Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    26 Millburn Ave Springfield, NJ 07081

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Lease
    $700 /Mo

    One-room office space suitable for professionals, utilities included.

    Lot size:
    0.14 Acres

    Property Features for 26 Millburn Ave

    General Information

    Property type
    Commercial
    Standard status
    Active
    Lot size
    0.14 Acres

    Building Details

    Year built
    1920

    We can help!

    Listing Contact
    Deborah Williams
    Source: Elliman

    Listing Agency: COLDWELL BANKER REALTY Listing Agent: Deborah Williams

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

    Learn more

    Overview

    Office Space on Millburn Avenue

    This is a one-room office space located on the first floor, facing Millburn Avenue. The space is suitable for professional use. All utilities are included in the rent. The office has been renovated and is described as bright and fresh. The location provides easy access to Routes 24 and 78, as well as the 70 bus line. It is also conveniently located near downtown Short Hills, Millburn, and Springfield. The space is flexible and can be paired with four rooms on the second floor.
    Location Intelligence

    Current Use by Public Records

    Morris Mark M ... Pediatrician New Jersey Osteopathic ... Alternative Medicine Practice DEFENSIVE DRIVING High School

    Suggested Use

    Restaurant Real Estate Agency Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Pharmacy

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

    Location Insight

    • Map
    • Local Demand
    City
    Springfield
    County
    Union
    State
    New Jersey
    Longitude
    -74.3243716
    Latitude
    40.717526

    Nearby Similar for Lease

    • $2,500 /Mo
      11,000 SF

      Renovated Office Suite For Rent

      Move-in ready, furnished or unfurnished office suite with utilities included.
      11 Dundar Rd, Springfield, NJ 07081
      View Details
    • $2,400 /Mo

      Renovated Office Suite For Rent

      Move-in ready office suite with utilities included and convenient access.
      26 Millburn Ave, Springfield, NJ 07081
      View Details
    • $2,500 /Mo

      Renovated Office Suite Available Now

      Move-in ready office suite with flexible options and utilities included.
      11 Dundar Rd, Springfield, NJ 07081
      View Details
    • Contact for pricing
      4,152 SF

      Class A Office Space Available

      Class A office space for lease in Union County, NJ.
      899 Mountain Ave, Springfield, NJ 07081
      View Details
    • Contact for pricing
      7,000 SF

      Retail, Restaurant, Medical, Office Space

      Space available for retail, restaurant, medical, and office tenants.
      259-279 Morris Ave, Springfield, NJ 07081
      View Details
    • $700 /Mo

      Renovated Office Space Available

      Bright, renovated office space with utilities included, convenient location.
      26 Millburn Ave, Springfield, NJ 07081
      View Details
    • Contact for pricing
      21,614 SF

      Professional Office Building in Springfield

      Versatile office spaces available in Springfield, New Jersey.
      99 Morris Ave, Springfield, NJ 07081
      View Details
    • Contact for pricing
      21,614 SF

      Professional Office Building in Springfield

      Versatile leasing opportunity in Springfield, New Jersey.
      99 Morris Ave, Springfield, NJ 07081
      View Details
    • Contact for pricing
      21,614 SF

      Professional Office Building in Springfield

      Versatile office leasing opportunity in Springfield, New Jersey.
      99 Morris Ave, Springfield, NJ 07081
      View Details
    • Contact for pricing
      21,614 SF

      Professional Office Building in Springfield

      Versatile office spaces available in central Springfield location.
      99 Morris Ave, Springfield, NJ 07081
      View Details
    • $2,500 /Mo
      11,000 SF

      Renovated Office Suite For Rent

      Move-in ready office suite with flexible furnishing options.
      11 Dundar Rd, Springfield, NJ 07081
      View Details
    • $700 /Mo

      Renovated Office Space For Rent

      Bright, renovated office space with utilities included and convenient location.
      26 Millburn Ave, Springfield, NJ 07081
      View Details

    FAQs

    What type of property is this?
    Office units - One-room office space suitable for professionals, utilities included.
    Where is this office units located?
    The property is located at 26 Millburn Ave Springfield, NJ.
    What is the lease rate?
    The lease rate is $700 /Mo.
    What are key features of this property?
    This property features: - Prime location on Millburn Ave with easy access to Rts 24/78, 70 bus line, downtown Short Hills, Millburn and Springfield.; - All utilities included in rent.; - Renovated, bright, and fresh office space.
    (908) 522-1800
    Request Owner's contact information
    26 Millburn Ave Springfield, NJ 07081
    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.
    26 Millburn Ave
    Springfield, NJ 07081
    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
    26 Millburn Ave Springfield, NJ 07081
    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
    Deborah Williams
    Real Estate License ID: 0787475
    (908) 522-1800 (850) 471-5000
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!