Professional Office
For Sale
$575,000
438 Main St, Spotswood, NJ 08884
One-level office property with private offices, conference space, client reception, storage, and on-site parking.
Property Size1,284 SF
Price / SF$447.82
Days on Market18
Property Features for 438 Main St
General Information
Standard status
Active
Size
1,284 SF
Taxes and HOA fees
Annual Taxes
$10,496
Listing Agency:
RE/MAX 1st ADVANTAGE
(732) 827-5344
Listed By:
ROBERT DEKANSKI · License #232901
Source:
Exprealty
Added: Aug 6
Changed: Aug 22
Last Checked: Aug 22 at 10:06AM
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 RE/MAX 1st ADVANTAGE
Investment Insights
Based on property information with market context.
This one-level office building is configured for professional operations, with a reception area, waiting area, conference room, three private offices, kitchenette, and two half bathrooms. Hardwood flooring, recessed lighting, shadow box molding, neutral finishes, central air conditioning, and forced hot air contribute to a finished workplace environment. A full unfinished basement and pull-down attic access provide additional storage capacity.
The property includes a private parking lot accommodating 10+ vehicles, a freestanding business sign, and an ADA-accessible ramp. The building is currently operating as a professional law office and is located at 438 Main St in Spotswood, NJ, near public transportation, shopping, dining, and other local amenities.
The property includes a private parking lot accommodating 10+ vehicles, a freestanding business sign, and an ADA-accessible ramp. The building is currently operating as a professional law office and is located at 438 Main St in Spotswood, NJ, near public transportation, shopping, dining, and other local amenities.
Key Highlights
- Three private offices plus reception, waiting, and conference areas
- Private on‑site parking lot accommodating 10+ vehicles
- Full unfinished basement and pull‑down attic access for storage
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
$19,645
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
3.42%
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%
$392,900
$392.9K
Cap Rate 7%
$280,643
$280.6K
Cap Rate 9%
$218,278
$218.3K
Market Conditions
NOI Build-Up for 1,284 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
$38.5K $30.00/SF
− Vacancy
−$12.3K −$9.60/SF
EGI
$26.2K $20.40/SF
− OpEx
−$6.5K −$5.10/SF
NOI
$19.6K $15.30/SF
Area
Middlesex 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%
$392,900
Cap Rate 7%
$280,643
Cap Rate 9%
$218,278
Alternative Uses
Best Use
Office B
$280.6K
$245.6K – $327.4K
NOI $19,645 @ 7.0% cap · market cap 3.42%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$335.3K
$293.4K – $391.2K
NOI $23,469 @ 7.0% cap · market cap 4.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
392
Businesses Nearby
Explore this area
Business Placement
Demographics for 08884, NJ
8,185
Population
3,318
Households
2.5
Avg Household Size
45
Median Age
34%
College-Educated
91%
High-School Grad
2.3 sq mi
ZIP Area
3,559
Density / Sq Mi
$101,125
Median Household Income
$57,834
Median Earnings
$1,097
Median Rent
$358,100
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 - One-level office property with private offices, conference space, client reception, storage, and on-site parking.
Where is this office building located?
The property is located at 438 Main St Spotswood, NJ.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: Three private offices plus reception, waiting, and conference areas; Private on‑site parking lot accommodating 10+ vehicles; Full unfinished basement and pull‑down attic access for storage
