Medical Office Condo For
25 E Willow St. Millburn, NJ 07041
25 E Willow St., Millburn, NJ, 07041
$2,675,000
For Sale
$2,675,000
Semi-detached condo with doctor offices, exam rooms, and parking.
Property Size8,300 SF
Price / SF$322.29
Days on Market412
Property Features for 25 E Willow St.
General Information
- Standard status
- Active
- Size
- 8,300 SF
Building Details
- Year Built
- 1963
Listing Agency
WEICHERT REALTORS
(973) 376-4545
Listed by
JULIETTE PEROS
Source
Corcoran
Added: Jun 2, 2025 Checked: Mar 16 at 9:09 am
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.
Local Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $249.0k | $30.00 |
| − Vacancy | −$79.7k | −$9.60 |
| EGI | $169.3k | $20.40 |
| − OpEx | −$42.3k | −$5.10 |
| NOI | $127.0k | $15.30 |
8,300 SF · lease $30.00/SF/yr · vacancy 32.00% · expense 25.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Carrie Knowlton
Physician
Associates In Primary Care
Medical Clinic
Labcorp
Medical Laboratory
Dr. Matthew I. ...
Physician
Anthony Lawrence Cuppari
Physician
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FAQs
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.
