Renovated Medical Office For
For Sale
Contact for pricing
375 State Route 10, Whippany, NJ
5,100 sqft+ renovated medical office space with 30 parking spaces.
Property Size5,100 SF
Lot Size0.75 Acres
Price / SF$235.29
Days on Market1109
Property Features for 375 State Route 10
General Information
Standard status
Active
Size
5,100 SF
Lot size
0.75 Acres
Property subtype
OFFICE
Listing Agency:
Cervelli Real Estate & Property Management
(551) 200-3787
Listed By:
Gary Baez · License #1434899
(551) 200-3787
Source:
Moodyscre
Added: Aug 1, 2023
Changed: Aug 10
Last Checked: Aug 13 at 4:32AM
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 Cervelli Real Estate & Property Management
Investment Insights
Based on property information with market context.
This property offers over 5,100 square feet of medical office space and has been completely renovated within the past 4 years. The site includes 30 parking spaces.
Key Highlights
- 5,100sqft+ medical office space available
- Completely renovated within the past 4 years
- 30 parking spaces on site, plus additional on site parking
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
$78,030
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
6.50%
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%
$1,560,600
$1.6M
Cap Rate 7%
$1,114,714
$1.1M
Cap Rate 9%
$867,000
$867.0K
Market Conditions
NOI Build-Up for 5,100 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
$153.0K $30.00/SF
− Vacancy
−$49.0K −$9.60/SF
EGI
$104.0K $20.40/SF
− OpEx
−$26.0K −$5.10/SF
NOI
$78.0K $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%
$1,560,600
Cap Rate 7%
$1,114,714
Cap Rate 9%
$867,000
Alternative Uses
Best Use
Office B
$1.11M
$975.4K – $1.30M
NOI $78,030 @ 7.0% cap · market cap 6.50%
Second Best
Healthcare Medical
$1.08M
$949.2K – $1.27M
NOI $75,937 @ 7.0% cap · market cap 6.33%
Theoretical Best
Office A
$1.33M
$1.17M – $1.55M
NOI $93,220 @ 7.0% cap · market cap 7.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
438
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Whippany Veterinary Hospital and Animal Laser Center — 539 NJ-10, Whippany, NJ 07981
- Longevity Veterinary Center, Holistic Pet Care — 265 NJ-10, Whippany, NJ 07981
- Longevity Veterinary Center — 265 NJ-10 East, Whippany, NJ 07981
Frequently Asked Questions
What type of property is this?
Medical Office Space - 5,100 sqft+ renovated medical office space with 30 parking spaces.
Where is this medical office space located?
The property is located at 375 State Route 10 Whippany, NJ.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 5,100sqft+ medical office space available; Completely renovated within the past 4 years; 30 parking spaces on site, plus additional on site parking
