Four-Story Medical Office
For Sale
Contact for pricing
123 Highland Avenue, Glen Ridge, NJ 07028
The four-level configuration is designated for medical office use.
Property Size28,585 SF
Price / SF$350.05
Days on Market9
Property Features for 123 Highland Avenue
General Information
Standard status
Active
Size
28,585 SF
Property subtype
Retail, Office, Mixed Use
Building Details
Buildings
1
Stories
4
Building Size
28,585 SF
Listing Agency:
The Kislak Company Inc Woodbridge
Listed By:
Don Baxter · License #NJ 0676453
(732) 865-3777
Source:
Crexi
Added: Aug 26
Changed: Sep 1
Last Checked: Sep 2 at 4:44PM
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 The Kislak Company Inc Woodbridge
Investment Insights
Based on property information with market context.
This four-story property is classified as medical office space and is situated at 123 Highland Avenue in Glen Ridge, New Jersey. The building’s vertical configuration provides a distinct medical-office asset profile within the local commercial market.
Key Highlights
- Four‑story medical office property
- Located at 123 Highland Avenue, Glen Ridge, NJ 07028
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
$338,742
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
4.37%
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%
$6,774,840
$6.8M
Cap Rate 7%
$4,839,171
$4.8M
Cap Rate 9%
$3,763,800
$3.8M
Market Conditions
NOI Build-Up for 22,140 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
$664.2K $30.00/SF
− Vacancy
−$212.5K −$9.60/SF
EGI
$451.7K $20.40/SF
− OpEx
−$112.9K −$5.10/SF
NOI
$338.7K $15.30/SF
Area
Essex 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%
$6,774,840
Cap Rate 7%
$4,839,171
Cap Rate 9%
$3,763,800
Alternative Uses
Best Use
Office B
$4.84M
$4.23M – $5.65M
NOI $338,742 @ 7.0% cap · market cap 4.37%
Second Best
Healthcare Medical
$4.71M
$4.12M – $5.49M
NOI $329,656 @ 7.0% cap · market cap 4.25%
Theoretical Best
Office A
$5.78M
$5.06M – $6.74M
NOI $404,684 @ 7.0% cap · market cap 5.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,228
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 07028, NJ
8,094
Population
2,629
Households
3.1
Avg Household Size
40
Median Age
83%
College-Educated
100%
High-School Grad
1.3 sq mi
ZIP Area
6,226
Density / Sq Mi
$246,500
Median Household Income
$99,845
Median Earnings
$2,395
Median Rent
$725,600
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?
Medical Office Space - The four-level configuration is designated for medical office use.
Where is this medical office space located?
The property is located at 123 Highland Avenue Glen Ridge, NJ.
What is the asking price?
The asking price for this property is $7,750,000.
What are key features of this property?
This property features: Four‑story medical office property; Located at 123 Highland Avenue, Glen Ridge, NJ 07028
