Office Condo with Solar
For Sale
$1,100,000
200 Mineral Springs Dr, Dover, NJ 07801
Well-maintained office condo with multi-unit HVAC, multiple lavatories, kitchenette, and owned solar panels.
Property Size4,766 SF
Days on Market54
Property Features for 200 Mineral Springs Dr
General Information
Standard status
Active
Size
4,766 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$19,573
Building Details
Building Size
4,766 SF
Year Built
1989
Stories
1
Units
1
Listing Agency:
COLDWELL BANKER REALTY
(973) 729-6111
Listed By:
CHRISTOPHER OHAB · License #301258
Source:
Elliman
Added: Jun 20
Changed: Aug 8
Last Checked: Aug 8 at 8:02AM
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 COLDWELL BANKER REALTY
Investment Insights
Based on property information with market context.
This office condo is part of a multi-unit office building and is presented in well-maintained condition. The space includes multi-unit heating and cooling for year-round comfort, multiple lavatories for convenience, and a kitchenette to support day-to-day operations. Owned solar panels are included, and the property is supported by building-level amenities and upkeep managed through the HOA.
The building is located at 200 Mineral Springs Dr in Rockaway Twp., NJ, just minutes from Route 80. Ample parking is available for straightforward access, and the HOA is responsible for exterior maintenance and snow removal, among other responsibilities.
For businesses seeking a manageable, condo-style ownership setup, the configuration supports a professional office use with practical everyday features. The combination of multi-unit HVAC, multiple restrooms, and an on-site kitchenette can help accommodate daily staff needs, while HOA-managed exterior tasks reduce the administrative burden of maintaining the building. For those evaluating alternatives, the offering is also available for rent.
The building is located at 200 Mineral Springs Dr in Rockaway Twp., NJ, just minutes from Route 80. Ample parking is available for straightforward access, and the HOA is responsible for exterior maintenance and snow removal, among other responsibilities.
For businesses seeking a manageable, condo-style ownership setup, the configuration supports a professional office use with practical everyday features. The combination of multi-unit HVAC, multiple restrooms, and an on-site kitchenette can help accommodate daily staff needs, while HOA-managed exterior tasks reduce the administrative burden of maintaining the building. For those evaluating alternatives, the offering is also available for rent.
Key Highlights
- Office condo built in 1989 in a highly desirable area just minutes from Route 80
- Multi‑unit heating and cooling system for year‑round comfort
- Includes multiple lavatories and a kitchenette
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
$72,920
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
6.63%
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%
$1,458,400
$1.5M
Cap Rate 7%
$1,041,714
$1.0M
Cap Rate 9%
$810,222
$810.2K
Market Conditions
NOI Build-Up for 4,766 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
$143.0K $30.00/SF
− Vacancy
−$45.8K −$9.60/SF
EGI
$97.2K $20.40/SF
− OpEx
−$24.3K −$5.10/SF
NOI
$72.9K $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%
$1,458,400
Cap Rate 7%
$1,041,714
Cap Rate 9%
$810,222
Alternative Uses
Best Use
Office B
$1.04M
$911.5K – $1.22M
NOI $72,920 @ 7.0% cap · market cap 6.63%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.24M
$1.09M – $1.45M
NOI $87,115 @ 7.0% cap · market cap 7.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
35
Businesses Nearby
Explore this area
Business Placement
Demographics for 07801, NJ
25,935
Population
9,442
Households
2.7
Avg Household Size
38
Median Age
22%
College-Educated
81%
High-School Grad
13.0 sq mi
ZIP Area
1,995
Density / Sq Mi
$78,053
Median Household Income
$37,316
Median Earnings
$1,747
Median Rent
$369,400
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Well-maintained office condo with multi-unit HVAC, multiple lavatories, kitchenette, and owned solar panels.
Where is this office units located?
The property is located at 200 Mineral Springs Dr Dover, NJ.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Office condo built in 1989 in a highly desirable area just minutes from Route 80; Multi‑unit heating and cooling system for year‑round comfort; Includes multiple lavatories and a kitchenette
