Downtown Basking Ridge Office
For Sale
Contact for pricing
66 S Finley Ave, Basking Ridge, NJ 07920
Three-tenant office building in downtown Basking Ridge, fully occupied.
Property Size1,953 SF
Price / SF$496.67
Days on Market659
Property Features for 66 S Finley Ave
General Information
Standard status
Active
Size
1,953 SF
Property subtype
Mixed Use
Zoning
B 1 commercial
Occupancy
100%
Lease Type
Modified Gross
Investment Type
Net Lease
Net Operating Income
$55,817
Building Details
Year Renovated
2014
Buildings
1
Stories
3
Units
3
Tenancy
Multi
Listing Agency:
Location Realty Advisors LLC
Listed By:
Chris Castagno · License #DE RB -0020139
Source:
Crexi
Added: Nov 14, 2024
Changed: Aug 23
Last Checked: Sep 2 at 7:41PM
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 Location Realty Advisors LLC
Investment Insights
Based on property information with market context.
Available for the first time in 30 years, this three-tenant office building is located at the corner of South Finley and Henry Streets in Downtown Basking Ridge. The building is situated on the main corner downtown and has been fully occupied for 30 years. The property is well-maintained with no deferred maintenance. Current tenants include Edward Jones Investments, Wabba Travel, and Country Tailor. Two leases are gross plus taxes over base year, and the third is NN+ with taxes over base year. The building backs up to a free municipal parking lot and also offers street parking. In 2014, the building was renovated with Hardi-plank siding and a new roof. The property has a size of 1953 square feet.
Key Highlights
- Prime downtown location at the corner of South Finley and Henry Streets in Basking Ridge.
- Fully occupied with long‑term tenants (Edward Jones Investments, Wabba Travel, and Country Tailor) and zero vacancies for 30 years.
- Well‑maintained building with no deferred maintenance.
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
$29,881
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
3.08%
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%
$597,620
$597.6K
Cap Rate 7%
$426,871
$426.9K
Cap Rate 9%
$332,011
$332.0K
Market Conditions
NOI Build-Up for 1,953 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
$58.6K $30.00/SF
− Vacancy
−$18.7K −$9.60/SF
EGI
$39.8K $20.40/SF
− OpEx
−$10.0K −$5.10/SF
NOI
$29.9K $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 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%
$597,620
Cap Rate 7%
$426,871
Cap Rate 9%
$332,011
Alternative Uses
Best Use
Office B
$426.9K
$373.5K – $498.0K
NOI $29,881 @ 7.0% cap · market cap 3.08%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$510.0K
$446.2K – $595.0K
NOI $35,698 @ 7.0% cap · market cap 3.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
418
Businesses Nearby
Explore this area
Business Placement
Demographics for 07920, NJ
27,912
Population
10,943
Households
2.6
Avg Household Size
45
Median Age
74%
College-Educated
97%
High-School Grad
27.2 sq mi
ZIP Area
1,026
Density / Sq Mi
$184,630
Median Household Income
$101,310
Median Earnings
$2,330
Median Rent
$769,300
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-tenant office building in downtown Basking Ridge, fully occupied.
Where is this office building located?
The property is located at 66 S Finley Ave Basking Ridge, NJ.
What is the asking price?
The asking price for this property is $970,000.
What are key features of this property?
This property features: Prime downtown location at the corner of South Finley and Henry Streets in Basking Ridge.; Fully occupied with long‑term tenants (Edward Jones Investments, Wabba Travel, and Country Tailor) and zero vacancies for 30 years.; Well‑maintained building with no deferred maintenance.
