Industrial Building with Office
For Sale
Contact for pricing
20 E Willow St, Millburn, NJ
7,600 SF industrial building with office and warehouse space.
Property Size7,600 SF
Lot Size0.42 Acres
Price / SF$276.32
Days on Market850
Property Features for 20 E Willow St
General Information
Standard status
Active
Size
7,600 SF
Lot size
0.42 Acres
Property subtype
INDUSTRIAL
Listing Agency:
The Blau & Berg Company
(973) 379-6644
Listed By:
John R. Longo
(908) 803-1876
Source:
Moodyscre
Added: May 16, 2024
Changed: Jul 6
Last Checked: Sep 12 at 8:46AM
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 The Blau & Berg Company
Investment Insights
Based on property information with market context.
The property is a 7,600 square foot industrial building, featuring approximately 2,500 square feet of office space and 5,100 square feet of warehouse space. It includes 14-foot ceilings and one drive-in door. The lot size is approximately 0.43 acres, identified as Block 1004, Lot 7. There are 15 parking spaces available. The property's taxes were $15,534.55 in 2023. The cap rate is 4.28% with a net operating income of $90,000.
Key Highlights
- NOI $90,000
- ±7,600 SF Industrial Building
- Featuring ±2,500 SF Office and ±5,100 SF Warehouse
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
$105,750
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
5.04%
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%
$2,115,000
$2.1M
Cap Rate 7%
$1,510,714
$1.5M
Cap Rate 9%
$1,175,000
$1.2M
Market Conditions
NOI Build-Up for 7,600 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
$134.1K $17.64/SF
− Vacancy
−$9.7K −$1.27/SF
EGI
$124.4K $16.37/SF
− OpEx
−$18.7K −$2.46/SF
NOI
$105.7K $13.91/SF
Area
Essex County, NJ
Vacancy
7.20%
Lease Rate
$17.64 /SF/Yr
Expense Ratio
15.00%
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%
$2,115,000
Cap Rate 7%
$1,510,714
Cap Rate 9%
$1,175,000
Alternative Uses
Best Use
Warehouse
$1.51M
$1.32M – $1.76M
NOI $105,750 @ 7.0% cap · market cap 5.04%
Second Best
Industrial
$1.24M
$1.09M – $1.45M
NOI $87,088 @ 7.0% cap · market cap 4.15%
Theoretical Best
Office A
$1.98M
$1.74M – $2.32M
NOI $138,916 @ 7.0% cap · market cap 6.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,979
Businesses Nearby
Under-served
Demand for This Use
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Business Placement
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Northeast region
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Frequently Asked Questions
What type of property is this?
Warehouse - 7,600 SF industrial building with office and warehouse space.
Where is this warehouse located?
The property is located at 20 E Willow St Millburn, NJ.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: NOI $90,000; ±7,600 SF Industrial Building; Featuring ±2,500 SF Office and ±5,100 SF Warehouse
