Three-Level Professional Office
For Sale
$1,250,000
Pending
24 Washington Ave, Chatham, NJ 07928
Well-appointed three-level office with dedicated parking, suitable for owner-occupants or investors in downtown Chatham.
Property Size3,590 SF
Days on Market55
Property Features for 24 Washington Ave
General Information
Standard status
Pending
Size
3,590 SF
Total Parking Spaces
13
Property subtype
Commercial
Additional Details
Office Units
8
Taxes and HOA fees
Annual Taxes
$20,475
Amenities
Central air
Asphalt Shingle Roof
1 Unit Cooling
1 Unit Heating
2 Car Width
Blacktop Driveway
Central Air Cooling
Driveway-Exclusive
Forced Hot Air Heating
Parking Lot-Exclusive
Building Details
Year Built
1928
Stories
3
Listing Agency:
BHHS FOX & ROACH
(973) 992-6363
Listed By:
KELLY HARTNETT
Source:
Corcoran
Added: Jun 19
Changed: Aug 8
Last Checked: Jul 23 at 8:36AM
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 FOX & ROACH
Investment Insights
Based on property information with market context.
This professionally maintained, three-level office building offers a classic Queen Anne-inspired exterior and a practical interior layout. The property is currently configured for professional use with eight private offices, a spacious reception area, a conference room, and two bathrooms. The third floor is finished and includes a kitchenette/dining area along with storage space. An unfinished basement totaling 1,206 square feet provides additional flexibility for future buildout or operational needs, subject to buyer due diligence.
The building is located just two blocks from the Chatham train station, supporting convenient commuter access for staff and visitors. A dedicated on-site parking lot with 13 spaces is provided for convenient arrival and day-to-day use. The property’s downtown setting is positioned for client-facing organizations that value ease of access.
For tenants, buyers, and operators, the existing office configuration can support law, accounting, wealth management, consulting, and other professional services. Permitted uses also include professional and general offices and a range of additional formats such as personal services, restaurants, child-care centers, educational and recreational instruction, and nursing homes or adult day-care centers. Conditional uses include medical or dental offices, banks, certain recreation and entertainment uses, and institutional uses. The building is offered vacant at closing, providing flexibility for immediate occupancy or future repositioning, subject to due diligence.
The building is located just two blocks from the Chatham train station, supporting convenient commuter access for staff and visitors. A dedicated on-site parking lot with 13 spaces is provided for convenient arrival and day-to-day use. The property’s downtown setting is positioned for client-facing organizations that value ease of access.
For tenants, buyers, and operators, the existing office configuration can support law, accounting, wealth management, consulting, and other professional services. Permitted uses also include professional and general offices and a range of additional formats such as personal services, restaurants, child-care centers, educational and recreational instruction, and nursing homes or adult day-care centers. Conditional uses include medical or dental offices, banks, certain recreation and entertainment uses, and institutional uses. The building is offered vacant at closing, providing flexibility for immediate occupancy or future repositioning, subject to due diligence.
Key Highlights
- 3590 SF, three‑level professional office building built in 1928
- Configured for a wealth management firm with 8 private offices, reception, and conference room
- Finished third floor includes kitchenette/dining area plus storage area
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
$54,927
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
4.39%
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%
$1,098,540
$1.1M
Cap Rate 7%
$784,671
$784.7K
Cap Rate 9%
$610,300
$610.3K
Market Conditions
NOI Build-Up for 3,590 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
$107.7K $30.00/SF
− Vacancy
−$34.5K −$9.60/SF
EGI
$73.2K $20.40/SF
− OpEx
−$18.3K −$5.10/SF
NOI
$54.9K $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%
$1,098,540
Cap Rate 7%
$784,671
Cap Rate 9%
$610,300
Alternative Uses
Best Use
Office B
$784.7K
$686.6K – $915.5K
NOI $54,927 @ 7.0% cap · market cap 4.39%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$937.4K
$820.2K – $1.09M
NOI $65,619 @ 7.0% cap · market cap 5.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Office units
Location Intelligence
Trade Area within ½ mile
780
Businesses Nearby
Explore this area
Business Placement
Demographics for 07928, NJ
19,778
Population
6,837
Households
2.9
Avg Household Size
42
Median Age
83%
College-Educated
99%
High-School Grad
9.3 sq mi
ZIP Area
2,127
Density / Sq Mi
$236,000
Median Household Income
$101,563
Median Earnings
$2,441
Median Rent
$965,800
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Well-appointed three-level office with dedicated parking, suitable for owner-occupants or investors in downtown Chatham.
Where is this office building located?
The property is located at 24 Washington Ave Chatham, 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: 3590 SF, three‑level professional office building built in 1928; Configured for a wealth management firm with 8 private offices, reception, and conference room; Finished third floor includes kitchenette/dining area plus storage area
