Mountain Lakes Office
For Sale
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115 US-46 Building D, Mountain Lakes, NJ 07046
Two-level office condo in Mountain Lakes Business Park.
Property Size2,542 SF
Price / SF$176.63
Days on Market147
Property Features for 115 US-46 Building D
General Information
Standard status
Active
Size
2,542 SF
Class
C
Property subtype
Office
Zoning
OL-2
Occupancy
100%
Investment Type
Owner/User
Building Details
Year Built
1987
Stories
2
Units
1
Tenancy
Single
Listing Agency:
KW Commercial
(973) 783-7400
Listed By:
Cheryl Darmanin · License #1111786
Source:
Crexi
Added: Mar 16
Changed: Aug 8
Last Checked: Aug 8 at 2:52PM
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 KW Commercial
Investment Insights
Based on property information with market context.
This professional two-level office condominium is located within the highly desirable Mountain Lakes Business Park along Route 46. Units D29 and D30 offer approximately 2,542 square feet of flexible office space featuring private offices, open workspace areas, and conference space across two interior levels. Access to the suite leads to the primary office level, which includes multiple private offices, reception space, and functional work areas designed for daily operations. An internal staircase connects to the upper level, where an additional office and conference area provides ideal space for executive offices, meetings, or collaborative work. The layout offers excellent flexibility for a variety of professional users including legal, accounting, consulting, medical, and administrative offices. The suite benefits from abundant natural light, a professional office environment, and convenient access to shared parking within the complex.
Key Highlights
- Located in the highly desirable Mountain Lakes Business Park along Route 46.
- Approximately 2,542 square feet of flexible office space across two levels.
- Features private offices, open workspace areas, and conference 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
$38,893
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
8.66%
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%
$777,860
$777.9K
Cap Rate 7%
$555,614
$555.6K
Cap Rate 9%
$432,144
$432.1K
Market Conditions
NOI Build-Up for 2,542 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
$76.3K $30.00/SF
− Vacancy
−$24.4K −$9.60/SF
EGI
$51.9K $20.40/SF
− OpEx
−$13.0K −$5.10/SF
NOI
$38.9K $15.30/SF
Area
Morris 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%
$777,860
Cap Rate 7%
$555,614
Cap Rate 9%
$432,144
Alternative Uses
Best Use
Office B
$555.6K
$486.2K – $648.2K
NOI $38,893 @ 7.0% cap · market cap 8.66%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$663.8K
$580.8K – $774.4K
NOI $46,464 @ 7.0% cap · market cap 10.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
745
Businesses Nearby
Explore this area
Business Placement
Demographics for 07046, NJ
4,508
Population
1,451
Households
3.1
Avg Household Size
41
Median Age
84%
College-Educated
98%
High-School Grad
2.7 sq mi
ZIP Area
1,670
Density / Sq Mi
$250,001
Median Household Income
$127,604
Median Earnings
$2,941
Median Rent
$915,100
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?
Office units - Two-level office condo in Mountain Lakes Business Park.
Where is this office units located?
The property is located at 115 US-46 Building D Mountain Lakes, NJ.
What is the asking price?
The asking price for this property is $449,000.
What are key features of this property?
This property features: Located in the highly desirable Mountain Lakes Business Park along Route 46.; Approximately 2,542 square feet of flexible office space across two levels.; Features private offices, open workspace areas, and conference space.
