Medical Office Condo Near
For Sale
$500,000
534 Ave, Bayonne, NJ 07002
2,000 SF condo with exam rooms near train station.
Property Size2,000 SF
Price / SF$250
Days on Market139
Property Features for 534 Ave
General Information
Standard status
Active
Size
2,000 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$12,024
Building Details
Building Size
2,000 SF
Year Built
1948
Stories
2
Units
1
Listing Agency:
BHHS FOX & ROACH
(973) 454-3218
Listed By:
ROMAN DRUKAROV · License #298368
Source:
Elliman
Added: Apr 15
Changed: Aug 25
Last Checked: Aug 30 at 9:37PM
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
Investment Insights
Based on property information with market context.
Available for sale is a 2,000-square-foot condo, designated as Condo 2A, situated on the second floor. This unit comprises 15 rooms, including 3 exam rooms, 3 offices, a lab and file storage room, a kitchenette, a waiting area, a reception area, a file room, a storage area, one ADA-compliant bathroom, and one employee bathroom. The exam rooms and kitchenette are equipped with cabinets and running water. The office is approved for procedures. The property is located directly outside of the 34th Street train station and benefits from a large shared parking lot. The Homeowner's Association fees are $600 per month, and the taxes are approximately $1,000 per month. The property has a walk score of 87, indicating it is very walkable, a transit score of 68, indicating good transit options, and a bike score of 52, indicating it is bikeable. There is a possibility to purchase the adjacent 2,200-square-foot condo (2B), which features 10 rooms, 2 bathrooms, and 2 entrances. The sale of Condo 2B is contingent upon the purchase of Condo 2A.
Key Highlights
- Prime location directly outside the 34th Street train station.
- 2,000 sqft condo with 15 rooms, including 3 exam rooms, 3 offices, lab, and kitchenette.
- Office is approved for procedures.
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
$30,600
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
6.12%
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%
$612,000
$612.0K
Cap Rate 7%
$437,143
$437.1K
Cap Rate 9%
$340,000
$340.0K
Market Conditions
NOI Build-Up for 2,000 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
$60.0K $30.00/SF
− Vacancy
−$19.2K −$9.60/SF
EGI
$40.8K $20.40/SF
− OpEx
−$10.2K −$5.10/SF
NOI
$30.6K $15.30/SF
Area
Hudson 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%
$612,000
Cap Rate 7%
$437,143
Cap Rate 9%
$340,000
Alternative Uses
Best Use
Office B
$437.1K
$382.5K – $510.0K
NOI $30,600 @ 7.0% cap · market cap 6.12%
Second Best
Healthcare Medical
$425.4K
$372.2K – $496.3K
NOI $29,779 @ 7.0% cap · market cap 5.96%
Theoretical Best
Warehouse
$724.2K
$633.7K – $844.9K
NOI $50,695 @ 7.0% cap · market cap 10.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,276
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 07002, NJ
71,686
Population
30,161
Households
2.4
Avg Household Size
38
Median Age
40%
College-Educated
91%
High-School Grad
5.8 sq mi
ZIP Area
12,360
Density / Sq Mi
$81,285
Median Household Income
$51,157
Median Earnings
$1,593
Median Rent
$446,100
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?
Medical Office Space - 2,000 SF condo with exam rooms near train station.
Where is this medical office space located?
The property is located at 534 Ave Bayonne, NJ.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: Prime location directly outside the 34th Street train station.; 2,000 sqft condo with 15 rooms, including 3 exam rooms, 3 offices, lab, and kitchenette.; Office is approved for procedures.
