Freestanding Office
For Sale
$1,500,000
37 Progress Street, Edison, NJ 08820
COMMERCIAL - Edison, NJ
Property Size5,815 SF
Lot Size0.13 Acres
Price / SF$257.95
Days on Market178
Property Features for 37 Progress Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
RI
Parking
80
Parking features
On Street, Parking Lot
Interior features
Carpeting, Dropped Ceiling, Elevator
Accessibility
Accessible Elevator Installed
Lot features
Near Public Transit, Near Shopping, Near Train, Residential Area
Standard status
Active
APN
0500412010001801C0012
Size
5,815 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Year
2023
Tax Annual Amount
36482
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1984
Floors in Building
1
Flooring type
Dropped ceiling, Carpet, Elevator
Building materials
Brick
Listing Agency:
EXP REALTY, LLC
(866) 201-6210
Listed By:
Poonacha Bollera
(866) 201-6210
Added: Feb 16
Changed: Aug 4
Last Checked: Aug 13 at 3:06AM
MLS# 2610909R
Copyright © 2026 All Jersey MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This for-sale commercial property consists of a freestanding office building totaling 5,815 square feet on a 0.1335-acre lot. The offering is supported by municipal zoning classification of RI, providing a straightforward framework for evaluating fit under local regulations.
The property is located at 37 Progress Street in Edison, New Jersey 08820, in Middlesex County. As a single building offering on its own parcel, it offers a direct ownership structure for parties seeking a manageable footprint in a defined location.
Given the building size and office-oriented use implied by the property type, this is a practical consideration for owner-occupants and small businesses evaluating an owned workspace in Edison. Buyers should review RI zoning and confirm permitted uses and any site-specific requirements with the appropriate local authorities as part of their due diligence.
The property is located at 37 Progress Street in Edison, New Jersey 08820, in Middlesex County. As a single building offering on its own parcel, it offers a direct ownership structure for parties seeking a manageable footprint in a defined location.
Given the building size and office-oriented use implied by the property type, this is a practical consideration for owner-occupants and small businesses evaluating an owned workspace in Edison. Buyers should review RI zoning and confirm permitted uses and any site-specific requirements with the appropriate local authorities as part of their due diligence.
Key Highlights
- 1984 construction with brick exterior
- Central air and forced‑air heating
- Accessible elevator installed
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
$94,988
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
6.33%
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%
$1,899,760
$1.9M
Cap Rate 7%
$1,356,971
$1.4M
Cap Rate 9%
$1,055,422
$1.1M
Market Conditions
NOI Build-Up for 5,815 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
$153.5K $26.40/SF
− Vacancy
−$26.9K −$4.62/SF
EGI
$126.7K $21.78/SF
− OpEx
−$31.7K −$5.44/SF
NOI
$95.0K $16.33/SF
Area
Edison, NJ
Vacancy
17.50%
Lease Rate
$26.40 /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%
$1,899,760
Cap Rate 7%
$1,356,971
Cap Rate 9%
$1,055,422
Alternative Uses
Best Use
Office B
$1.36M
$1.19M – $1.58M
NOI $94,988 @ 7.0% cap · market cap 6.33%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.88M
$1.65M – $2.20M
NOI $131,923 @ 7.0% cap · market cap 8.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
577
Businesses Nearby
Explore this area
Business Placement
Demographics for 08820, NJ
41,169
Population
13,215
Households
3.1
Avg Household Size
42
Median Age
71%
College-Educated
93%
High-School Grad
10.4 sq mi
ZIP Area
3,959
Density / Sq Mi
$168,453
Median Household Income
$86,386
Median Earnings
$1,925
Median Rent
$597,700
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 building - For sale freestanding office building on a small lot, suited for owner-occupants and small-scale commercial uses.
Where is this office building located?
The property is located at 37 Progress Street Edison, NJ.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: 1984 construction with brick exterior; Central air and forced‑air heating; Accessible elevator installed
