up for 14,203 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$242.0K $17.04/SF
− Vacancy
−$14.3K −$1.01/SF
EGI
$227.7K $16.03/SF
− OpEx
−$34.2K −$2.41/SF
NOI
$193.6K $13.63/SF
Area
Morris County, NJ
Vacancy
5.90%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
15.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,871,580
Cap Rate 7%
$2,765,414
Cap Rate 9%
$2,150,878
Alternative Uses
Best Use
Warehouse
$2.77M
$2.42M – $3.23M
NOI $193,579 @ 7.0% cap · market cap 6.12%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.71M
$3.25M – $4.33M
NOI $259,608 @ 7.0% cap · market cap 8.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
283
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 07834, NJ
17,966
Population
7,122
Households
2.5
Avg Household Size
45
Median Age
62%
College-Educated
97%
High-School Grad
11.6 sq mi
ZIP Area
1,549
Density / Sq Mi
$162,644
Median Household Income
$76,968
Median Earnings
$1,707
Median Rent
$552,300
Median Home Value
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Warehouse - Partially occupied warehouse property with integrated office space and flexible commercial functionality.
Where is this warehouse located?
The property is located at 1 Stewart Ct Denville, NJ.
What is the asking price?
The asking price for this property is $3,165,000.
What are key features of this property?
This property features: 14,203‑square‑foot warehouse property; Flex configuration with office and warehouse areas; Currently partially occupied
