Turnkey Medical Office and
For Sale
$4,500,000
126 State St, Hackensack, NJ 07601
Fully renovated medical office with a built-out lab component for immediate healthcare and specialty office use.
Property Size12,000 SF
Lot Size0.34 Acres
Price / SF$375
Days on Market51
Property Features for 126 State St
General Information
Standard status
Active
Size
12,000 SF
Lot size
0.34 Acres
Property subtype
Office Medical
Additional Details
Business Included
Yes
Building Details
Year Built
1988
Stories
2
Listing Agency:
Marcus & Millichap - New Jersey
(201) 742-6179
Listed By:
Stephen Crocitto · License #License(s): NJ: 2294113
(201) 742-6179
Source:
Marcusmillichap
Added: Jun 28
Changed: Jul 10
Last Checked: Aug 16 at 3:03AM
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 Marcus & Millichap - New Jersey
Investment Insights
Based on property information with market context.
126 State Street is a fully renovated medical office and laboratory property with a modern, turnkey interior and a fully built-out lab component designed for immediate usability. The building was originally constructed in the mid-1980s and has undergone recent renovations, including roof and utility upgrades completed in 2017. The result is an operational-ready environment intended to reduce the time and capital typically required for tenant buildout.
Located in downtown Hackensack in Bergen County’s primary commercial and healthcare hub, the property is close to Hackensack University Medical Center and within reach of Main Street and the Bergen County Justice Center. The setting supports professional and civic activity, and the property also benefits from convenient regional connectivity with proximity to NJ Transit rail service and major thoroughfares.
The asset is a two-story brick office building totaling approximately 11,800–12,000 square feet on about 0.34 acres, with an ADA-compliant elevator. On-site and nearby parking provide practical day-to-day access for staff and patients, and the functional layout supports a range of healthcare and professional uses. Available for sale, the property may be suitable for an owner-user strategy, sale-leaseback execution, or other operating models consistent with a healthcare-oriented facility in a central market location.
Located in downtown Hackensack in Bergen County’s primary commercial and healthcare hub, the property is close to Hackensack University Medical Center and within reach of Main Street and the Bergen County Justice Center. The setting supports professional and civic activity, and the property also benefits from convenient regional connectivity with proximity to NJ Transit rail service and major thoroughfares.
The asset is a two-story brick office building totaling approximately 11,800–12,000 square feet on about 0.34 acres, with an ADA-compliant elevator. On-site and nearby parking provide practical day-to-day access for staff and patients, and the functional layout supports a range of healthcare and professional uses. Available for sale, the property may be suitable for an owner-user strategy, sale-leaseback execution, or other operating models consistent with a healthcare-oriented facility in a central market location.
Key Highlights
- Fully renovated two‑story medical office and laboratory building with a built‑out lab component
- Approx. 11,800–12,000 SF on 0.34 acres in downtown Hackensack
- 2017 capital improvements include roof and utility upgrades
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
$183,600
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
4.08%
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%
$3,672,000
$3.7M
Cap Rate 7%
$2,622,857
$2.6M
Cap Rate 9%
$2,040,000
$2.0M
Market Conditions
NOI Build-Up for 12,000 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
$360.0K $30.00/SF
− Vacancy
−$115.2K −$9.60/SF
EGI
$244.8K $20.40/SF
− OpEx
−$61.2K −$5.10/SF
NOI
$183.6K $15.30/SF
Area
Bergen 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%
$3,672,000
Cap Rate 7%
$2,622,857
Cap Rate 9%
$2,040,000
Alternative Uses
Best Use
Office B
$2.62M
$2.30M – $3.06M
NOI $183,600 @ 7.0% cap · market cap 4.08%
Second Best
Healthcare Medical
$2.55M
$2.23M – $2.98M
NOI $178,675 @ 7.0% cap · market cap 3.97%
Theoretical Best
Office A
$3.13M
$2.74M – $3.66M
NOI $219,341 @ 7.0% cap · market cap 4.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
3,162
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 07601, NJ
46,030
Population
21,405
Households
2.2
Avg Household Size
40
Median Age
42%
College-Educated
87%
High-School Grad
4.2 sq mi
ZIP Area
10,960
Density / Sq Mi
$82,212
Median Household Income
$50,265
Median Earnings
$1,794
Median Rent
$370,300
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 - Fully renovated medical office with a built-out lab component for immediate healthcare and specialty office use.
Where is this medical office space located?
The property is located at 126 State St Hackensack, NJ.
What is the asking price?
The asking price for this property is $4,500,000.
What are key features of this property?
This property features: Fully renovated two‑story medical office and laboratory building with a built‑out lab component; Approx. 11,800–12,000 SF on 0.34 acres in downtown Hackensack; 2017 capital improvements include roof and utility upgrades
