Medical Office Condo For
For Sale
$2,675,000
25 E Willow St., Millburn, NJ 07041
Semi-detached condo with doctor offices, exam rooms, and parking.
Property Size8,300 SF
Price / SF$322.29
Days on Market457
Property Features for 25 E Willow St.
General Information
Standard status
Active
Size
8,300 SF
Taxes and HOA fees
Annual Taxes
$34,595
Building Details
Year Built
1963
Listing Agency:
WEICHERT REALTORS
(973) 376-4545
Listed By:
JULIETTE PEROS
Source:
Corcoran
Added: Jun 2, 2025
Changed: Mar 16
Last Checked: Aug 25 at 4:44AM
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 WEICHERT REALTORS
Investment Insights
Based on property information with market context.
This property is one unit of a two-unit, semi-detached commercial condominium building situated on a 1.5-acre level lot. The available unit, Unit A, offers approximately 8,000 square feet of building space and includes 0.7 acres of the lot. The property features a private parking lot with over 75 spaces. Inside, there are several professional doctor offices, patient exam rooms, nurses' stations, a large customer waiting room, a reception area, and seven separate lavatories, along with other medical features. Recent upgrades include a new roof, new HVAC system, custom Pella windows, and LED lighting. A shared common entrance area has been newly renovated. The property has high ceilings throughout. It provides easy access to Routes 24 and 22, Interstate 78, and the Garden State Parkway. The location is midway between Overlook Medical Center in Summit and Cooperman Barnabas Medical Center in Livingston. Tax records indicate the unit as 23-A E Willow St., while the mailing address is 25 E Willow St.
Key Highlights
- 8,000 sq. ft. commercial condominium unit on 0.7 acres with ample parking.
- Ideal for medical professionals: Includes doctor offices, exam rooms, nurses stations, waiting room, and 7 lavatories.
- Recently upgraded with new roof, HVAC, Pella windows, and LED lighting.
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
$126,990
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
4.75%
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%
$2,539,800
$2.5M
Cap Rate 7%
$1,814,143
$1.8M
Cap Rate 9%
$1,411,000
$1.4M
Market Conditions
NOI Build-Up for 8,300 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
$249.0K $30.00/SF
− Vacancy
−$79.7K −$9.60/SF
EGI
$169.3K $20.40/SF
− OpEx
−$42.3K −$5.10/SF
NOI
$127.0K $15.30/SF
Area
Essex 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%
$2,539,800
Cap Rate 7%
$1,814,143
Cap Rate 9%
$1,411,000
Alternative Uses
Best Use
Office B
$1.81M
$1.59M – $2.12M
NOI $126,990 @ 7.0% cap · market cap 4.75%
Second Best
Healthcare Medical
$1.77M
$1.54M – $2.06M
NOI $123,584 @ 7.0% cap · market cap 4.62%
Theoretical Best
Office A
$2.17M
$1.90M – $2.53M
NOI $151,711 @ 7.0% cap · market cap 5.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,049
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 07041, NJ
7,649
Population
2,843
Households
2.7
Avg Household Size
41
Median Age
81%
College-Educated
97%
High-School Grad
1.3 sq mi
ZIP Area
5,884
Density / Sq Mi
$220,923
Median Household Income
$109,375
Median Earnings
$1,969
Median Rent
$935,900
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.
Similar Off Market Nearby
- True Monarch In-Home Veterinary Service — 118 Victory Rd Apartment 324, Springfield, NJ 07081
Frequently Asked Questions
What type of property is this?
Medical Office Space - Semi-detached condo with doctor offices, exam rooms, and parking.
Where is this medical office space located?
The property is located at 25 E Willow St. Millburn, NJ.
What is the asking price?
The asking price for this property is $2,675,000.
What are key features of this property?
This property features: 8,000 sq. ft. commercial condominium unit on 0.7 acres with ample parking.; Ideal for medical professionals: Includes doctor offices, exam rooms, nurses stations, waiting room, and 7 lavatories.; Recently upgraded with new roof, HVAC, Pella windows, and LED lighting.
