Multi-Tenant Office
New
For Sale
Contact for pricing
860 State Route 10, Randolph, NJ 07869
Three-story office property with a studio apartment, on-site parking, and OL zoning.
Property Size3,000 SF
Lot Size1.10 Acres
Price / SF$299
Days on Market6
Property Features for 860 State Route 10
General Information
Standard status
Active
Size
3,000 SF
Lot size
1.10 Acres
Property subtype
OFFICE
Zoning
Office/Laboratory (OL)
Additional Details
Utilities to Site
Yes
Amenities
Monument Signage
Building Details
Buildings
1
Stories
3
Building Size
3,000 SF
Tenancy
Multi
Listing Agency:
Newmark & Associates, Inc.
(201) 320-3430
Listed By:
Helene Elbaum
(201) 320-3430
Source:
Moodyscre
Added: Aug 4
Changed: Aug 9
Last Checked: Aug 9 at 4:30AM
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.
Located at 860 State Route 10 in Randolph, this three-story office property contains approximately 3000 square feet and is configured for multiple occupants. The property also includes a studio apartment and generates existing income.
The approximately 1.1-acre site is served by public water and septic. On-site parking, monument signage, and Route 10 exposure support the property's commercial presence. Zoning is designated Office/Laboratory (OL), providing the stated land-use classification for the property.
The approximately 1.1-acre site is served by public water and septic. On-site parking, monument signage, and Route 10 exposure support the property's commercial presence. Zoning is designated Office/Laboratory (OL), providing the stated land-use classification for the property.
Key Highlights
- Approximately 1.1 Acres
- Three‑story office property with approximately 3000 sf
- Multi‑tenant configuration with studio apartment and existing income
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
$45,900
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
5.10%
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%
$918,000
$918.0K
Cap Rate 7%
$655,714
$655.7K
Cap Rate 9%
$510,000
$510.0K
Market Conditions
NOI Build-Up for 3,000 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
$90.0K $30.00/SF
− Vacancy
−$28.8K −$9.60/SF
EGI
$61.2K $20.40/SF
− OpEx
−$15.3K −$5.10/SF
NOI
$45.9K $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 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%
$918,000
Cap Rate 7%
$655,714
Cap Rate 9%
$510,000
Alternative Uses
Best Use
Office B
$655.7K
$573.8K – $765.0K
NOI $45,900 @ 7.0% cap · market cap 5.10%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$783.4K
$685.4K – $913.9K
NOI $54,835 @ 7.0% cap · market cap 6.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
209
Businesses Nearby
Explore this area
Business Placement
Demographics for 07869, NJ
25,993
Population
9,124
Households
2.8
Avg Household Size
41
Median Age
69%
College-Educated
96%
High-School Grad
20.1 sq mi
ZIP Area
1,293
Density / Sq Mi
$170,862
Median Household Income
$80,799
Median Earnings
$1,772
Median Rent
$636,400
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 - Three-story office property with a studio apartment, on-site parking, and OL zoning.
Where is this office building located?
The property is located at 860 State Route 10 Randolph, NJ.
What is the asking price?
The asking price for this property is $899,999.
What are key features of this property?
This property features: Approximately 1.1 Acres; Three‑story office property with approximately 3000 sf; Multi‑tenant configuration with studio apartment and existing income
