Four-Unit Medical Office
For Sale
$1,399,000
515 CHURCH ST, Bound Brook, NJ 08805
Corner four-unit medical office building with abundant parking and 100% occupancy.
Property Size7,226 SF
Price / SF$193.61
Days on Market992
Property Features for 515 CHURCH ST
General Information
Standard status
Active
Size
7,226 SF
Property subtype
General Commercial
Occupancy
100%
Additional Details
Cap Rate
6%
Highway Access
Yes
Office Units
4
Taxes and HOA fees
Annual Taxes
$20,167
Amenities
3
Flat
PROF OFFICE
Parking. Corner Lot.
Lot.
130X200, 130X200
Storage Area, Freestanding. Corner, Office Park.
Building Details
Year Built
1968
Tenancy
Multi
Listing Agency:
BHHS FOX & ROACH
(732) 469-1515
Listed By:
TIM DELUCCIA · License #8243435
(908) 938-6405
Source:
Xome
Added: Dec 21, 2023
Changed: Sep 1
Last Checked: Sep 8 at 3:47AM
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 BHHS FOX & ROACH
Investment Insights
Based on property information with market context.
This four-unit professional medical office building offers a corner configuration and abundant parking. The property is currently 100% leased, making it well suited for an investor seeking steady income or an owner-user looking for medical and/or general office space.
The building is located at 515 Church St, Unit 515 in Bound Brook, NJ 08805. Public remarks note convenient access to RT 28, 22, I-287, and RWJ University Hospital Somerset.
For sale with an indicated NOI of $89,626.48 and a stated 6% cap rate, the property provides an income-focused option centered on a multi-tenant medical office setup.
The building is located at 515 Church St, Unit 515 in Bound Brook, NJ 08805. Public remarks note convenient access to RT 28, 22, I-287, and RWJ University Hospital Somerset.
For sale with an indicated NOI of $89,626.48 and a stated 6% cap rate, the property provides an income-focused option centered on a multi-tenant medical office setup.
Key Highlights
- 4‑unit professional medical building in an office park with corner lot positioning
- 100% leased occupancy, priced with NOI of $89,626.48 and a stated 6% cap rate
- Abundant parking and parking on‑site; lot sizes include 130' x 200' (130X200, 130X200)
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
$110,558
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
7.90%
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%
$2,211,160
$2.2M
Cap Rate 7%
$1,579,400
$1.6M
Cap Rate 9%
$1,228,422
$1.2M
Market Conditions
NOI Build-Up for 7,226 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
$216.8K $30.00/SF
− Vacancy
−$69.4K −$9.60/SF
EGI
$147.4K $20.40/SF
− OpEx
−$36.9K −$5.10/SF
NOI
$110.6K $15.30/SF
Area
Somerset 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%
$2,211,160
Cap Rate 7%
$1,579,400
Cap Rate 9%
$1,228,422
Alternative Uses
Best Use
Office B
$1.58M
$1.38M – $1.84M
NOI $110,558 @ 7.0% cap · market cap 7.90%
Second Best
Healthcare Medical
$1.54M
$1.34M – $1.79M
NOI $107,592 @ 7.0% cap · market cap 7.69%
Theoretical Best
Office A
$1.89M
$1.65M – $2.20M
NOI $132,080 @ 7.0% cap · market cap 9.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Office units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
882
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 08805, NJ
13,948
Population
5,524
Households
2.5
Avg Household Size
37
Median Age
33%
College-Educated
86%
High-School Grad
2.9 sq mi
ZIP Area
4,810
Density / Sq Mi
$84,201
Median Household Income
$41,874
Median Earnings
$1,859
Median Rent
$393,900
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Corner four-unit medical office building with abundant parking and 100% occupancy.
Where is this medical office space located?
The property is located at 515 CHURCH ST Bound Brook, NJ.
What is the asking price?
The asking price for this property is $1,399,000.
What are key features of this property?
This property features: 4‑unit professional medical building in an office park with corner lot positioning; 100% leased occupancy, priced with NOI of $89,626.48 and a stated 6% cap rate; Abundant parking and parking on‑site; lot sizes include 130' x 200' (130X200, 130X200)
