Medical Building Near RWJ
282 E Main St, Somerville, NJ 08876
Medical building with finished space and unfinished lower level.
Type:Commercial
Property size:
4,500 SFLot size:
0.46 AcresPrice / SF:
$188/SF- Added:
- Mar 2, 2026
- Days on Market:
- 85
- Last Refresh:
- Apr 5 at 9:06 pm
Property Features for 282 E Main St
General Information
- Standard status
- Active
- Size
- 4,500 SF
- Lot size
- 0.46 Acres
- Property subtype
- Commercial
Building Details
- Year Built
- 1980
Listing agent PATRICK M KELLY License #SB7941508
Listing office RE/MAX PREFERRED PROFESSIONALS (908) 685-0700
Listing date Mar 2, 2026
Source Corcoran
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 RE/MAX PREFERRED PROFESSIONALS
HighLights
- Excellent location: Just 2 blocks to RWJ Hospital.
- 2800 sq ft finished 1st floor medical building.
- Equipped with 6 exam rooms, 2 patient bathrooms, and 1 employee bathroom.
- Includes a 10‑person waiting room, large reception/billing area, consultation room, lab, break room, and kitchen.
- Convenient to Downtown Somerville shops, restaurants, bus/train, and courthouse.
- 1700 sq ft unfinished lower level space.
Overview
This medical building offers 2,800 square feet of finished space on the first floor, complemented by a 1,700-square-foot unfinished lower level. The main floor features six exam rooms, two patient bathrooms, and one employee bathroom. A waiting room accommodates ten people. The layout includes a large reception and billing area, a consultation room, a lab, a break room, a kitchen, and a storage room. The property is located two blocks from RWJ Hospital and is conveniently situated near downtown Somerville shops, restaurants, bus and train lines, and the courthouse. The building received an award for outstanding achievement in design and construction back in 1980. The total property size is 4,500 square feet.
Financial Insights
Value Estimation Calculated for Office B
Conservative
$765.0K
NOI $68,850 @ 9.00% cap · cautious / downside scenario
Moderate
$983.6K
NOI $68,850 @ 7.00% cap · market / base-case scenario
Aggressive
$1.38M
NOI $68,850 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
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.
Calculated for Office B
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $135.0k | $30.00 |
| − Vacancy | −$43.2k | −$9.60 |
| EGI | $91.8k | $20.40 |
| − OpEx | −$23.0k | −$5.10 |
| NOI | $68.9k | $15.30 |
4,500 SF · lease $30.00/SF/yr · vacancy 32.00% · expense 25.00%
Alternative Use Scenarios
Best Use
Office B
$983.6K
$860.6K – $1.15M
NOI $68,850 @ 7.0% cap · market cap 8.10%
Second Best
Healthcare Medical
$957.2K
$837.5K – $1.12M
NOI $67,003 @ 7.0% cap · market cap 7.88%
Theoretical Best
Office A
$1.18M
$1.03M – $1.37M
NOI $82,253 @ 7.0% cap · market cap 9.68%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Medical Office Space
Location Insight
- Map
- Local Demand
- City
- Somerville
- County
- Somerset
- State
- New Jersey
- Longitude
- -74.5999
- Latitude
- 40.5656
Nearby Similar for Sale
FAQs
What type of property is this?
Medical Office Space - Medical building with finished space and unfinished lower level.
Where is this medical office space located?
The property is located at 282 E Main St Somerville, NJ.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Excellent location: Just 2 blocks to RWJ Hospital.; 2800 sq ft finished 1st floor medical building.; Equipped with 6 exam rooms, 2 patient bathrooms, and 1 employee bathroom.
