Building Details

Year Built 1960

Listing Agency: Callaway Henderson Sotheby's Int'l-Princeton

Listed By: Gayle Ciallella Show Phone

Source: Kandorre

Added: Mar 31 Changed: Sep 5 Last Checked: Sep 20 at 11:23AM

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Investment Insights

Based on property information with market context.

This well-maintained corner property offers high visibility and parking for up to 14 vehicles. Currently operating as a doctor's office with residential zoning and a commercial variant, it presents a live/work opportunity. Alternatively, it can be converted back into a two-unit residence for rental income. Professionals seeking multiple offices or exam rooms can move in immediately. The accessible waiting room includes an enclosed reception desk and one of three restrooms. The interior features clean walls, ample overhead lighting, and laminate flooring throughout five exam rooms, two offices, and a records room. Four entrances/exits facilitate seamless workflow for multiple professionals. Improvements include a replaced roof, tankless water heater, and new windows installed in 2019. A shed provides additional storage. The property is near New Jersey Transit, various businesses, restaurants, and a Stop & Shop. It is also in close proximity to Highland Park, Franklin Park, and Princeton. The property is suitable for a medical office or other business. The property is also on the market as a residential property.

Key Highlights

• High‑visibility corner property with parking for 14 vehicles, suitable for commercial or residential use.
• Currently operating as a doctor's office with potential for live/work space or conversion to a two‑unit residence for rental income.
• Move‑in ready for medical professionals with multiple offices, exam rooms, waiting room, and three restrooms.

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

$23,562

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

3.37%

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%

$471,240 $471.2K

Cap Rate 7%

$336,600 $336.6K

Cap Rate 9%

$261,800 $261.8K

Market Conditions

NOI Build-Up for 1,540 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

$46.2K $30.00/SF

− Vacancy

−$14.8K −$9.60/SF

EGI

$31.4K $20.40/SF

− OpEx

−$7.9K −$5.10/SF

NOI

$23.6K $15.30/SF

Area

Middlesex 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%

$471,240

Cap Rate 7%

$336,600

Cap Rate 9%

$261,800

Alternative Uses

Best Use

Office B

$336.6K

$294.5K – $392.7K (±1% cap)

NOI $23,562 @ 7.0% cap · market cap 3.37%

Second Best

Healthcare Medical

$327.6K

$286.6K – $382.2K (±1% cap)

NOI $22,930 @ 7.0% cap · market cap 3.28%

Theoretical Best

Office A

$402.1K

$351.9K – $469.2K (±1% cap)

NOI $28,149 @ 7.0% cap · market cap 4.03%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Medical Office Space

Suggested Use

Top Pick Restaurant Law Firm Building Supply Auto Repair Shop Big Box & Wholesale Store Spa & Massage Center

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

154

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 08824, NJ

13,300

Population

4,799

Households

2.8

Avg Household Size

44

Median Age

66%

College-Educated

95%

High-School Grad

4.3 sq mi

ZIP Area

3,093

Density / Sq Mi

$180,888

Median Household Income

$87,240

Median Earnings

$1,963

Median Rent

$602,500

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

Questions? Ask Rey

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What type of property is this? Where is this medical office space located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Medical Office Space - Well-maintained corner property suitable for live/work, medical, or residential.

Where is this medical office space located?

The property is located at 3 Stanworth Rd Kendall Park, NJ.

What is the asking price?

The asking price for this property is $699,000.

What are key features of this property?

This property features: High‑visibility corner property with parking for 14 vehicles, suitable for commercial or residential use.; Currently operating as a doctor's office with potential for live/work space or conversion to a two‑unit residence for rental income.; Move‑in ready for medical professionals with multiple offices, exam rooms, waiting room, and three restrooms.