Building Details

Building Size 16,000 SF

Year Built 9999

Stories 2

Units 4

Listing Agency: Re/Max Achievers

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

Source: Elliman

Added: Mar 27 Changed: Aug 26 Last Checked: Sep 6 at 12:16PM

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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

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 = 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

$244,800

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

5.83%

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%

$4,896,000 $4.9M

Cap Rate 7%

$3,497,143 $3.5M

Cap Rate 9%

$2,720,000 $2.7M

Market Conditions

NOI Build-Up for 16,000 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

$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 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%

$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.

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

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this medical office space located? What is the asking price? Find similar properties What are key features of this property?

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• 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