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    Second-Floor Office/Retail Suite Title is generated by Realmo AI

    28 W Park Pl, Morristown, NJ 07960

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    New
    For Lease
    $3,200 /Mo

    Second-floor suite in a three-story brick building with CBD zoning and direct frontage on the Morristown Green.

    Type:Commercial
    Lot size:
    0.05 Acres
    Added:
    Jun 3, 2026
    Days on Market:
    4
    Last Refresh:
    Jun 6 at 3:07 am

    Property Features for 28 W Park Pl

    General Information

    Standard status
    Active
    Lot size
    0.05 Acres
    Property subtype
    Commercial

    Building Details

    Year Built
    1918

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    Listing Contact
    TARA PLAZA

    Listing agent TARA PLAZA

    Listing office eXp Realty, LLC

    Listing date Jun 3, 2026

    Source Elliman

    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 eXp Realty, LLC

    HighLights

    • Second‑floor rental suite in a three‑story brick masonry building with direct frontage on the Morristown Green
    • CBD zoning supports a variety of professional or retail uses
    • Located in Morristown’s Central Business District with proximity to top dining and transit options
    • Corporate‑owned property on a 0.054‑acre lot in a non‑flood zone
    • Scores provided: WalkScore 79 (very walkable), bikeScore 43 (somewhat bikeable), transitScore 28 (some transit)

    Overview

    This second-floor rental suite is located within a distinguished three-story brick masonry building at 28 West Park Place. The space is offered for professional or retail use under CBD zoning, making it suitable for tenants looking for a storefront-adjacent office or a service-based retail layout. The property is described as a non-flood zone site on a 0.054-acre lot.

    The building is positioned directly on the historic Morristown Green, placing the suite in the Central Business District. Walkability is supported by a walk score of 79, and the property benefits from proximity to dining and transit options, with a transit score of 28.

    For tenants, the key value is the mix of CBD zoning flexibility and the high-visibility location afforded by the property’s direct relationship to the Morristown Green. This makes the suite a practical choice for organizations that want a Central Business District address and consistent foot-traffic exposure from a well-known public space.
    Location Intelligence

    Current Use by Public Records

    The Committed Pig Restaurant

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Morristown
    County
    Morris
    State
    New Jersey
    Longitude
    -74.4820397
    Latitude
    40.7966226

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    FAQs

    What type of property is this?
    Office units - Second-floor suite in a three-story brick building with CBD zoning and direct frontage on the Morristown Green.
    Where is this office units located?
    The property is located at 28 W Park Pl Morristown, NJ.
    What is the lease rate?
    The lease rate is $3,200 /Mo.
    What are key features of this property?
    This property features: Second‑floor rental suite in a three‑story brick masonry building with direct frontage on the Morristown Green; CBD zoning supports a variety of professional or retail uses; Located in Morristown’s Central Business District with proximity to top dining and transit options
    (866) 201-6210
    We can help!
    Listing Contact
    TARA PLAZA
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    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.

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    28 W Park Pl, Morristown, NJ 07960-4099
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