Professional Office Building with
For Sale
$1,250,000
Pending
24 Washington Avenue, Chatham, NJ 07928
SINGLE_FAMILY - Chatham Borough, NJ
Property Size4,796 SF
Days on Market52
Property Features for 24 Washington Avenue
General Information
Property type
Residential
Property subtype
Office
Standard status
Pending
Listing Agency:
BHHS Fox & Roach Livingston Sales Office · Berkshire Hathaway HomeServices
(973) 992-6363
Listed By:
Kelly A. & Cornelius "Con" Hartnett
(973) 224-2430
Added: Jun 19
Changed: Aug 8
Last Checked: Aug 9 at 5:06PM
MLS# 26023043
Copyright © 2026 Berkshire Hathaway HomeServices Fox & Roach, Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
A beautifully maintained professional office building with a three-level layout currently configured for a wealth management firm. The building includes eight private offices, a spacious reception area, a conference room, and two bathrooms, plus a third-floor kitchenette with a dining/break area that can also serve as an employee training space. Additional space includes 3,590 SF plus 1,206 SF of clean open basement area.
Located two blocks from the Chatham train station, the property features a dedicated onsite parking lot with 13 parking spaces for staff and visitors.
Offered vacant at closing and move-in ready, the building provides flexibility for immediate occupancy, leasing, or future repositioning, subject to buyer due diligence. Permitted uses include professional and general office, personal service, restaurant, child-care center, apartments above the first floor, educational or recreational instruction, and nursing home or adult daycare center. Conditional uses include medical/dental office, bank, commercial recreation, entertainment, amusement, and institutional.
Located two blocks from the Chatham train station, the property features a dedicated onsite parking lot with 13 parking spaces for staff and visitors.
Offered vacant at closing and move-in ready, the building provides flexibility for immediate occupancy, leasing, or future repositioning, subject to buyer due diligence. Permitted uses include professional and general office, personal service, restaurant, child-care center, apartments above the first floor, educational or recreational instruction, and nursing home or adult daycare center. Conditional uses include medical/dental office, bank, commercial recreation, entertainment, amusement, and institutional.
Key Highlights
- 3,590 SF plus 1,206 SF of clean open basement space
- Three‑level layout with eight private offices and reception area
- Conference room and two bathrooms
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
$73,379
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
5.87%
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%
$1,467,580
$1.5M
Cap Rate 7%
$1,048,271
$1.0M
Cap Rate 9%
$815,322
$815.3K
Market Conditions
NOI Build-Up for 4,796 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
$143.9K $30.00/SF
− Vacancy
−$46.0K −$9.60/SF
EGI
$97.8K $20.40/SF
− OpEx
−$24.5K −$5.10/SF
NOI
$73.4K $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%
$1,467,580
Cap Rate 7%
$1,048,271
Cap Rate 9%
$815,322
Alternative Uses
Best Use
Office B
$1.05M
$917.2K – $1.22M
NOI $73,379 @ 7.0% cap · market cap 5.87%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.25M
$1.10M – $1.46M
NOI $87,663 @ 7.0% cap · market cap 7.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Configured for professional office use with eight private offices and 13 onsite parking spaces.
Where is this office building located?
The property is located at 24 Washington Avenue 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: 3,590 SF plus 1,206 SF of clean open basement space; Three‑level layout with eight private offices and reception area; Conference room and two bathrooms
