Building Details

Building Size 16,000 SF

Stories 2

Units 4

Listing Agency: RE/MAX ACHIEVERS

Listed By: TONI ANN GONCALVES · License #16239 Show Phone

Source: Elliman

Added: Mar 27 Changed: Oct 13 Last Checked: Oct 20 at 7:21PM

Report an Issue

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 ACHIEVERS

Ask AI about this property

Review the available facts, identify missing information and prepare questions for the agent.

What should I ask the agent before proceeding? What information is missing from this listing?

Investment Insights

Based on property information with market context.

This medical office building is offered for sale and features multiple units, all of which are currently rented. The property is set on an over-2.5-acre site with a large, dedicated parking lot to support daily patient and staff access.

Located at 465 Union Ave in Finderne, NJ, the building is described as minutes from RWJ hospital. The provided walk and bike scores indicate a car-dependent area, which aligns with the site’s emphasis on parking.

As currently configured, the asset presents an occupied, income-producing medical office property with on-site parking and capacity for continued day-to-day operations.

Key Highlights

• Medical office building with multiple rented units
• More than 2.5‑acre site
• Large parking lot on‑site

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$244,800

Cap Rate

5.83%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$4,896,000 $4.9M

Cap Rate 7%

$3,497,143 $3.5M

Cap Rate 9%

$2,720,000 $2.7M

Is this asking price fair?

Market Conditions

NOI Build-Up for 16,000 SF

Gross rent

$480.0K $30.00/SF

− Vacancy

−$153.6K −$9.60/SF

EGI

$326.4K $20.40/SF

− OpEx

−$81.6K −$5.10/SF

NOI

$244.8K $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%

$4,896,000

Cap Rate 7%

$3,497,143

Cap Rate 9%

$2,720,000

Alternative Uses

Best Use

Office B

$3.50M

$3.06M – $4.08M (±1% cap)

NOI $244,800 @ 7.0% cap · market cap 5.83%

Second Best

Healthcare Medical

$3.40M

$2.98M – $3.97M (±1% cap)

NOI $238,234 @ 7.0% cap · market cap 5.67%

Theoretical Best

Office A

$4.18M

$3.66M – $4.87M (±1% cap)

NOI $292,454 @ 7.0% cap · market cap 6.96%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Medical Office Space

Suggested Use

Top Pick Building Supply Big Box & Wholesale Store Auto Parts Store Garden Center Furniture & Home Goods Storage Facility

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

100%

Occupancy

Location Intelligence

Trade Area within ½ mile

1,432

Businesses Nearby

Balanced

Demand for This Use

Explore this area Business Placement

Demographics for 08807, NJ

39,299

Population

14,302

Households

2.7

Avg Household Size

43

Median Age

61%

College-Educated

95%

High-School Grad

25.5 sq mi

ZIP Area

1,541

Density / Sq Mi

$165,983

Median Household Income

$79,480

Median Earnings

$2,092

Median Rent

$562,400

Median Home Value

Market

Vacancy Rate% for Office in Northeast region

13.1% 2019

15.4% 2020

17.6% 2021

19.1% 2022

20.2% 2023

20.9% 2024

19.9% 2025

Similar Off Market Nearby

• Goldman Lisa H DVM — 1074 US-22, Bridgewater, NJ 08807
• Miller Colleen DVM — 1074 US-22, Bridgewater, NJ 08807
• Piffer Linda J DVM — 1074 US-22, Bridgewater, NJ 08807
• Somerset Veterinary Group — 1074 US-22, Bridgewater, NJ 08807
• Laevey Susan T DVM — 1074 US-22, Bridgewater, NJ 08807

Frequently Asked Questions

What type of property is this?

Medical Office Space - Medical office building with multiple rented units and a large parking lot on an over-2.5-acre site.

Where is this medical office space located?

The property is located at 465 Union Ave Finderne, NJ.

What is the asking price?

The asking price for this property is $4,200,000.

What are key features of this property?

This property features: Medical office building with multiple rented units; More than 2.5‑acre site; Large parking lot on‑site