Listing Agency: Newmark & Associates, Inc. Show Phone

Listed By: Marjorie Dorne Murphy Show Phone

Source: Moodyscre

Added: Sep 9, 2025 Changed: Sep 8 Last Checked: Sep 14 at 9:10AM

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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 Newmark & Associates, Inc.

Investment Insights

Based on property information with market context.

This first-floor office condo is approximately 1,000 SF and includes a reception and waiting area, a conference room, and two windowed offices. The layout also features a galley kitchen and a private restroom.

Access is available 24/7/365, supporting flexible business hours. The lease includes maintenance fees for electric, cleaning, and heat.

Key Highlights

• Approx. 1,000 SF first floor office condo
• Reception and waiting area
• Conference room plus two windowed offices

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

$15,300

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

7.65%

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%

$306,000 $306.0K

Cap Rate 7%

$218,571 $218.6K

Cap Rate 9%

$170,000 $170.0K

Market Conditions

NOI Build-Up for 1,000 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

$30.0K $30.00/SF

− Vacancy

−$9.6K −$9.60/SF

EGI

$20.4K $20.40/SF

− OpEx

−$5.1K −$5.10/SF

NOI

$15.3K $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%

$306,000

Cap Rate 7%

$218,571

Cap Rate 9%

$170,000

Alternative Uses

Best Use

Office B

$218.6K

$191.3K – $255.0K (±1% cap)

NOI $15,300 @ 7.0% cap · market cap 7.65%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$261.1K

$228.5K – $304.6K (±1% cap)

NOI $18,278 @ 7.0% cap · market cap 9.14%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Open Analytics

Current Use

Law Offices of Marc ... Law Firm David Alan Ast, ... Law Firm Ast & Schmidt, PC Law Firm United Way of Northern ... Charitable Organization Clemente Mueller P.A. Law Firm

Suggested Use

Top Pick Restaurant Parking Lot & Garage Storage Facility Hotel & Motel Garden Center Grocery & Convenience Store

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

813

Businesses Nearby

Explore this area Business Placement

Demographics for 07927, NJ

4,120

Population

1,825

Households

2.3

Avg Household Size

44

Median Age

56%

College-Educated

91%

High-School Grad

2.1 sq mi

ZIP Area

1,962

Density / Sq Mi

$166,077

Median Household Income

$80,944

Median Earnings

$2,802

Median Rent

$610,100

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

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this office units located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Office units - First-floor office condo with reception, conference room, windowed offices, private restroom, and 24/7/365 access.

Where is this office units located?

The property is located at 222 Ridgedale Ave Cedar Knolls, NJ.

What is the asking price?

The asking price for this property is $200,000.

What are key features of this property?

This property features: Approx. 1,000 SF first floor office condo; Reception and waiting area; Conference room plus two windowed offices