Multi-Room Office
For Sale
$1,100,000
10 S Prospect St, Verona, NJ 07044
A third-floor apartment offers the option of additional office use.
Property Size6,000 SF
Price / SF$183.33
Days on Market35
Property Features for 10 S Prospect St
General Information
Standard status
Active
Size
6,000 SF
Property subtype
Office
Occupancy
100%
Additional Details
Property Use
Office
Taxes and HOA fees
Annual Taxes
$24,721
Building Details
Building Size
6,000 SF
Year Built
1920
Tenancy
Single
Owner Occupied
Yes
Listing Agency:
BHHS FOX & ROACH
Listed By:
ROMAN DRUKAROV · License #298368
(973) 744-5544
Source:
Linksnj
Added: Sep 23
Changed: Oct 26
Last Checked: Oct 26 at 3:40PM
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
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Investment Insights
Based on property information with market context.
This office building at 10 S Prospect St in downtown Verona dates to 1920. Its interior contains 23 rooms and workstations, and the property is currently occupied by its owner. A third-floor apartment is built out within the building and may be converted to office use.
The downtown location places the property in Verona, New Jersey. The existing room layout and upper-floor apartment provide distinct configurations within the building.
The downtown location places the property in Verona, New Jersey. The existing room layout and upper-floor apartment provide distinct configurations within the building.
Key Highlights
- 23 rooms and workstations
- Third‑floor apartment can be used as additional office space
- Owner‑occupied office building in downtown Verona
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$91,800
Cap Rate
8.35%
Suggested Prices Based on Cap Rates
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
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 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 8.35%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.57M
$1.37M – $1.83M
NOI $109,670 @ 7.0% cap · market cap 9.97%
Zoning and permitted uses should be independently verified with authorities.
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Open Analytics
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Northeast region
Frequently Asked Questions
What type of property is this?
Office building - A third-floor apartment offers the option of additional office use.
Where is this office building located?
The property is located at 10 S Prospect St Verona, NJ.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: 23 rooms and workstations; Third‑floor apartment can be used as additional office space; Owner‑occupied office building in downtown Verona
