Medical Office Space For
198 North Avenue E, Cranford, NJ 07016
For Sale
$1,790,000
Pending
Three-unit medical office building with ample parking and potential.
Property Size5,352 SF
Lot Size0.56 Acres
Days on Market347
Property Features for 198 North Avenue E
General Information
Standard status
Size
Lot size
Property subtype
Taxes and HOA fees
Annual Taxes
Amenities
Open
Curbing
Forced Air Heating
Land Locked
Level
Multi-Lot Subdivision
On Site
Paver Block
Possible Subdivision
Subdividable
Vinyl Flooring
Wooded
Building Details
Year Built
Listing Agency:
CROSSROADS REALTY, INC.
(732) 244-4900
Listed By:
KARYN C WEJNERT · License NJ #0897112
(201) 376-7185
Source:
Corcoran
Added: Nov 29, 2025
Changed: Aug 8
Last Checked: Apr 5 at 11:37PM
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 CROSSROADS REALTY, INC.
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Investment Insights
Based on property information with market context.
This property features three units suitable for medical office use. The first floor upper unit includes a reception/desk area and four exam rooms, along with a bathroom. The first floor rear unit offers a reception/desk area, six exam rooms, two bathrooms, and a full shower room designed for handicapped accessibility. The rear side unit comprises a reception room/desk, seven exam rooms, a bathroom, and a kitchen. The interior has been renovated. The property includes ample parking and a large open lot. The building contains 5352 square feet.
Key Highlights
- Three separate units offer versatile usage possibilities.
- Redone interior provides a modern and updated space.
- Ample parking available for tenants and visitors.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$81,886
Cap Rate
4.57%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,637,720
$1.6M
Cap Rate 7%
$1,169,800
$1.2M
Cap Rate 9%
$909,844
$909.8K
Market Conditions
NOI Build-Up for 5,352 SF
Gross rent
$160.6K $30.00/SF
− Vacancy
−$51.4K −$9.60/SF
EGI
$109.2K $20.40/SF
− OpEx
−$27.3K −$5.10/SF
NOI
$81.9K $15.30/SF
Area
Union 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%
$1,637,720
Cap Rate 7%
$1,169,800
Cap Rate 9%
$909,844
Alternative Uses
Best Use
Office B
$1.17M
$1.02M – $1.36M
NOI $81,886 @ 7.0% cap · market cap 4.57%
Second Best
Healthcare Medical
$1.14M
$996.1K – $1.33M
NOI $79,689 @ 7.0% cap · market cap 4.45%
Theoretical Best
Office A
$1.40M
$1.22M – $1.63M
NOI $97,826 @ 7.0% cap · market cap 5.47%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,740
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 07016, NJ
23,827
Population
9,619
Households
2.5
Avg Household Size
42
Median Age
65%
College-Educated
97%
High-School Grad
4.7 sq mi
ZIP Area
5,070
Density / Sq Mi
$148,629
Median Household Income
$84,980
Median Earnings
$2,116
Median Rent
$635,800
Median Home Value
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Market
Average Price Trend$/SF for Medical Office Space in Union County, NJ
Properties on Market for Medical Office Space in Union County
Vacancy Rate% for Office in Northeast region
Similar Off Market Nearby
- Cranford Animal Hospital — 245 N Ave W, Cranford, NJ 07016
- Saul Zucker — 1 Springfield Ave, Cranford, NJ 070162116
Frequently Asked Questions
What type of property is this?
Medical Office Space - Three-unit medical office building with ample parking and potential.
Where is this medical office space located?
The property is located at 198 North Avenue E Cranford, NJ.
What is the asking price?
The asking price for this property is $1,790,000.
What are key features of this property?
This property features: Three separate units offer versatile usage possibilities.; Redone interior provides a modern and updated space.; Ample parking available for tenants and visitors.
