Reimagined Mixed-Use Luxury
For Sale
$2,250,000
Pending
113 Washington St, Morristown, NJ 07960
Mixed-use property in Downtown Morristown with high-end residential and commercial.
Property Size4,563 SF
Lot Size0.17 Acres
Days on Market143
Property Features for 113 Washington St
General Information
Standard status
Pending
Size
4,563 SF
Lot size
0.17 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$19,259
Amenities
Central air
Asphalt Shingle Roof
1 Car Width
4+ Units Cooling
4+ Units Heating
Blacktop Driveway
Central Air Cooling
Driveway-Exclusive
Forced Hot Air Heating
Level Lot
Multi-Zone Cooling
Multi-Zone Heating
Building Details
Year Built
2019
Listing Agency:
GODBY REALTORS
(973) 539-9151
Listed By:
KATHRYN ORAM
Source:
Corcoran
Added: Mar 20
Changed: Aug 8
Last Checked: Jul 23 at 8:25AM
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 GODBY REALTORS
Investment Insights
Based on property information with market context.
Located in Downtown Morristown, 113 Washington Street is a mixed-use property rebuilt in 2019. The property combines high-end residential living with a commercial presence. The upper level of Building One features a three-bedroom apartment, with each bedroom including an ensuite bath. The first floor offers a custom-built office space with glass-walled offices and views. A detached carriage house above a three-car garage is designed as an open-concept, loft-style one-bedroom, suitable for rental income, guest accommodations, or a private retreat. The property offers access to dining, shopping, and transit, and has a strong income history. The property size is 4563 square feet.
Key Highlights
- Fully Reimagined Mixed‑Use Property: Rebuilt in 2019 with premium materials, blending high‑end residential living with a striking commercial presence.
- Prime Downtown Morristown Location: Immediate access to dining, shopping, and transit.
- High‑End Residential Apartment: Three bedrooms, each with an ensuite bath, showcasing refined finishes and spacious proportions.
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
$70,170
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
3.12%
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%
$1,403,400
$1.4M
Cap Rate 7%
$1,002,429
$1.0M
Cap Rate 9%
$779,667
$779.7K
Market Conditions
NOI Build-Up for 4,563 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
$136.9K $30.00/SF
− Vacancy
−$9.3K −$2.04/SF
EGI
$127.6K $27.96/SF
− OpEx
−$57.4K −$12.58/SF
NOI
$70.2K $15.38/SF
Area
Morris County, NJ
Vacancy
6.80%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
45.00%
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%
$1,403,400
Cap Rate 7%
$1,002,429
Cap Rate 9%
$779,667
Alternative Uses
Best Use
Apartment 5plus
$1.00M
$877.1K – $1.17M
NOI $70,170 @ 7.0% cap · market cap 3.12%
Second Best
Office B
$997.3K
$872.7K – $1.16M
NOI $69,814 @ 7.0% cap · market cap 3.10%
Theoretical Best
Office A
$1.19M
$1.04M – $1.39M
NOI $83,404 @ 7.0% cap · market cap 3.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,552
Businesses Nearby
Explore this area
Business Placement
Demographics for 07960, NJ
45,609
Population
18,978
Households
2.4
Avg Household Size
40
Median Age
68%
College-Educated
94%
High-School Grad
34.6 sq mi
ZIP Area
1,318
Density / Sq Mi
$149,462
Median Household Income
$75,266
Median Earnings
$2,173
Median Rent
$701,100
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?
Mixed-use property - Mixed-use property in Downtown Morristown with high-end residential and commercial.
Where is this mixed-use property located?
The property is located at 113 Washington St Morristown, NJ.
What is the asking price?
The asking price for this property is $2,250,000.
What are key features of this property?
This property features: Fully Reimagined Mixed‑Use Property: Rebuilt in 2019 with premium materials, blending high‑end residential living with a striking commercial presence.; Prime Downtown Morristown Location: Immediate access to dining, shopping, and transit.; High‑End Residential Apartment: Three bedrooms, each with an ensuite bath, showcasing refined finishes and spacious proportions.
