Mountain Lakes Office Condo For
For Sale
$219,000
115 Us Highway 46, Mountain Lakes, NJ 07046
Professional office condo in Mountain Lakes Business Park. Tenant in place.
Property Size1,234 SF
Lot Size0.06 Acres
Price / SF$177.47
Days on Market139
Property Features for 115 Us Highway 46
General Information
Standard status
Active
Size
1,234 SF
Lot size
0.06 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$10,242
Amenities
Central air
Asphalt Shingle Roof
1 Unit Cooling
1 Unit Heating
Central Air Cooling
Forced Hot Air Heating
Parking Lot-Shared
Building Details
Year Built
2000
Listing Agency:
KELLER WILLIAMS - NJ METRO GROUP
(973) 783-7400
Listed By:
CHERYL DARMANIN · License #111786,NEWJERSEY
Source:
Corcoran
Added: Mar 24
Changed: Aug 8
Last Checked: Aug 8 at 6:29AM
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 KELLER WILLIAMS - NJ METRO GROUP
Investment Insights
Based on property information with market context.
A professional office condominium is available for sale within the Mountain Lakes Business Park, situated at 115 Route 46 in Mountain Lakes, New Jersey. Unit D28 provides approximately 1,234 square feet of office space, featuring four private offices, a reception/waiting area, a kitchenette, and a private restroom. The suite's layout is designed to accommodate various professional services, including legal, financial, medical, and consulting practices. The property is maintained and offers a professional environment, complete with on-site parking for tenants and visitors. The property is currently occupied by a tenant, providing immediate income for investors. The location along Route 46 provides convenient access to Interstate 80, Interstate 287, and Interstate 280, offering regional connectivity throughout Morris County and Northern New Jersey.
Key Highlights
- Immediate income from existing tenant, attractive for investors.
- Convenient location on Route 46 with easy access to I‑80, I‑287, and I‑280.
- 1,234 sq ft office space featuring 4 private offices, reception area, kitchenette, and private restroom.**
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
$18,880
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
8.62%
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%
$377,600
$377.6K
Cap Rate 7%
$269,714
$269.7K
Cap Rate 9%
$209,778
$209.8K
Market Conditions
NOI Build-Up for 1,234 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
$37.0K $30.00/SF
− Vacancy
−$11.8K −$9.60/SF
EGI
$25.2K $20.40/SF
− OpEx
−$6.3K −$5.10/SF
NOI
$18.9K $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%
$377,600
Cap Rate 7%
$269,714
Cap Rate 9%
$209,778
Alternative Uses
Best Use
Office B
$269.7K
$236.0K – $314.7K
NOI $18,880 @ 7.0% cap · market cap 8.62%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$322.2K
$282.0K – $375.9K
NOI $22,556 @ 7.0% cap · market cap 10.30%
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 - Professional office condo in Mountain Lakes Business Park. Tenant in place.
Where is this office units located?
The property is located at 115 Us Highway 46 Mountain Lakes, NJ.
What is the asking price?
The asking price for this property is $219,000.
What are key features of this property?
This property features: Immediate income from existing tenant, attractive for investors.; Convenient location on Route 46 with easy access to I‑80, I‑287, and I‑280.; 1,234 sq ft office space featuring 4 private offices, reception area, kitchenette, and private restroom.**
