Prime Medical Park Corner
For Sale
Contact for pricing
502 Hamburg Turnpike #201-203A, Wayne, NJ 07470
Three versatile office units in a desirable medical park.
Property Size3,440 SF
Price / SF$232.27
Days on Market196
Property Features for 502 Hamburg Turnpike #201-203A
General Information
Standard status
Active
Size
3,440 SF
Property subtype
Office
Listing Agency:
Terrie O'Connor Realtors
(201) 825-0500
Listed By:
Linda Takach · License #NJ-8544991
Source:
Crexi
Added: Feb 7
Changed: Aug 8
Last Checked: Aug 21 at 3:59AM
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 Terrie O'Connor Realtors
Investment Insights
Based on property information with market context.
Three separate, versatile, consecutive corner offices are available in a prime medical park. The units, numbered 201-203, offer an excellent opportunity for buyers to occupy the space, expand their business, or for investors seeking rental income. The suites are spacious and bright, featuring high ceilings and walls of glass that create an open-concept feel. Suite 201 is a turn-key sale, beautifully decorated, and includes all furnishings. It offers a reception lounge, a conference room with seating for 10, a bar and fridge, a collaborative workstation, generously sized offices, and a state-of-the-art kitchen equipped with a refrigerator and microwave. Each suite has its own entrance and private bath. Suite 201 is now vacant and available for immediate possession. Suites 202-203 are currently leased to a chiropractor at $3,183 per month ($38,196 annually) with a 2-year lease and an option for 2 more years. Each suite is 1,100 square feet, totaling 3,440 square feet for all three units. Wayne Commons is a professional office complex in an ideal location with access to transportation, eateries, and shops. It is near major routes, St. Joseph and Wayne Hospitals, and approximately 20 miles from NYC. The complex offers networking opportunities with law, medical, and dental practices. Ample parking is available.
Key Highlights
- Prime medical park location with excellent exposure and convenient access to transportation, eateries, shops, major routes, and hospitals.
- Three separate, versatile corner office suites (Units 201‑203) offering flexibility for owner occupancy, business expansion, or investment.
- Suites 202‑203 are currently leased to a chiropractor generating $38,196 annual rental income with a lease and option for renewal.
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
$52,632
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
6.59%
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%
$1,052,640
$1.1M
Cap Rate 7%
$751,886
$751.9K
Cap Rate 9%
$584,800
$584.8K
Market Conditions
NOI Build-Up for 3,440 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
$103.2K $30.00/SF
− Vacancy
−$33.0K −$9.60/SF
EGI
$70.2K $20.40/SF
− OpEx
−$17.5K −$5.10/SF
NOI
$52.6K $15.30/SF
Area
Passaic 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%
$1,052,640
Cap Rate 7%
$751,886
Cap Rate 9%
$584,800
Alternative Uses
Best Use
Office B
$751.9K
$657.9K – $877.2K
NOI $52,632 @ 7.0% cap · market cap 6.59%
Second Best
Healthcare Medical
$731.7K
$640.3K – $853.7K
NOI $51,220 @ 7.0% cap · market cap 6.41%
Theoretical Best
Office A
$898.3K
$786.0K – $1.05M
NOI $62,878 @ 7.0% cap · market cap 7.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
995
Businesses Nearby
Explore this area
Business Placement
Demographics for 07470, NJ
55,284
Population
19,396
Households
2.9
Avg Household Size
43
Median Age
57%
College-Educated
96%
High-School Grad
23.9 sq mi
ZIP Area
2,313
Density / Sq Mi
$151,561
Median Household Income
$70,100
Median Earnings
$2,126
Median Rent
$596,700
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 units - Three versatile office units in a desirable medical park.
Where is this office units located?
The property is located at 502 Hamburg Turnpike #201-203A Wayne, NJ.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Prime medical park location with excellent exposure and convenient access to transportation, eateries, shops, major routes, and hospitals.; Three separate, versatile corner office suites (Units 201‑203) offering flexibility for owner occupancy, business expansion, or investment.; Suites 202‑203 are currently leased to a chiropractor generating $38,196 annual rental income with a lease and option for renewal.
