Corner Office Condo For
For Sale
$349,900
Pending
2 North Rd, Chester, NJ 07930
High-visibility office condo with flexible layout and ample parking.
Property Size1,829 SF
Lot Size0.24 Acres
Days on Market166
Property Features for 2 North Rd
General Information
Standard status
Pending
Size
1,829 SF
Lot size
0.24 Acres
Property subtype
Commercial
Building Details
Building Size
1,829 SF
Year Built
1984
Stories
2
Units
1
Listing Agency:
Keller Williams Metropolitan
(201) 838-6367
Listed By:
IAN A. WOLF
Source:
Elliman
Added: Mar 10
Changed: Aug 8
Last Checked: Aug 22 at 9:06AM
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 Keller Williams Metropolitan
Investment Insights
Based on property information with market context.
This is an opportunity to own an office condo situated in a corner location. The property features over 1800 square feet of space, including a conference area, kitchenette, five private offices, a reception area, and a private bathroom. The layout spans two floors. The property is zoned Office Professional and is currently used as the offices of a non-profit organization. Parking is available with 37 shared spots and two handicap spots. The property is located at the intersection of 24 and North Rd.
Key Highlights
- High‑visibility corner location at the intersection of 24 and North Rd.
- Large 1800+ sq ft office condo space.
- Includes 5 private offices, conference area, kitchenette, reception area, and private bathroom.
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
$27,540
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
7.87%
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%
$550,800
$550.8K
Cap Rate 7%
$393,429
$393.4K
Cap Rate 9%
$306,000
$306.0K
Market Conditions
NOI Build-Up for 1,800 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
$54.0K $30.00/SF
− Vacancy
−$17.3K −$9.60/SF
EGI
$36.7K $20.40/SF
− OpEx
−$9.2K −$5.10/SF
NOI
$27.5K $15.30/SF
Area
Morris 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%
$550,800
Cap Rate 7%
$393,429
Cap Rate 9%
$306,000
Alternative Uses
Best Use
Office B
$393.4K
$344.3K – $459.0K
NOI $27,540 @ 7.0% cap · market cap 7.87%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$470.0K
$411.3K – $548.4K
NOI $32,901 @ 7.0% cap · market cap 9.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
374
Businesses Nearby
Explore this area
Business Placement
Demographics for 07930, NJ
8,514
Population
2,849
Households
3
Avg Household Size
45
Median Age
69%
College-Educated
99%
High-School Grad
25.4 sq mi
ZIP Area
335
Density / Sq Mi
$237,609
Median Household Income
$95,167
Median Earnings
$1,404
Median Rent
$758,400
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?
Office units - High-visibility office condo with flexible layout and ample parking.
Where is this office units located?
The property is located at 2 North Rd Chester, NJ.
What is the asking price?
The asking price for this property is $349,900.
What are key features of this property?
This property features: High‑visibility corner location at the intersection of 24 and North Rd.; Large 1800+ sq ft office condo space.; Includes 5 private offices, conference area, kitchenette, reception area, and private bathroom.
