Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    282 E Main St Somerville, NJ 08876

    View on Map
    New
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $850,000

    Medical building with finished space and unfinished lower level.

    Property size:
    4,500 SF
    Lot size:
    0.46 Acres

    Property Features for 282 E Main St

    General Information

    Standard status
    Active
    Size
    4,500 SF
    Lot size
    0.46 Acres

    Building Details

    Year built
    1980

    We can help!

    Listing Contact
    Patrick M Kelly
    Source: Corcoran

    Listing Agency: RE/MAX PREFERRED PROFESSIONALS Listing Agent: Patrick M Kelly

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Medical Building Near RWJ Hospital

    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.
    Location Intelligence

    Current Use by Public Records

    Medical Office Space

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Somerville
    County
    Somerset
    State
    New Jersey
    Longitude
    -74.5998616
    Latitude
    40.5655865

    Nearby Similar for Sale

    • $699,000
      2,600 SF

      Free-Standing Building Near Downtown Somerville

      2600 SF commercial building in B-4 zone near downtown.
      1 Union Ave, Somerville, NJ 08876
      View Details
    • $925,000
      6,000 SF

      Profitable Laundromat Business and Building

      Turnkey laundromat business for sale with building in Somerville.
      81 Somerset St, Somerville, NJ 08876
      View Details
    • Contact for pricing
      7,040 SF

      Furnished Offices in Medical Building

      Furnished single offices in a newer medical building for sale.
      72 W End Ave, Somerville, NJ 08876
      View Details
    • New
      $850,000
      4,500 SF

      Medical Building Near RWJ Hospital

      Medical building with finished space and unfinished lower level.
      Somerville Boro, Somerville, NJ 08876
      View Details
    • Contact for pricing
      1.24 Acres

      Somerville Boro Office Space Available

      3250 sq ft office space, can be demised into suites.
      61 5Th St, Somerville, NJ 08876
      View Details
    • Contact for pricing
      45,376 SF

      Branchburg Light Industrial/Manufacturing Facility

      Climate-controlled industrial space on Route 22, ideal for manufacturing.
      3087 Us Highway 22, Somerville, NJ 08876
      View Details
    • Contact for pricing
      3,900 SF

      Retail Space in Busy Strip

      3900 SF retail space in Somerville Boro, NJ for sale.
      21 Union Ave, Somerville, NJ 08876
      View Details
    • $99,000
      10,000 SF

      Somerville Office Condo For Sale

      1,200 SF office condo in desirable Somerville location.
      10 N Gaston Ave, Somerville, NJ 08876
      View Details
    • $80,000
      10,000 SF

      Somerville Office Condo For Sale

      800 SF office condo near downtown Somerville and train station.
      10 N Gaston Ave, Somerville, NJ 08876
      View Details
    • $2,950,000
      10,857 SF

      Retail Building with Warehouse Space

      Freestanding retail building with warehouse in high-visibility location.
      906 Us Highway 22, Somerville, NJ 08876
      View Details
    • $1,600,000
      Pending

      Classic Office Building Near Downtown

      Classic office building near downtown Somerville Boro, New Jersey.
      Somerville Boro, Somerville, NJ 08876
      View Details
    • Contact for pricing
      0.11 Acres

      Professional Office Space in Somerville

      900 SF office space near courthouse and administration building.
      58 N Bridge St, Somerville, NJ 08876
      View Details

    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.
    (908) 685-0700
    Request Owner's contact information
    282 E Main St Somerville, NJ 08876
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    282 E Main St
    Somerville, NJ 08876
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    282 E Main St Somerville, NJ 08876
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Patrick M Kelly
    Real Estate License ID: SB7941508
    (908) 685-0700 (908) 285-0321
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!