New Office Units with Private
For Sale
Contact for pricing
715 Somerset St, Somerset, NJ 08873
Newly built office units provide private offices within a mixed-use downtown building.
Property Size5,978 SF
Price / SF$0.25
Days on Market80
Property Features for 715 Somerset St
General Information
Standard status
Active
Size
5,978 SF
Amenities
individual private offices
Listing Agency:
REALTY ONE GROUP OPEN DOOR
Listed By:
GIANNA CROCITTO
(732) 410-5699
Source:
Luminancerealty
Added: Jul 30
Changed: Oct 15
Last Checked: Oct 5 at 8:07PM
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 REALTY ONE GROUP OPEN DOOR
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Investment Insights
Based on property information with market context.
These office units total 5,978 square feet and are arranged with established individual private offices within a multifunctional layout. The space is described as brand new and is located in a mixed-use building.
The property occupies a downtown setting with exposure to about 20,000 cars passing by each day. The building houses local businesses, adding an established commercial presence to the surrounding environment.
The property occupies a downtown setting with exposure to about 20,000 cars passing by each day. The building houses local businesses, adding an established commercial presence to the surrounding environment.
Key Highlights
- 5,978 SF of office space
- Individual private offices already established
- Multifunctional office layout
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$91,463
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,829,260
$1.8M
Cap Rate 7%
$1,306,614
$1.3M
Cap Rate 9%
$1,016,256
$1.0M
Market Conditions
NOI Build-Up for 5,978 SF
Gross rent
$179.3K $30.00/SF
− Vacancy
−$57.4K −$9.60/SF
EGI
$122.0K $20.40/SF
− OpEx
−$30.5K −$5.10/SF
NOI
$91.5K $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%
$1,829,260
Cap Rate 7%
$1,306,614
Cap Rate 9%
$1,016,256
Alternative Uses
Best Use
Office B
$1.31M
$1.14M – $1.52M
NOI $91,463 @ 7.0% cap · market cap 6,097.53%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.56M
$1.37M – $1.82M
NOI $109,268 @ 7.0% cap · market cap 7,284.53%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
146
Businesses Nearby
Explore this area
Business Placement
Demographics for 08873, NJ
55,500
Population
22,142
Households
2.5
Avg Household Size
42
Median Age
54%
College-Educated
93%
High-School Grad
32.1 sq mi
ZIP Area
1,729
Density / Sq Mi
$117,866
Median Household Income
$61,727
Median Earnings
$1,942
Median Rent
$438,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Northeast region
Frequently Asked Questions
What type of property is this?
Office units - Newly built office units provide private offices within a mixed-use downtown building.
Where is this office units located?
The property is located at 715 Somerset St Somerset, NJ.
What are key features of this property?
This property features: 5,978 SF of office space; Individual private offices already established; Multifunctional office layout
