Multi-Room Office
For Sale
$1,250,000
10 S PROSPECT ST Unit NA, Verona, NJ 07044
Downtown office property with central air, parking, storage, and a finished upper-level apartment convertible to office use.
Property Size6,000 SF
Price / SF$208.33
Days on Market264
Property Features for 10 S PROSPECT ST Unit NA
General Information
Standard status
Active
Size
6,000 SF
Property subtype
General Commercial
Occupancy
100%
Taxes and HOA fees
Annual Taxes
$24,721
Amenities
Central Air
3
Asphalt Shingle
Office/Commer
Parking.
Lot.
67X147, 67X147
Storage Area, Freestanding.
Building Details
Year Built
1920
Tenancy
Single
Owner Occupied
Yes
Listing Agency:
BHHS FOX & ROACH
(973) 454-3218
Listed By:
ROMAN DRUKAROV · License #298368
(973) 454-3218
Source:
Xome
Added: Dec 10, 2025
Changed: Aug 30
Last Checked: Aug 30 at 10:59PM
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 BHHS FOX & ROACH
Investment Insights
Based on property information with market context.
Built in 1920, this office property contains approximately 6,000 square feet of usable space arranged across 23 rooms and workstations. Central air, on-site parking, and a storage area support the existing office configuration. The building is currently owner occupied.
The third floor is finished as an apartment and offers additional space that can be adapted for office use. Located at 10 S Prospect St in downtown Verona, the property occupies a 67X147 lot and includes freestanding office/commercial improvements with an asphalt shingle exterior.
The third floor is finished as an apartment and offers additional space that can be adapted for office use. Located at 10 S Prospect St in downtown Verona, the property occupies a 67X147 lot and includes freestanding office/commercial improvements with an asphalt shingle exterior.
Key Highlights
- Approximately 6,000 SF of usable office space
- 23 rooms and workstations across the building
- Third‑floor apartment can be converted to additional office space
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
$91,800
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
7.34%
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%
$1,836,000
$1.8M
Cap Rate 7%
$1,311,429
$1.3M
Cap Rate 9%
$1,020,000
$1.0M
Market Conditions
NOI Build-Up for 6,000 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
$180.0K $30.00/SF
− Vacancy
−$57.6K −$9.60/SF
EGI
$122.4K $20.40/SF
− OpEx
−$30.6K −$5.10/SF
NOI
$91.8K $15.30/SF
Area
Essex County, NJ
Vacancy
32.00%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
25.00%
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%
$1,836,000
Cap Rate 7%
$1,311,429
Cap Rate 9%
$1,020,000
Alternative Uses
Best Use
Office B
$1.31M
$1.15M – $1.53M
NOI $91,800 @ 7.0% cap · market cap 7.34%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.57M
$1.37M – $1.83M
NOI $109,670 @ 7.0% cap · market cap 8.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
920
Businesses Nearby
Explore this area
Business Placement
Demographics for 07044, NJ
14,572
Population
5,997
Households
2.4
Avg Household Size
44
Median Age
68%
College-Educated
98%
High-School Grad
2.8 sq mi
ZIP Area
5,204
Density / Sq Mi
$159,044
Median Household Income
$85,852
Median Earnings
$2,125
Median Rent
$595,000
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Downtown office property with central air, parking, storage, and a finished upper-level apartment convertible to office use.
Where is this office building located?
The property is located at 10 S PROSPECT ST Unit NA Verona, NJ.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: Approximately 6,000 SF of usable office space; 23 rooms and workstations across the building; Third‑floor apartment can be converted to additional office space
