Listing Agency: ALPINE MC REALTY LLC Show Phone

Listed By: YIHWAN JANG Show Phone

Source: Corcoran

Added: Oct 30, 2025 Changed: Oct 28 Last Checked: Oct 28 at 8:40AM

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Investment Insights

Based on property information with market context.

This free-standing commercial building, situated in the center of New Milford, provides 3,500 sq. ft. of professional space on the first floor. The layout features a reception area, a common workspace, five private offices, and two handicap-accessible restrooms. This versatile space is suitable for 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.
• Located 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 / Yr

$53,550

Cap Rate

4.28%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,071,000 $1.1M

Cap Rate 7%

$765,000 $765.0K

Cap Rate 9%

$595,000 $595.0K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,500 SF

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 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

—

—

no second resolved use

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. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Office buildings

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 building - Freestanding 3,500 SF commercial building suitable for various uses.

Where is this office building located?

The property is located at 219 Richmond 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.; Located in the center of New Milford with easy access to major highways.; Versatile space suitable for various uses (animal hospital, church, academy, restaurant).