Office Condo with Solar
For Sale
$1,100,000
200 Mineral Springs Dr #205, Dover, NJ 07801
Office condominium with a kitchenette, multiple lavatories, and owner-held solar panels.
Property Size4,766 SF
Days on Market76
Property Features for 200 Mineral Springs Dr #205
General Information
Standard status
Active
Size
4,766 SF
Property subtype
Commercial
Zoning
0-1
Additional Details
Highway Access
Yes
Amenities
multi-unit heating and cooling
multiple lavatories
kitchenette
owned solar panels
Building Details
Building Size
4,766 SF
Year Built
1989
Stories
1
Units
1
Listing Agency:
Coldwell Banker Realty
(973) 726-6606
Listed By:
Christopher Ohab · License #301258
(973) 726-6606
Source:
Betterhomerealestate
Added: Jun 17
Changed: Aug 30
Last Checked: Aug 30 at 7:46PM
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 condominium at 200 Mineral Springs Dr #205 provides a practical workplace configuration with multiple heating and cooling units, several lavatories, and a kitchenette. Owned solar panels are part of the property, while the interior is described as well-maintained and ready for occupancy. The building was constructed in 1989 and carries O-1 zoning.
The property is in Rockaway Twp., New Jersey, with access to Route 80 within minutes. Parking is available at the building. The HOA handles exterior maintenance and snow removal, reducing the owner’s responsibility for those common property services.
The property is in Rockaway Twp., New Jersey, with access to Route 80 within minutes. Parking is available at the building. The HOA handles exterior maintenance and snow removal, reducing the owner’s responsibility for those common property services.
Key Highlights
- Office condominium at 200 Mineral Springs Dr #205, Rockaway Twp., NJ 07801
- Owned solar panels included with the property
- Multi‑unit heating and cooling system
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
Lease Details
Yes
Highway access
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 - Office condominium with a kitchenette, multiple lavatories, and owner-held solar panels.
Where is this office units located?
The property is located at 200 Mineral Springs Dr #205 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 condominium at 200 Mineral Springs Dr #205, Rockaway Twp., NJ 07801; Owned solar panels included with the property; Multi‑unit heating and cooling system
