Mountain Lakes Office
For Sale
$449,000
115 Us Highway 46, Mountain Lakes, NJ 07046
Professional office condo for sale in Mountain Lakes Business Park.
Property Size2,526 SF
Price / SF$176.63
Days on Market94
Property Features for 115 Us Highway 46
General Information
Standard status
Active
Size
2,526 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$10,242
Building Details
Building Size
2,526 SF
Year Built
1987
Stories
2
Units
1
Listing Agency:
KELLER WILLIAMS - NJ METRO GROUP
(973) 783-7400
Listed By:
CHERYL DARMANIN · License #111786,NEWJERSEY
Source:
Elliman
Added: May 8
Changed: Aug 8
Last Checked: Aug 8 at 3:36PM
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.
Available for sale is a professional office condominium located in the Mountain Lakes Business Park at 115 Route 46 in Mountain Lakes, NJ. Units D29 and D30 offer approximately 2,542 square feet of office space across two levels, featuring a flexible and functional layout. The main level includes multiple private offices, a reception area, and an open workspace. An internal staircase leads to the upper level, which features additional office space and a conference room. The property is currently leased, providing immediate income for investors. The suite benefits from abundant natural light and access to ample shared parking within the complex. 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. The property has a walk score of 21, indicating it is car-dependent, and a bike score of 27, indicating it is somewhat bikeable.
Key Highlights
- Immediate income from existing tenant, attractive for investors.
- Prime location in Mountain Lakes Business Park with easy access to Route 46, I‑80, I‑287, and I‑280.
- Approximately 2,542 sq ft of office space across two levels.
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 - Professional office condo for sale in Mountain Lakes Business Park.
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 $449,000.
What are key features of this property?
This property features: Immediate income from existing tenant, attractive for investors.; Prime location in Mountain Lakes Business Park with easy access to Route 46, I‑80, I‑287, and I‑280.; Approximately 2,542 sq ft of office space across two levels.
