Fully Leased Office
For Sale
Contact for pricing
629 Parsippany Rd, Parsippany, NJ 07054
30,000 SF office building on 2.1 acres for sale.
Property Size30,000 SF
Lot Size2.10 Acres
Price / SF$166.67
Days on Market143
Property Features for 629 Parsippany Rd
General Information
Standard status
Active
Size
30,000 SF
Lot size
2.10 Acres
Property subtype
OFFICE
Listing Agency:
Newmark & Associates, Inc.
(973) 884-4444
Listed By:
Nancy Stanton-Tuckman
(973) 216-7107
Source:
Moodyscre
Added: May 26
Changed: Oct 5
Last Checked: Oct 15 at 2:01AM
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 Newmark & Associates, Inc.
Investment Insights
Based on property information with market context.
This is a fully leased office building with approximately 30,000 square feet of office space situated on 2.1 acres. The property benefits from a prime location in a high-traffic area and features prominent signage for high visibility. It offers easy access to Routes 287, 80, and 24. The building includes an elevator and ample covered parking. The zoning is B-2 Business, which may allow for a variety of commercial uses.
Key Highlights
- Fully Leased Office Building with 10 Years on Lease
- Approx. 30,000 sf of Office on 2.1 Acres
- Prime Location in High Traffic Area
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$459,000
Cap Rate
9.18%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$9,180,000
$9.2M
Cap Rate 7%
$6,557,143
$6.6M
Cap Rate 9%
$5,100,000
$5.1M
Market Conditions
NOI Build-Up for 30,000 SF
Gross rent
$900.0K $30.00/SF
− Vacancy
−$288.0K −$9.60/SF
EGI
$612.0K $20.40/SF
− OpEx
−$153.0K −$5.10/SF
NOI
$459.0K $15.30/SF
Area
Morris 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%
$9,180,000
Cap Rate 7%
$6,557,143
Cap Rate 9%
$5,100,000
Alternative Uses
Best Use
Office B
$6.56M
$5.74M – $7.65M
NOI $459,000 @ 7.0% cap · market cap 9.18%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.83M
$6.85M – $9.14M
NOI $548,352 @ 7.0% cap · market cap 10.97%
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
491
Businesses Nearby
Explore this area
Business Placement
Demographics for 07054, NJ
30,228
Population
12,497
Households
2.4
Avg Household Size
41
Median Age
61%
College-Educated
93%
High-School Grad
13.8 sq mi
ZIP Area
2,190
Density / Sq Mi
$107,955
Median Household Income
$69,061
Median Earnings
$1,725
Median Rent
$569,000
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?
Office building - 30,000 SF office building on 2.1 acres for sale.
Where is this office building located?
The property is located at 629 Parsippany Rd Parsippany, NJ.
What is the asking price?
The asking price for this property is $4,999,999.
What are key features of this property?
This property features: Fully Leased Office Building with 10 Years on Lease; Approx. 30,000 sf of Office on 2.1 Acres; Prime Location in High Traffic Area
