Two-Story Office
For Sale
Contact for pricing
80 Morris Ave, Springfield, NJ 07081
Office property with separate entrances, on-site parking, and access to major highways.
Property Size8,000 SF
Price / SF$262.50
Days on Market144
Property Features for 80 Morris Ave
General Information
Standard status
Active
Size
8,000 SF
Class
B
Total Parking Spaces
30
Property subtype
Office
Site & Location
Highway Access
Yes
Road Access
Yes
Building Details
Year Built
1955
Year Renovated
1983
Buildings
1
Stories
2
Building Size
8,000 SF
Listing Agency:
Chilmark Real Estate Services
Listed By:
Michael Marchese · License #444444
Source:
Crexi
Added: Apr 9
Changed: Aug 30
Last Checked: Aug 30 at 2:19AM
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 Chilmark Real Estate Services
Investment Insights
Based on property information with market context.
This two-story office building contains 8,000 square feet and was built in 1955. Two separate entrances support distinct access points within the property, while on-site parking accommodates 30 cars.
The building is located on Morris Ave in Springfield, New Jersey, with access to all major highways. Its two-level configuration and existing parking provide a practical foundation for office use.
The building is located on Morris Ave in Springfield, New Jersey, with access to all major highways. Its two-level configuration and existing parking provide a practical foundation for office use.
Key Highlights
- 8,000‑square‑foot office building
- Two‑story configuration with 2 separate entrances
- On‑site parking for 30 cars
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
$122,400
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
5.83%
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%
$2,448,000
$2.4M
Cap Rate 7%
$1,748,571
$1.7M
Cap Rate 9%
$1,360,000
$1.4M
Market Conditions
NOI Build-Up for 8,000 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
$240.0K $30.00/SF
− Vacancy
−$76.8K −$9.60/SF
EGI
$163.2K $20.40/SF
− OpEx
−$40.8K −$5.10/SF
NOI
$122.4K $15.30/SF
Area
Union 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%
$2,448,000
Cap Rate 7%
$1,748,571
Cap Rate 9%
$1,360,000
Alternative Uses
Best Use
Office B
$1.75M
$1.53M – $2.04M
NOI $122,400 @ 7.0% cap · market cap 5.83%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.09M
$1.83M – $2.44M
NOI $146,227 @ 7.0% cap · market cap 6.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,225
Businesses Nearby
Explore this area
Business Placement
Demographics for 07081, NJ
17,200
Population
6,844
Households
2.5
Avg Household Size
43
Median Age
64%
College-Educated
95%
High-School Grad
5.2 sq mi
ZIP Area
3,308
Density / Sq Mi
$146,059
Median Household Income
$70,781
Median Earnings
$2,135
Median Rent
$590,600
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 building - Office property with separate entrances, on-site parking, and access to major highways.
Where is this office building located?
The property is located at 80 Morris Ave Springfield, NJ.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: 8,000‑square‑foot office building; Two‑story configuration with 2 separate entrances; On‑site parking for 30 cars
