Listing Agency: Newmark & Associates, Inc. Show Phone

Listed By: Marjorie Dorne Murphy Show Phone

Source: Moodyscre

Added: Sep 9, 2025 Changed: Oct 26 Last Checked: Oct 30 at 5:49PM

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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.

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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 / Yr

$15,300

Cap Rate

7.65%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$306,000 $306.0K

Cap Rate 7%

$218,571 $218.6K

Cap Rate 9%

$170,000 $170.0K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,000 SF

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 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. How Realmo checks its estimates

Property Analytics

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

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

Frequently Asked Questions

What type of property is this?

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

Where is this office unit 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