Live-Work Property with Office
For Sale
$759,000
181 Center Grove Rd, Randolph, NJ 07869
Two-story layout combines residential quarters with multiple rooms suited to professional, recreational, and administrative uses.
Property Size4,772 SF
Lot Size1.41 Acres
Price / SF$159.05
Days on Market21
Property Features for 181 Center Grove Rd
General Information
Standard status
Active
Size
4,772 SF
Lot size
1.41 Acres
Building Details
Year Built
1979
Listing Agency:
WEICHERT REALTORS
(973) 328-7800
Listed By:
TRACY ROBERTS
Source:
Sheeranrealestate
Added: Aug 10
Changed: Aug 29
Last Checked: Aug 25 at 5:27AM
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 WEICHERT REALTORS
Investment Insights
Based on property information with market context.
This live-work property provides 4,772 sf on 1.41 acres, with the primary living area located on the second floor. The residence includes three bedrooms, two full bathrooms, living and family rooms, a formal dining room, kitchen, office, laundry closet, gas fireplace, and deck access. The first floor contains a recreation room, game room, multipurpose room currently arranged as an office and gym, full bathroom, three powder rooms, a potential bedroom, kitchen, and deck. A partial unfinished basement adds storage space.
The property includes a fenced yard backing to woods, a large driveway with substantial parking, and a two-car garage. The first floor was formerly used as a preschool, while professional office use such as dental, legal, or accounting practice is identified as possible subject to town regulations. Built in 1979, the property is located near schools, shopping, and transportation.
The property includes a fenced yard backing to woods, a large driveway with substantial parking, and a two-car garage. The first floor was formerly used as a preschool, while professional office use such as dental, legal, or accounting practice is identified as possible subject to town regulations. Built in 1979, the property is located near schools, shopping, and transportation.
Key Highlights
- 4,772 sf live‑work property on 1.41 acres
- Zoned RR
- Second‑floor residence includes 3 bedrooms and 2 full baths
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
$35,034
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
4.62%
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%
$700,680
$700.7K
Cap Rate 7%
$500,486
$500.5K
Cap Rate 9%
$389,267
$389.3K
Market Conditions
NOI Build-Up for 4,772 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
$64.1K $13.44/SF
− Vacancy
−$8.1K −$1.69/SF
EGI
$56.1K $11.75/SF
− OpEx
−$21.0K −$4.40/SF
NOI
$35.0K $7.34/SF
Area
Morris County, NJ
Vacancy
12.60%
Lease Rate
$13.44 /SF/Yr
Expense Ratio
37.50%
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%
$700,680
Cap Rate 7%
$500,486
Cap Rate 9%
$389,267
Alternative Uses
Best Use
Office B
$1.04M
$912.7K – $1.22M
NOI $73,012 @ 7.0% cap · market cap 9.62%
Second Best
Mixed Use
$500.5K
$437.9K – $583.9K
NOI $35,034 @ 7.0% cap · market cap 4.62%
Theoretical Best
Office A
$1.25M
$1.09M – $1.45M
NOI $87,225 @ 7.0% cap · market cap 11.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
462
Businesses Nearby
Explore this area
Business Placement
Demographics for 07869, NJ
25,993
Population
9,124
Households
2.8
Avg Household Size
41
Median Age
69%
College-Educated
96%
High-School Grad
20.1 sq mi
ZIP Area
1,293
Density / Sq Mi
$170,862
Median Household Income
$80,799
Median Earnings
$1,772
Median Rent
$636,400
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.
Frequently Asked Questions
What type of property is this?
Live-work space - Two-story layout combines residential quarters with multiple rooms suited to professional, recreational, and administrative uses.
Where is this live-work space located?
The property is located at 181 Center Grove Rd Randolph, NJ.
What is the asking price?
The asking price for this property is $759,000.
What are key features of this property?
This property features: 4,772 sf live‑work property on 1.41 acres; Zoned RR; Second‑floor residence includes 3 bedrooms and 2 full baths
