Mixed-Use Medical Office
For Sale
$1,790,000
Pending
198 North Avenue E, Cranford, NJ 07016
Commercial Sale, Cranford, NJ
Property Size5,352 SF
Lot Size0.56 Acres
Days on Market288
Property Features for 198 North Avenue E
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Office, Residential, Professional, Multi-Use, Mixed, Commercial
Rooms
Basement
Parking
25
Parking features
Parking Lot, Open
Fireplace
1
Basement
Finished, Walk-Out Access, Full
Lot features
Land Locked, Level, Subdividable, Wooded, Curbing, Multilot Sub, Possible Subdivision
Directions
GPS Downtown Cranford
Standard status
Pending
APN
03-00314-0000-00006
Size
5,352 SF
Lot size
0.56 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
28800
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Water source
Public
Building Details
Year built
1965
Floors in Building
2
Flooring type
Vinyl
Building materials
Brick
Listing Agency:
Crossroads Realty, Inc.
(732) 244-4900
Listed By:
Karyn C Wejnert · License #0897112
(732) 588-6444
Added: Nov 29, 2025
Changed: Sep 12
Last Checked: Sep 13 at 6:06PM
MLS# 22535589
Copyright © 2026 More MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This brick mixed-use property contains 5,352 square feet on a 0.56-acre parcel and was built in 1965. The layout includes three distinct units with reception areas and multiple exam rooms. One suite has four exam rooms and a bathroom; another includes six exam rooms, two bathrooms, and a full shower room for handicapped access; the third provides seven exam rooms, a bathroom, reception space, and a kitchen. Vinyl flooring and forced-air heating serve the building.
Open lot parking accommodates more than 25 cars, while the site also includes a large treed area. Public water and public sewer are available. A basement is included, and the building features brick construction and a fireplace.
Open lot parking accommodates more than 25 cars, while the site also includes a large treed area. Public water and public sewer are available. A basement is included, and the building features brick construction and a fireplace.
Key Highlights
- 5,352‑square‑foot mixed‑use property on a 0.56‑acre parcel
- Three units with a combined 17 exam rooms
- Full handicapped shower room included in one suite
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
$81,886
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
4.57%
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%
$1,637,720
$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
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
$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 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%
$1,637,720
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.
Property Analytics
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Open Analytics
Current Use
Lease Details
3
Office units
Location Intelligence
Trade Area within ½ mile
1,740
Businesses Nearby
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Three configured suites provide reception areas, exam rooms, restrooms, and accessible shower facilities.
Where is this mixed-use property 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: 5,352‑square‑foot mixed‑use property on a 0.56‑acre parcel; Three units with a combined 17 exam rooms; Full handicapped shower room included in one suite
