Sign Up Successful!
You now have access to more from Realmo!
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    2 Speedwell Ave Morristown, NJ 07960

    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    181,500 square foot office building with parking garage.

    Building Details

    Year built
    2025

    We can help!

    Listing Contact
    Robert Donnelly Jr
    Source: Cushmanwakefield

    Listing Agent: Robert Donnelly Jr

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Morristown Office Building For Rent

    This eleven-story office building offers 181,500 square feet of space and is constructed above a five-level parking garage. The building features an aluminum façade and reflective insulated glass. The mixed-use complex is connected by a concourse that is undergoing a major capital renovation, scheduled for completion in January 2025.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Headquarters Mall-Office Plaza Business Service Center

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Dental Office Hair Salon Law Firm Nail Salon Daycare Center Building Supply Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Morristown
    County
    Morris
    State
    New Jersey
    Longitude
    -74.48288
    Latitude
    40.80622

    Nearby Similar for Lease

    • Sponsored
      New
      Contact for pricing

      Morristown

      Entire center
      55 Madison Ave, Morristown, NJ 07960
      View Details
    • $1,000 /Mo
      3,485 SF

      Morristown Professional Office Space

      First floor office space near downtown Morristown for lease.
      13.5 James St, Morristown, NJ 07960
      View Details
    • $1,950 /Mo

      Office Space in Morris Twp.

      Well-kept office space with media room and separate suites.
      39 E Hanover Ave, Morristown, NJ 07960
      View Details
    • $800 /Mo
      6,098 SF

      Morristown Town First-Floor Office Space

      First-floor office space for rent near Morristown Green.
      5 Maple Ave, Morristown, NJ 07960
      View Details
    • Contact for pricing
      1,683 SF

      Medical/Office Condominium Near Morristown

      Premier medical/office condominium in Harding Township's 'Country Mile'.
      1201 Us-202, Morristown, NJ
      View Details
    • $27 SF/Yr
      88,182 SF

      Morristown Office Space for Rent

      Office spaces available in Morristown with complex amenities.
      161-163 Madison Ave, Morristown, NJ 07631
      View Details
    • $2,800 /Mo

      Charming Morristown Apartment with Basement

      First-floor, 2-bedroom apartment near downtown Morristown with private basement.
      48 Budd St, Morristown, NJ 07960
      View Details
    • $1,300 /Mo

      Morristown Office Space For Rent

      Lower level office space in prime Morristown location available for rent.
      14 Elm St, Morristown, NJ 07960
      View Details
    • $50 SF/Yr
      39,000 SF

      Morristown Mews: Prime Commercial Space

      Historic Morristown mixed-use building, retail & office.
      14 Washington St, Morristown, NJ 07960
      View Details
    • Contact for pricing
      56,016 SF

      Morristown Office Space for Lease

      Office space available in Morristown, New Jersey with many amenities.
      10 Park Ave, Morristown, NJ 07960
      View Details
    • Contact for pricing
      3,042 SF

      Morristown Retail Space For Lease

      High-visibility retail space in the heart of Morristown, New Jersey.
      10 N Park Pl, Morristown, NJ 07960
      View Details
    • Contact for pricing
      35,000 SF

      Morristown Office Space For Lease

      Office space available with facade and amenity improvements.
      44 Whippany Rd, Morristown, NJ 07960
      View Details

    FAQs

    What type of property is this?
    Office building - 181,500 square foot office building with parking garage.
    Where is this office building located?
    The property is located at 2 Speedwell Ave Morristown, NJ.
    What are key features of this property?
    This property features: - New construction (2025) **181,500 square foot office building**.; - Mixed-use complex connected by a concourse.; - Major capital renovation of concourse (Jan 2025).
    (201) 910-1814
    Request Owner's contact information
    2 Speedwell Ave Morristown, NJ 07960
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    2 Speedwell Ave
    Morristown, NJ 07960
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    2 Speedwell Ave Morristown, NJ 07960
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Robert Donnelly Jr
    (201) 910-1814
    Learn more
    Google sign-in failed. Please try again or use another login method.