4-Unit Office Condo
For Sale
$1,100,000
280 Newton Sparta Rd, Newton, NJ 07860
Office condominium property with three leased units and one available for occupancy or rental use.
Property Size6,267 SF
Price / SF$175.52
Days on Market171
Property Features for 280 Newton Sparta Rd
General Information
Standard status
Active
Size
6,267 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$5,224
Amenities
Central air
Asphalt Shingle Roof
4+ Units Cooling
4+ Units Heating
Blacktop Driveway
Central Air Cooling
Forced Hot Air Heating
Level Lot
Parking Lot-Shared
Building Details
Year Built
1989
Listing Agency:
WEICHERT REALTORS
(973) 729-2700
Listed By:
MARY SMITH · License #275238
Source:
Corcoran
Added: Feb 19
Changed: Aug 9
Last Checked: Aug 9 at 10:42AM
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 four-unit office condominium complex contains approximately 6,267 square feet on 2.36 acres. Built in 1989, the property is configured for medical or professional office use and includes a flexible layout across the units. Three units are leased, while one remains available for owner occupancy or additional rental use.
The property is located along Newton Sparta Road in Andover Township, with access to major roadways identified as 15, 80, 206, 94, and 181. On-site parking includes 66 spaces. Zoning is Community Business Medical, Prof Offices, supporting the stated medical and professional office orientation.
The property is located along Newton Sparta Road in Andover Township, with access to major roadways identified as 15, 80, 206, 94, and 181. On-site parking includes 66 spaces. Zoning is Community Business Medical, Prof Offices, supporting the stated medical and professional office orientation.
Key Highlights
- Four‑unit office condominium complex with approximately 6,267 square feet
- Three units leased; one unit available for owner occupancy or rental use
- Situated on 2.36 acres along Newton Sparta Road
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
$95,885
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
8.72%
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%
$1,917,700
$1.9M
Cap Rate 7%
$1,369,786
$1.4M
Cap Rate 9%
$1,065,389
$1.1M
Market Conditions
NOI Build-Up for 6,267 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
$188.0K $30.00/SF
− Vacancy
−$60.2K −$9.60/SF
EGI
$127.8K $20.40/SF
− OpEx
−$32.0K −$5.10/SF
NOI
$95.9K $15.30/SF
Area
Sussex 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%
$1,917,700
Cap Rate 7%
$1,369,786
Cap Rate 9%
$1,065,389
Alternative Uses
Best Use
Office B
$1.37M
$1.20M – $1.60M
NOI $95,885 @ 7.0% cap · market cap 8.72%
Second Best
Healthcare Medical
$1.33M
$1.17M – $1.56M
NOI $93,313 @ 7.0% cap · market cap 8.48%
Theoretical Best
Office A
$1.64M
$1.43M – $1.91M
NOI $114,551 @ 7.0% cap · market cap 10.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
134
Businesses Nearby
Explore this area
Business Placement
Demographics for 07860, NJ
25,704
Population
11,473
Households
2.2
Avg Household Size
46
Median Age
40%
College-Educated
95%
High-School Grad
100.2 sq mi
ZIP Area
257
Density / Sq Mi
$104,113
Median Household Income
$53,509
Median Earnings
$1,437
Median Rent
$336,600
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Office condominium property with three leased units and one available for occupancy or rental use.
Where is this office units located?
The property is located at 280 Newton Sparta Rd Newton, NJ.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Four‑unit office condominium complex with approximately 6,267 square feet; Three units leased; one unit available for owner occupancy or rental use; Situated on 2.36 acres along Newton Sparta Road
