Turnkey Professional Office
For Sale
$990,000
140 W Main St, High Bridge, NJ 08829
Fully renovated office building with income-producing potential.
Property Size5,488 SF
Lot Size4.14 Acres
Price / SF$180.39
Days on Market215
Property Features for 140 W Main St
General Information
Standard status
Active
Size
5,488 SF
Lot size
4.14 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$7,136
Amenities
Central air
Asphalt Shingle Roof
Blacktop Driveway
Central Air Cooling
Flat Roof
Forced Hot Air Heating
Parking Lot-Exclusive
Building Details
Year Built
9999
Listing Agency:
ADDISON REAL ESTATE
(862) 251-4915
Listed By:
KELLENE ADDISON
Source:
Corcoran
Added: Feb 2
Changed: Sep 4
Last Checked: Sep 5 at 8:08AM
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 ADDISON REAL ESTATE
Investment Insights
Based on property information with market context.
This 4.14-acre property presents an investment opportunity with a five-year lease currently under negotiation. The projected cap rate is 8% based on the proposed lease terms. The property features a fully built-out, modern office building with ample parking. The renovated 5,488-square-foot two-story professional office building includes an additional detached building. The property offers private offices, high-capacity bullpen space, dual entrances, and a separate on-site building. It is suitable for growing companies, medical or professional users, creative firms, and multi-department operations. The main building has two fully functional floors, each with its own entrance and reception area, allowing for single-user headquarters or easy internal or multi-tenant separation. The first floor features four private offices, two large open bullpens accommodating over 16 workstations, a conference room, reception area, kitchen, three bathrooms, two printer rooms, and a large storage room. The second floor includes a reception area, six private offices, an open bullpen for four workstations, two bathrooms, and a rear balcony. The detached building measures 27 feet by 27 feet and includes a large upper-level open space. There is no plumbing in the detached building. Exterior features include an outdoor patio and BBQ area. There are 30 parking spaces at the main building and three additional spaces at the detached building.
Key Highlights
- Investment opportunity with a projected 8% cap rate based on a five‑year lease currently under negotiation.
- Fully renovated 5,488 SF two‑story professional office building** plus a detached building.
- Turnkey property with flexible layout suitable for single‑tenant or multi‑tenant use.
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
$83,966
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
8.48%
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%
$1,679,320
$1.7M
Cap Rate 7%
$1,199,514
$1.2M
Cap Rate 9%
$932,956
$933.0K
Market Conditions
NOI Build-Up for 5,488 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
$164.6K $30.00/SF
− Vacancy
−$52.7K −$9.60/SF
EGI
$112.0K $20.40/SF
− OpEx
−$28.0K −$5.10/SF
NOI
$84.0K $15.30/SF
Area
Hunterdon 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%
$1,679,320
Cap Rate 7%
$1,199,514
Cap Rate 9%
$932,956
Alternative Uses
Best Use
Office B
$1.20M
$1.05M – $1.40M
NOI $83,966 @ 7.0% cap · market cap 8.48%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.43M
$1.25M – $1.67M
NOI $100,312 @ 7.0% cap · market cap 10.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
38
Businesses Nearby
Explore this area
Business Placement
Demographics for 08829, NJ
3,566
Population
1,485
Households
2.4
Avg Household Size
41
Median Age
49%
College-Educated
97%
High-School Grad
2.4 sq mi
ZIP Area
1,486
Density / Sq Mi
$116,424
Median Household Income
$60,983
Median Earnings
$1,747
Median Rent
$298,600
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?
Office building - Fully renovated office building with income-producing potential.
Where is this office building located?
The property is located at 140 W Main St High Bridge, NJ.
What is the asking price?
The asking price for this property is $990,000.
What are key features of this property?
This property features: Investment opportunity with a projected 8% cap rate based on a five‑year lease currently under negotiation.; Fully renovated 5,488 SF two‑story professional office building** plus a detached building.; Turnkey property with flexible layout suitable for single‑tenant or multi‑tenant use.
