Medical Office Condo
For Sale
$230,000
168 Franklin Corner Road, Lawrence Township, NJ 08648
Second-floor condo suite with six offices and newly renovated shared common-area bathrooms in a medical and professional office building.
Property Size1,081 SF
Price / SF$212.77
Days on Market109
Property Features for 168 Franklin Corner Road
General Information
Standard status
Active
Size
1,081 SF
Property subtype
Office
Additional Details
Office Units
6
Taxes and HOA fees
Annual Taxes
$4,706
Amenities
newly renovated shared common-area bathrooms
Central Air
3
O
Parking.
Lot.
0.00 x 0.00
Building Details
Year Built
1980
Tenancy
Multi
Listing Agency:
Princeton Realty Management Group, LLC
(732) 236-7412
Listed By:
Allison McBride
(732) 236-7412
Source:
Xome
Added: May 7
Changed: Aug 23
Last Checked: Aug 23 at 5:01AM
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 Princeton Realty Management Group, LLC
Investment Insights
Based on property information with market context.
This office condo suite is located in the rear second building on the second floor and includes six offices. Shared common-area bathrooms have been newly renovated. The space is part of a building primarily occupied by medical and professional offices.
The unit is on the second floor and there is no elevator in the building.
The configuration supports multiple separate office uses within the suite, while access to the renovated shared bathrooms serves the common areas for occupants.
The unit is on the second floor and there is no elevator in the building.
The configuration supports multiple separate office uses within the suite, while access to the renovated shared bathrooms serves the common areas for occupants.
Key Highlights
- Second‑floor condo suite in a medical and professional office building
- Suite layout includes six offices
- Newly renovated shared common‑area bathrooms
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
$15,011
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
6.53%
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%
$300,220
$300.2K
Cap Rate 7%
$214,443
$214.4K
Cap Rate 9%
$166,789
$166.8K
Market Conditions
NOI Build-Up for 1,081 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
$31.9K $29.52/SF
− Vacancy
−$6.9K −$6.38/SF
EGI
$25.0K $23.14/SF
− OpEx
−$10.0K −$9.26/SF
NOI
$15.0K $13.89/SF
Area
Mercer County, NJ
Vacancy
21.60%
Lease Rate
$29.52 /SF/Yr
Expense Ratio
40.00%
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%
$300,220
Cap Rate 7%
$214,443
Cap Rate 9%
$166,789
Alternative Uses
Best Use
Healthcare Medical
$214.4K
$187.6K – $250.2K
NOI $15,011 @ 7.0% cap · market cap 6.53%
Second Best
Office B
$138.5K
$121.2K – $161.6K
NOI $9,698 @ 7.0% cap · market cap 4.22%
Theoretical Best
Warehouse
$347.8K
$304.3K – $405.8K
NOI $24,346 @ 7.0% cap · market cap 10.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
998
Businesses Nearby
Explore this area
Business Placement
Demographics for 08648, NJ
31,955
Population
12,217
Households
2.6
Avg Household Size
40
Median Age
60%
College-Educated
92%
High-School Grad
16.7 sq mi
ZIP Area
1,913
Density / Sq Mi
$118,036
Median Household Income
$54,833
Median Earnings
$1,953
Median Rent
$395,400
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 units - Second-floor condo suite with six offices and newly renovated shared common-area bathrooms in a medical and professional office building.
Where is this office units located?
The property is located at 168 Franklin Corner Road Lawrence Township, NJ.
What is the asking price?
The asking price for this property is $230,000.
What are key features of this property?
This property features: Second‑floor condo suite in a medical and professional office building; Suite layout includes six offices; Newly renovated shared common‑area bathrooms
