Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Spacious Apartment Near Downtown Madison Title is generated by Realmo AI

    358 Woodland Rd 2, Madison, NJ 07940

    View on Map
    Claim this Listing
    For Lease
    $3,050 /Mo

    Two-bedroom apartment with office, new kitchen, near downtown Madison.

    Type:Multi Family
    Added:
    May 15, 2026
    Days on Market:
    13
    Last Refresh:
    May 15 at 11:20 am

    Property Features for 358 Woodland Rd 2

    General Information

    Standard status
    Active
    Property subtype
    Multi Family

    Building Details

    Year Built
    1960

    We can help!

    Listing Contact
    MICHELLE SCALERA

    Listing agent MICHELLE SCALERA

    Listing office

    Listing date May 15, 2026

    Source Elliman

    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 MICHELLE SCALERA

    HighLights

    • Terrific location close to Downtown Madison and Train
    • Brand new, large eat‑in kitchen with stainless steel appliances
    • Washer/Dryer in unit
    • Two bedrooms plus additional office space
    • Finished extra room in basement for office or storage
    • Brand new hardwood floors and bathroom

    Overview

    This is a spacious second-floor apartment featuring two bedrooms and an additional office. The unit includes a new, large eat-in kitchen equipped with stainless steel appliances. New hardwood floors and recessed lighting enhance the interior. A new bathroom and a washer/dryer unit are also included. The apartment has a finished extra room in the basement suitable for use as an office or for storage. Additional storage is available via pull-down attic stairs. Plenty of parking is available. Residents can enjoy an enclosed shared front porch and a yard suitable for barbecues. The property is located in a terrific location near downtown Madison and the train. The bike score is 45, indicating it is somewhat bikeable, and the walk score is 59, indicating it is somewhat walkable. Small pets are negotiable.
    Location Intelligence

    Current Use by Public Records

    GAB Painting & Home ... General Contractor

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Madison
    County
    Morris
    State
    New Jersey
    Longitude
    -74.4293624
    Latitude
    40.7541033

    Nearby Similar for Lease

    • $2,500/Mo
      2,500 SF

      Prime Retail Space Available

      Established retail space in a high-traffic downtown location.
      19 Central Ave, Madison Boro, NJ 07940
      View Details
    • $1,200/Mo
      1,800 SF

      Renovated Commercial Space on Main

      Newly renovated commercial space with private parking in Madison.
      242 Main St, Madison Boro, NJ 07940
      View Details
    • Contact for pricing
      1,908 SF

      Madison Retail Space For Lease

      1,908 SF retail space ideal for restaurants and retail.
      14 Lincoln Pl, Madison, NJ 07940
      View Details
    • $1,000/Mo

      Updated Office Space For Rent

      Professional office space available in a prime location.
      52 Main St, Madison Boro, NJ 07940
      View Details
    • $6,500/Mo

      Townhouse Near Downtown Amenities

      Townhouse with open concept, master suite, and three-car garage.
      63 Ridgedale Ave B, Madison, NJ 07940-1216
      View Details
    • Contact for pricing
      215,000 SF

      Class A Office Property

      Class A office property with fitness center and cafeteria.
      5 Giralda Farms, Madison, NJ, 07940
      View Details
    • $5,000/Mo
      4,000 SF

      Prime Madison Commercial Space Available

      Two-story commercial space in Madison's heart, ideal for various businesses.
      269 Main St, Madison Boro, NJ 07940
      View Details
    • Contact for pricing

      Office Space Available For Rent

      Office space available for rent at 7 Giralda Farms.
      7 Giralda Farms, #320, Madison, NJ 07940
      View Details
    • $3,400/Mo

      Downtown Retail Space For Rent

      Retail space in the heart of the historic district.
      63 Main St, Madison Boro, NJ 07940
      View Details
    • $25 SF/Yr
      5,040 SF

      Colonial Style Office Building

      Two-story office building with elevator and ample parking.
      178 Main St, Madison, NJ
      View Details
    • $27 SF/Yr
      1,500 SF

      Office Space Near Madison Station

      Office space for lease near transportation and downtown Madison.
      25 Green Vlg Rd, Madison, NJ
      View Details
    • Contact for pricing
      1,300 SF

      Charming Historic Retail Space

      Ground floor retail with basement storage in historic district.
      1 Waverly Pl, Madison, NJ
      View Details

    FAQs

    What type of property is this?
    Multifamily property - Two-bedroom apartment with office, new kitchen, near downtown Madison.
    Where is this multifamily property located?
    The property is located at 358 Woodland Rd 2 Madison, NJ.
    What is the lease rate?
    The lease rate is $3,050 /Mo.
    What are key features of this property?
    This property features: Terrific location close to Downtown Madison and Train; Brand new, large eat‑in kitchen with stainless steel appliances; Washer/Dryer in unit
    (908) 273-1900
    We can help!
    Listing Contact
    MICHELLE SCALERA
    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

    Thank You for Inquiry
    358 Woodland Rd 2, Madison, NJ 07940-2424
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!