Your AI Navigator in Commercial Real Estate
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

    58 South St Morristown, NJ 07960

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

    Large office space with terraces and parking in Morristown, NJ.

    Property size:
    55,000 SF
    Lot size:
    0.76 Acres

    Property Features for 58 South St

    General Information

    Size
    55,000 SF
    Lot size
    0.76 Acres

    We can help!

    Listing Contact
    Blake J. Goodman
    Source: Moodyscre

    Listing Agent: Blake J. Goodman

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

    Learn more

    Overview

    Morristown Office Space For Rent

    This property offers 110,000 square feet of total office space available for rent on the 2nd and 3rd floors. The typical floor plate is 55,000 square feet. The space features a ground floor entrance on South Street, a ceiling height of 14 feet, and column spacing of 30x30 feet. Multi-side sprawling street scape terraces are located on both floors. The property includes a 290-space mechanical parking garage and an executive drop-off/pick-up area. There is a building signage opportunity.
    Location Intelligence

    Current Use by Public Records

    Lonnie's Dumpster Rental ... Dumpster Rental Service Young Body Fitness Center Richard Garage Doors Garage Door Supplier Circle the Lotus Yoga Studio

    Suggested Use

    Realty agency Restaurant Spa & Massage Dental Office Law Firm Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Morristown
    County
    Morris
    State
    New Jersey
    Longitude
    -74.4790875
    Latitude
    40.7950857

    Nearby Similar for Lease

    • $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
    • New
      $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
    • $25 SF/Yr
      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
    • $4,200 /Mo

      Remodeled Apartment Near Downtown Morristown

      Newly remodeled 2BR apartment near downtown Morristown's shops and restaurants.
      75 Chestnut St, Morristown, NJ 07960
      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
    • $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
    • $29 SF/Yr
      35,000 SF

      Morristown Office Space For Lease

      Office space available with facade and amenity improvements.
      44 Whippany Rd, Morristown, NJ 07960
      View Details
    • $650 /Mo

      Morristown Office Space For Rent

      Office suites near NYC train, utilities included, garden patio.
      14 Pine St, Morristown, NJ 07960
      View Details

    FAQs

    What type of property is this?
    Office space - Large office space with terraces and parking in Morristown, NJ.
    Where is this office space located?
    The property is located at 58 South St Morristown, NJ.
    What are key features of this property?
    This property features: - 110,000 SF total office space; - Multi-side sprawling street scape terraces on both floors; - Building Signage opportunity
    (973) 829-4800
    Request Owner's contact information
    58 South St 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.
    58 South St
    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
    58 South St 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!
    Listing Contact
    Blake J. Goodman
    (973) 829-4800
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.