Inviting Medical/Professional Office
For Sale
$1,600,000
236 Millbrook Ave, Randolph, NJ 07869
Office space with natural light, suitable for medical or professional.
Property Size6,600 SF
Lot Size1.61 Acres
Price / SF$242.42
Days on Market244
Property Features for 236 Millbrook Ave
General Information
Standard status
Active
Size
6,600 SF
Lot size
1.61 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$46,810
Amenities
Central air
Asphalt Shingle Roof
Additional Parking
Central Air Cooling
Corner
Driveway-Exclusive
Forced Hot Air Heating
Parking Lot-Exclusive
Parking Lot-Shared
Building Details
Year Built
1800
Listing Agency:
BHHS GROSS AND JANSEN REALTORS
(973) 841-7440
Listed By:
SONYA HANSON
Source:
Corcoran
Added: Feb 17
Changed: Oct 16
Last Checked: Oct 16 at 8:54AM
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 BHHS GROSS AND JANSEN REALTORS
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Investment Insights
Based on property information with market context.
This 6,600 square foot property features large windows and high ceilings, providing ample natural light and creating an inviting workspace. The property is suitable for medical or professional use and presents an opportunity for rental income. It is located close to major highways, including Route 10, Route 46, and 287.
Key Highlights
- Ideal for medical or professional use.
- Great opportunity for rental income.
- Close to major highways: Rt 10, Rt 46, 287.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$100,980
Cap Rate
6.31%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,019,600
$2.0M
Cap Rate 7%
$1,442,571
$1.4M
Cap Rate 9%
$1,122,000
$1.1M
Market Conditions
NOI Build-Up for 6,600 SF
Gross rent
$198.0K $30.00/SF
− Vacancy
−$63.4K −$9.60/SF
EGI
$134.6K $20.40/SF
− OpEx
−$33.7K −$5.10/SF
NOI
$101.0K $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%
$2,019,600
Cap Rate 7%
$1,442,571
Cap Rate 9%
$1,122,000
Alternative Uses
Best Use
Office B
$1.44M
$1.26M – $1.68M
NOI $100,980 @ 7.0% cap · market cap 6.31%
Second Best
Healthcare Medical
$1.40M
$1.23M – $1.64M
NOI $98,271 @ 7.0% cap · market cap 6.14%
Theoretical Best
Office A
$1.72M
$1.51M – $2.01M
NOI $120,637 @ 7.0% cap · market cap 7.54%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
438
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 07869, NJ
25,993
Population
9,124
Households
2.8
Avg Household Size
41
Median Age
69%
College-Educated
96%
High-School Grad
20.1 sq mi
ZIP Area
1,293
Density / Sq Mi
$170,862
Median Household Income
$80,799
Median Earnings
$1,772
Median Rent
$636,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Northeast region
Frequently Asked Questions
What type of property is this?
Medical Office Space - Office space with natural light, suitable for medical or professional.
Where is this medical office space located?
The property is located at 236 Millbrook Ave Randolph, NJ.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: Ideal for medical or professional use.; Great opportunity for rental income.; Close to major highways: Rt 10, Rt 46, 287.
