Four-Unit Professional Medical
For Sale
$1,399,000
515 Church St, Bound Brook, NJ 08805
Four-unit medical building for sale, fully leased, corner location.
Property Size7,226 SF
Lot Size0.60 Acres
Price / SF$193.61
Days on Market949
Property Features for 515 Church St
General Information
Standard status
Active
Size
7,226 SF
Lot size
0.60 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$20,167
Amenities
Central air
4+ Units Cooling
4+ Units Heating
Blacktop Driveway
Flat Roof
Parking Lot-Exclusive
Building Details
Year Built
1968
Listing Agency:
BHHS FOX & ROACH
(732) 469-1515
Listed By:
TIM DELUCCIA · License #8243435
(908) 938-6405
Source:
Corcoran
Added: Mar 12, 2024
Changed: Aug 10
Last Checked: Aug 10 at 2:32PM
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 BHHS FOX & ROACH
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Investment Insights
Based on property information with market context.
This is a four-unit professional medical building for sale, situated on a corner location. The property is 100% leased and offers abundant parking. It is suitable as an investment property or for an owner/user, particularly for medical or general office purposes. The location provides convenient access to Route 28, Route 22, I-287, and Robert Wood Johnson University Hospital Somerset. The property has a size of 7,226 square feet and a net operating income (NOI) of $89,626.48, representing a 6% capitalization rate.
Key Highlights
- 100% Leased: Provides immediate and consistent income stream.
- Excellent Investment Property: Highlighting its potential for financial returns.
- NOI: $89,626.48 and 6% CAP: Demonstrates strong financial performance.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$110,558
Cap Rate
7.90%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,211,160
$2.2M
Cap Rate 7%
$1,579,400
$1.6M
Cap Rate 9%
$1,228,422
$1.2M
Market Conditions
NOI Build-Up for 7,226 SF
Gross rent
$216.8K $30.00/SF
− Vacancy
−$69.4K −$9.60/SF
EGI
$147.4K $20.40/SF
− OpEx
−$36.9K −$5.10/SF
NOI
$110.6K $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%
$2,211,160
Cap Rate 7%
$1,579,400
Cap Rate 9%
$1,228,422
Alternative Uses
Best Use
Office B
$1.58M
$1.38M – $1.84M
NOI $110,558 @ 7.0% cap · market cap 7.90%
Second Best
Healthcare Medical
$1.54M
$1.34M – $1.79M
NOI $107,592 @ 7.0% cap · market cap 7.69%
Theoretical Best
Office A
$1.89M
$1.65M – $2.20M
NOI $132,080 @ 7.0% cap · market cap 9.44%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
882
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 08805, NJ
13,948
Population
5,524
Households
2.5
Avg Household Size
37
Median Age
33%
College-Educated
86%
High-School Grad
2.9 sq mi
ZIP Area
4,810
Density / Sq Mi
$84,201
Median Household Income
$41,874
Median Earnings
$1,859
Median Rent
$393,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Four-unit medical building for sale, fully leased, corner location.
Where is this medical office space located?
The property is located at 515 Church St Bound Brook, NJ.
What is the asking price?
The asking price for this property is $1,399,000.
What are key features of this property?
This property features: 100% Leased: Provides immediate and consistent income stream.; Excellent Investment Property: Highlighting its potential for financial returns.; NOI: $89,626.48 and 6% CAP: Demonstrates strong financial performance.
