Versatile In-Town Office
For Sale
$1,599,000
350 Main St, West Orange, NJ 07052
Updated office building with B2 zoning for commercial/residential use.
Property Size3,800 SF
Lot Size0.16 Acres
Price / SF$420.79
Days on Market197
Property Features for 350 Main St
General Information
Standard status
Active
Size
3,800 SF
Lot size
0.16 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$16,394
Amenities
Central air
Asphalt Shingle Roof
2 Car Width
3 Units Cooling
3 Units Heating
Additional Parking
Central Air Cooling
Parking Lot-Exclusive
Building Details
Year Built
1960
Listing Agency:
COMPASS NEW JERSEY LLC
(973) 310-7360
Listed By:
CHRISTINE R LANE
Source:
Corcoran
Added: Feb 6
Changed: Aug 21
Last Checked: Aug 21 at 9:00AM
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 COMPASS NEW JERSEY LLC
Investment Insights
Based on property information with market context.
This in-town office building, zoned B2, allows for both commercial and residential use. Extensively updated, the property offers a versatile layout suitable as a 4-family home with offices for professional practices, small businesses, or live/work arrangements. The entry foyer features skylights, creating a bright and welcoming atmosphere. The building includes three separate heating and cooling systems, newer windows, and recent improvements such as a newer roof, fencing, and a paved parking lot. The first floor is equipped with a fireplace and a wheelchair-accessible ramp. The second floor features two suites, each over 1,000 square feet, and a total of four bathrooms. A large garage with two oversized doors provides functionality for storage, vehicles, or specialized use. The property size is 3,800 square feet.
Key Highlights
- B2 zoning allows for commercial and residential use, offering versatile options.
- Extensively updated with newer roof, windows, fencing, and paved parking lot.
- Versatile layout ideal for a 4‑family home, offices, or live/work space.
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
$58,140
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
3.64%
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%
$1,162,800
$1.2M
Cap Rate 7%
$830,571
$830.6K
Cap Rate 9%
$646,000
$646.0K
Market Conditions
NOI Build-Up for 3,800 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
$114.0K $30.00/SF
− Vacancy
−$36.5K −$9.60/SF
EGI
$77.5K $20.40/SF
− OpEx
−$19.4K −$5.10/SF
NOI
$58.1K $15.30/SF
Area
Essex 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%
$1,162,800
Cap Rate 7%
$830,571
Cap Rate 9%
$646,000
Alternative Uses
Best Use
Office B
$830.6K
$726.8K – $969.0K
NOI $58,140 @ 7.0% cap · market cap 3.64%
Second Best
Mixed Use
$749.1K
$655.5K – $874.0K
NOI $52,440 @ 7.0% cap · market cap 3.28%
Theoretical Best
Office A
$992.3K
$868.2K – $1.16M
NOI $69,458 @ 7.0% cap · market cap 4.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
753
Businesses Nearby
Explore this area
Business Placement
Demographics for 07052, NJ
48,867
Population
18,300
Households
2.7
Avg Household Size
42
Median Age
53%
College-Educated
92%
High-School Grad
12.0 sq mi
ZIP Area
4,072
Density / Sq Mi
$131,456
Median Household Income
$63,458
Median Earnings
$1,791
Median Rent
$527,200
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Updated office building with B2 zoning for commercial/residential use.
Where is this mixed-use property located?
The property is located at 350 Main St West Orange, NJ.
What is the asking price?
The asking price for this property is $1,599,000.
What are key features of this property?
This property features: B2 zoning allows for commercial and residential use, offering versatile options.; Extensively updated with newer roof, windows, fencing, and paved parking lot.; Versatile layout ideal for a 4‑family home, offices, or live/work space.
