Listing Agency: Alpine MC Realty LLC Show Phone

Listed By: Yihwan Jang Show Phone

Source: Exprealty

Added: Oct 30, 2025 Changed: Aug 21 Last Checked: Aug 21 at 9:24AM

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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 Alpine MC Realty LLC

Investment Insights

Based on property information with market context.

This free-standing commercial building is located in the center of New Milford and offers 3,500 square feet of professional space on the first floor. The layout includes a reception area, a common workspace, five private offices, and two handicap-accessible restrooms. This versatile space is suitable for various uses, including an animal hospital, small church, academy, or restaurant. On-site parking is available in front of the building, with additional street parking nearby. The property is conveniently located with easy access to major highways, close to schools and the main shopping mall, and directly across from the Post Office. An optional one-bedroom apartment on the second floor, fully renovated in 2024, can be included in the lease.

Key Highlights

• 3,500 sq. ft. of professional space on the first floor.
• Convenient location in the center of New Milford with easy access to major highways.
• Versatile space suitable for various uses (animal hospital, church, academy, restaurant).

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

$53,550

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

4.28%

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%

$1,071,000 $1.1M

Cap Rate 7%

$765,000 $765.0K

Cap Rate 9%

$595,000 $595.0K

Market Conditions

NOI Build-Up for 3,500 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

$105.0K $30.00/SF

− Vacancy

−$33.6K −$9.60/SF

EGI

$71.4K $20.40/SF

− OpEx

−$17.9K −$5.10/SF

NOI

$53.6K $15.30/SF

Area

Bergen 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%

$1,071,000

Cap Rate 7%

$765,000

Cap Rate 9%

$595,000

Alternative Uses

Best Use

Office B

$765.0K

$669.4K – $892.5K (±1% cap)

NOI $53,550 @ 7.0% cap · market cap 4.28%

Second Best

Retail

$713.7K

$624.5K – $832.6K (±1% cap)

NOI $49,956 @ 7.0% cap · market cap 4.00%

Theoretical Best

Office A

$913.9K

$799.7K – $1.07M (±1% cap)

NOI $63,974 @ 7.0% cap · market cap 5.12%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Office Units

Suggested Use

Top Pick Real Estate Agency Spa & Massage Center Hair Salon Auto Parts Store Auto Repair Shop Parking Lot & Garage

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

605

Businesses Nearby

Explore this area Business Placement

Demographics for 07646, NJ

16,923

Population

6,428

Households

2.6

Avg Household Size

42

Median Age

48%

College-Educated

95%

High-School Grad

2.3 sq mi

ZIP Area

7,358

Density / Sq Mi

$113,513

Median Household Income

$62,266

Median Earnings

$1,722

Median Rent

$554,800

Median Home Value

Market

Vacancy Rate% for Office in Northeast region

13.1% 2019

15.4% 2020

17.6% 2021

19.1% 2022

20.2% 2023

20.9% 2024

19.9% 2025

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Frequently Asked Questions

What type of property is this?

Office units - Freestanding commercial building with versatile space in central New Milford.

Where is this office units located?

The property is located at 219 Richmond Ave New Milford, NJ.

What is the asking price?

The asking price for this property is $1,250,000.

What are key features of this property?

This property features: 3,500 sq. ft. of professional space on the first floor.; Convenient location in the center of New Milford with easy access to major highways.; Versatile space suitable for various uses (animal hospital, church, academy, restaurant).