Building Details

Building Size 8,300 SF

Year Built 1963

Listing Agency: Weichert Realtors

Listed By: JULIETTE PEROS Show Phone

Source: Evrealestate

Added: Jun 2, 2025 Changed: Oct 13 Last Checked: Oct 20 at 8:38PM

Report an Issue

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

Ask AI about this property

Review the available facts, identify missing information and prepare questions for the agent.

What should I ask the agent before proceeding? What information is missing from this listing?

Investment Insights

Based on property information with market context.

This commercial condominium building features Unit A, which is available for sale. The unit occupies approximately 8,000 square feet within a semi-detached structure situated on a 1.5-acre level lot. Unit A is attributed with 0.7 acres of the lot. The property includes a private parking lot with over 75 spaces. Inside, the space is configured with several professional doctor's offices, patient exam rooms, nurses' stations, a large customer waiting room, and a reception area. There are also 7 separate lavatories and other medical facilities. The property has high ceilings throughout. Recent upgrades include a new roof, new HVAC system, custom Pella windows, and LED lighting. The shared common entrance area has been newly renovated. The location provides easy access to Routes 24 and 22, Interstate 78, and the Garden State Parkway. It is situated midway between Overlook Medical Center in Summit and Cooperman Barnabas Medical Center in Livingston. Tax records identify this 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 with 0.7 acres of land.
• Private parking lot with over 75 spaces.**
• Equipped with professional doctor offices, patient exam rooms, nurses stations, large waiting room, and 7 lavatories.**

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$126,990

Cap Rate

6.35%

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 6.35%

Second Best

Healthcare Medical

$1.77M

$1.54M – $2.06M (±1% cap)

NOI $123,584 @ 7.0% cap · market cap 6.18%

Theoretical Best

Office A

$2.17M

$1.90M – $2.53M (±1% cap)

NOI $151,711 @ 7.0% cap · market cap 7.59%

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

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

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

Similar For Sale Nearby

See more

Industrial Building with Office Space

20 E Willow St, Millburn, NJ

Contact for pricing

7,600 SF

View details

Retail Storefront Investment

321 Millburn Ave, Millburn, NJ 07041

$4,550,000

14,626 SF

View details

Spa & Wellness Property

10 E Willow St, Millburn, NJ 07041

Contact for pricing

5,000 SF

View details

Wide-Lot Duplex

20 Blaine St, Millburn, NJ 07041

$1,700,000

View details

Restaurant Space with New Equipment

41 Main, Millburn, NJ 07041

$325,000

View details

Freestanding Mixed-Use Building

393 Millburn Ave, Millburn, NJ 07041

Contact for pricing

View details

Coworking Space with Private Offices

27 Bleeker St, Millburn, NJ 07041

Contact for pricing

View details

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 Unit A Millburn, NJ.

What is the asking price?

The asking price for this property is $1,999,000.

What are key features of this property?

This property features: 8,000 sq. ft. commercial condominium unit with 0.7 acres of land.; Private parking lot with over 75 spaces.**; Equipped with professional doctor offices, patient exam rooms, nurses stations, large waiting room, and 7 lavatories.**