Building Details

Year Built 1963

Listing Agency: WEICHERT REALTORS

Listed By: JULIETTE PEROS Show Phone

Source: Corcoran

Added: Jun 2, 2025 Changed: Mar 16 Last Checked: Aug 25 at 4:44AM

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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 / Yr

$126,990

Cap Rate

4.75%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,539,800 $2.5M

Cap Rate 7%

$1,814,143 $1.8M

Cap Rate 9%

$1,411,000 $1.4M

Is this asking price fair?

Market Conditions

NOI Build-Up for 8,300 SF

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 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 (±1% cap)

NOI $126,990 @ 7.0% cap · market cap 4.75%

Second Best

Healthcare Medical

$1.77M

$1.54M – $2.06M (±1% cap)

NOI $123,584 @ 7.0% cap · market cap 4.62%

Theoretical Best

Office A

$2.17M

$1.90M – $2.53M (±1% cap)

NOI $151,711 @ 7.0% cap · market cap 5.67%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Carrie Knowlton Physician Associates In Primary Care Medical Clinic Labcorp Medical Laboratory Dr. Matthew I. ... Physician Anthony Lawrence Cuppari Physician

Suggested Use

Top Pick Storage Facility Catering Service (Bike/Boat/Book/etc) Store Grocery & Convenience Store Tanning Salon Restaurant

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

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

13.1% 2019

15.4% 2020

17.6% 2021

19.1% 2022

20.2% 2023

20.9% 2024

19.9% 2025

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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.