Two-Unit Office
For Sale
$599,000
38 N Gaston Ave #38, Somerville, NJ 08876
Each suite has a private bathroom and kitchen, supporting separate occupancy within one building.
Property Size3,000 SF
Price / SF$199.67
Days on Market161
Property Features for 38 N Gaston Ave #38
General Information
Standard status
Active
Size
3,000 SF
Total Parking Spaces
13
Property subtype
Commercial
Zoning
On File
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Office Units
2
Building Details
Building Size
3,000 SF
Year Built
1989
Buildings
1
Stories
2
Units
2
Listing Agency:
Premier Homes
(908) 245-6767
Listed By:
Juan Carlos Jijon Reza
Source:
Cammarotarealestate
Added: May 15
Changed: Oct 22
Last Checked: Oct 22 at 2:30PM
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 Premier Homes
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 3,000-square-foot office property contains two separate units, each with its own bathroom and kitchen. A full basement adds storage or usable area, and the building was constructed in 1989. The zoning designation is listed as “On File.”
The property is at 38 N. Gaston Ave in Somerville Boro, near Main Street, downtown Somerville, NJ Transit, Routes 22 and 202/206, and I-287. Thirteen dedicated parking spaces serve the property.
The property is at 38 N. Gaston Ave in Somerville Boro, near Main Street, downtown Somerville, NJ Transit, Routes 22 and 202/206, and I-287. Thirteen dedicated parking spaces serve the property.
Key Highlights
- Two office units, each with its own bathroom and kitchen
- 3,000 square feet of building area
- Full basement for storage or usable area
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$45,900
Cap Rate
7.66%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$918,000
$918.0K
Cap Rate 7%
$655,714
$655.7K
Cap Rate 9%
$510,000
$510.0K
Market Conditions
NOI Build-Up for 3,000 SF
Gross rent
$90.0K $30.00/SF
− Vacancy
−$28.8K −$9.60/SF
EGI
$61.2K $20.40/SF
− OpEx
−$15.3K −$5.10/SF
NOI
$45.9K $15.30/SF
Area
Somerset 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 Rate 5%
$918,000
Cap Rate 7%
$655,714
Cap Rate 9%
$510,000
Alternative Uses
Best Use
Office B
$655.7K
$573.8K – $765.0K
NOI $45,900 @ 7.0% cap · market cap 7.66%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$783.4K
$685.4K – $913.9K
NOI $54,835 @ 7.0% cap · market cap 9.15%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
2
Office units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,885
Businesses Nearby
Explore this area
Business Placement
Demographics for 08876, NJ
22,849
Population
9,717
Households
2.4
Avg Household Size
40
Median Age
56%
College-Educated
94%
High-School Grad
16.0 sq mi
ZIP Area
1,428
Density / Sq Mi
$120,823
Median Household Income
$70,464
Median Earnings
$1,776
Median Rent
$468,400
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Frequently Asked Questions
What type of property is this?
Office building - Each suite has a private bathroom and kitchen, supporting separate occupancy within one building.
Where is this office building located?
The property is located at 38 N Gaston Ave #38 Somerville, NJ.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: Two office units, each with its own bathroom and kitchen; 3,000 square feet of building area; Full basement for storage or usable area
