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

    347 Elizabeth Avenue Somerset, NJ 08873

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Lease
    $18 SF/Yr

    Modern, fully built-out office units with highway exposure available for lease.

    Type:Office
    Property size:
    41,374 SF
    Added:
    Jan 27, 2026
    Days on Market:
    65
    Last Refresh:
    Mar 26 at 12:52 am

    Property Features for 347 Elizabeth Avenue

    General Information

    Standard status
    Active
    Size
    41,374 SF
    Property subtype
    Office

    Building Details

    Year Built
    1974

    Spaces For Lease

    at 347 Elizabeth Avenue Contact us

    We can help!

    Listing Contact
    Robert Bogash
    Robert Bogash

    Listing agent Robert Bogash

    Listing office Sitar Realty Company - Corporate

    Listing date Jan 27, 2026

    Source Tcnworldwide

    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 Sitar Realty Company - Corporate

    Overview

    Modern Office Units Near I-287

    These modern, fully built-out office units offer a plug-and-play opportunity. The property is located directly off I-287, parallel to Davidson Avenue, and in close proximity to Route 18, the New Jersey Turnpike, the Garden State Parkway, Rutgers University, downtown New Brunswick, Saint Peters Hospital, and RWJ Hospital. The location provides great exposure to heavily traveled I-287. On-site management is available, and the building features an elevator and ample parking. These units are suited for professional offices, training schools, IT companies, and financial and insurance companies. The property contains a total of 41,374 square feet. The rental rate of $18.5 does not include tenant electric.
    Location Intelligence

    Current Use by Public Records

    Office Units

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Somerset
    County
    State
    New Jersey
    Longitude
    -74.5325
    Latitude
    40.5013

    Nearby Similar for Lease

    • Contact for pricing

      Retail Space for Lease

      Retail space available for lease in Somerset, New Jersey.
      120 Cedar Grove Lane, Somerset, NJ 08873-4769
      View Details
    • Contact for pricing

      Class A Office Space Available

      Prestigious Somerset office building with modern upgrades and highway access.
      80 Cottontail Lane, Somerset, NJ 08873
      View Details
    • Contact for pricing

      Somerset Retail Space Available

      Retail spaces available, ranging from 1,600 to 4,810 SqFt.
      84 Veronica Avenue, Somerset, NJ 08873
      View Details
    • Contact for pricing

      Retail/Restaurant Space For Lease

      Retail and restaurant spaces available for lease.
      1101 Randolph Rd, Somerset, NJ 08873
      View Details
    • Contact for pricing

      Retail Space Available For Lease

      Retail space for lease at 1135 Easton Avenue.
      1135 Easton Avenue, Somerset, NJ 08873
      View Details

    FAQs

    What type of property is this?
    Office units - Modern, fully built-out office units with highway exposure available for lease.
    Where is this office units located?
    The property is located at 347 Elizabeth Avenue Somerset, NJ.
    What is the lease rate?
    The lease rate is $18 SF/Yr.
    What are key features of this property?
    This property features: Prime Location: Directly off I‑287 with easy access to major highways and key destinations.; Fully Built‑Out, Modern Units: Offers a 'plug and play' opportunity for immediate occupancy.; Versatile Space: Suited for a variety of professional uses.
    (732) 283-9000
    We can help!
    Listing Contact
    Robert Bogash
    Robert Bogash
    Learn More
    Request Owner's contact information
    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.
    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
    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

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!