Office Condominium With Development
For Sale
$450,000
354 Route46 #1B, Budd Lake, NJ 07828
Office condominium with separate entrances, natural light, and additional development rights for commercial expansion.
Property Size1,456 SF
Days on Market251
Property Features for 354 Route46 #1B
General Information
Standard status
Active
Size
1,456 SF
Property subtype
Commercial
Zoning
C-2
Building Details
Building Size
1,456 SF
Year Built
1989
Stories
2
Units
7
Listing Agency:
Keller Williams Prosperity Realty
(973) 696-0077
Listed By:
Matthew Regan · License #1650306
(973) 696-0077
Source:
Betterhomerealestate
Added: Dec 23, 2025
Changed: Aug 31
Last Checked: Aug 31 at 12:40AM
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 Keller Williams Prosperity Realty
Investment Insights
Based on property information with market context.
This 1,456-square-foot office condominium, built in 1989, offers two separate entrances, two half bathrooms, plumbing for a third, and a large garden-style window that brings natural light into the space. The property is zoned C-2 and includes development rights associated with approximately 3 remaining acres within a 5.46-acre condominium parcel.
Positioned along Route 46 west in Mount Olive Township, the property provides access to Route 80 and is minutes from Budd Lake and downtown Hackettstown. The site is particularly suited to religious use, with additional commercial applications identified in the offering. Existing seller plans include a previously approved proposal for a 6,000-square-foot office building and parking.
Positioned along Route 46 west in Mount Olive Township, the property provides access to Route 80 and is minutes from Budd Lake and downtown Hackettstown. The site is particularly suited to religious use, with additional commercial applications identified in the offering. Existing seller plans include a previously approved proposal for a 6,000-square-foot office building and parking.
Key Highlights
- 1,456 sq. ft. office condominium built in 1989
- Two separate entrances and two half bathrooms
- Plumbed for a third bathroom; large garden‑style window
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
$22,277
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
4.95%
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%
$445,540
$445.5K
Cap Rate 7%
$318,243
$318.2K
Cap Rate 9%
$247,522
$247.5K
Market Conditions
NOI Build-Up for 1,456 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
$43.7K $30.00/SF
− Vacancy
−$14.0K −$9.60/SF
EGI
$29.7K $20.40/SF
− OpEx
−$7.4K −$5.10/SF
NOI
$22.3K $15.30/SF
Area
Morris 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%
$445,540
Cap Rate 7%
$318,243
Cap Rate 9%
$247,522
Alternative Uses
Best Use
Office B
$318.2K
$278.5K – $371.3K
NOI $22,277 @ 7.0% cap · market cap 4.95%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$380.2K
$332.7K – $443.6K
NOI $26,613 @ 7.0% cap · market cap 5.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
30
Businesses Nearby
Explore this area
Business Placement
Demographics for 07828, NJ
14,473
Population
5,970
Households
2.4
Avg Household Size
39
Median Age
44%
College-Educated
95%
High-School Grad
14.2 sq mi
ZIP Area
1,019
Density / Sq Mi
$96,989
Median Household Income
$57,074
Median Earnings
$1,483
Median Rent
$433,200
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Office condominium with separate entrances, natural light, and additional development rights for commercial expansion.
Where is this office units located?
The property is located at 354 Route46 #1B Budd Lake, NJ.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: 1,456 sq. ft. office condominium built in 1989; Two separate entrances and two half bathrooms; Plumbed for a third bathroom; large garden‑style window
