Building Details

Building Size 14,376 SF

Year Built 1979

Buildings 1

Stories 1

Units 14

Tenancy Multi

Listing Agency: K T Realty

Listed By: Ketan Thakker Show Phone

Source: Culturaunitedrealty

Added: Feb 14, 2025 Changed: Oct 23 Last Checked: Oct 23 at 5:21PM

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Investment Insights

Based on property information with market context.

The 14,376-square-foot office building contains nine offices, each served by its own HVAC system and separate electric meter. Water is supplied through a common meter. The property includes 349-A and 349-B, and half of the building has a basement. Built in 1979, it is zoned COMMERCIAL.

The building is surrounded by RWJ Medicor Cardiology, Lowe’s, HomeGoods, WEIS and Kohl’s. It has 62 parking spots.

Key Highlights

• 14,376‑square‑foot office building with nine offices
• Individual HVAC systems and separate electric meters for each office; water is on a common meter
• Basement beneath half of the building

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$219,953

Cap Rate

6.67%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$4,399,060 $4.4M

Cap Rate 7%

$3,142,186 $3.1M

Cap Rate 9%

$2,443,922 $2.4M

Is this asking price fair?

Market Conditions

NOI Build-Up for 14,376 SF

Gross rent

$431.3K $30.00/SF

− Vacancy

−$138.0K −$9.60/SF

EGI

$293.3K $20.40/SF

− OpEx

−$73.3K −$5.10/SF

NOI

$220.0K $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 Rate 5%

$4,399,060

Cap Rate 7%

$3,142,186

Cap Rate 9%

$2,443,922

Alternative Uses

Best Use

Office B

$3.14M

$2.75M – $3.67M (±1% cap)

NOI $219,953 @ 7.0% cap · market cap 6.67%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$3.75M

$3.28M – $4.38M (±1% cap)

NOI $262,770 @ 7.0% cap · market cap 7.96%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Office buildings

Lease Details

9

Office units

Multi-tenant

Tenancy

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

280

Businesses Nearby

Explore this area Business Placement

Demographics for 08844, NJ

43,333

Population

16,168

Households

2.7

Avg Household Size

42

Median Age

62%

College-Educated

96%

High-School Grad

55.2 sq mi

ZIP Area

785

Density / Sq Mi

$153,785

Median Household Income

$74,977

Median Earnings

$2,171

Median Rent

$537,300

Median Home Value

Market

Vacancy Rate% for Office in Northeast region

13.1% 2019

15.4% 2020

17.6% 2021

19.1% 2022

20.2% 2023

20.9% 2024

19.9% 2025

Frequently Asked Questions

What type of property is this?

Office building - Nine offices have individual HVAC systems and electric meters, with water service on a common meter.

Where is this office building located?

The property is located at 349 Us Highway 206 #A & B Millstone, NJ.

What is the asking price?

The asking price for this property is $3,300,000.

What are key features of this property?

This property features: 14,376‑square‑foot office building with nine offices; Individual HVAC systems and separate electric meters for each office; water is on a common meter; Basement beneath half of the building