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    6 Hilltop Rd Mendham Borough, NJ 07945

    Sponsored
    For Lease
    $24 SF/Yr

    Prime Morris County office space, multiple suites available.

    Lot size:
    4,353 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    408
    Located at 6 Hilltop Road in Morris County, this property offers multiple traditional office suites available for lease. The building is situated in the Historic Business District (Block 1501, Lot 41) and features convenient on-site parking. There are 21 parking spaces directly adjacent to a municipal lot, ensuring ample parking for tenants and their clients. Each suite includes its own bathroom, providing privacy and convenience. The property is zoned for business use. The lease includes real estate taxes; however, tenants are responsible for all utilities. This presents a fantastic opportunity for businesses seeking well-maintained office space in a desirable location with convenient parking and included real estate taxes. The property type is listed as Retail and Office, but the subtype is specifically Traditional Office. The building is well-suited for a variety of businesses seeking a comfortable and functional workspace in a historic district. Interested parties are encouraged to inquire for further details and availability. The property is ideal for businesses seeking a blend of historical charm and modern convenience. The included real estate taxes offer a significant advantage, reducing overall operating costs. The ample parking ensures ease of access for employees and clients alike.

    Property Features for 6 Hilltop Rd

    General Information

    Property type
    Office Properties & Spaces
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    4,353 SF

    Unit(s) available at that property

    Space
    Suite 1
    Size
    1,177 SF
    Rate per SF
    $24
    Space
    Suite 2
    Size
    1,024 SF
    Rate per SF
    $24
    Space
    Suite 4
    Size
    852 SF
    Rate per SF
    $24
    Space
    Main Building
    Size
    1,300 SF
    Rate per SF
    $24

    We can help!

    Listing Contact
    Peter Wisniewski
    Peter Wisniewski

    Learn more

    Property Insight Report

    HighLights

    • Block 1501, Lot 41.
    • Historic Business District zoning.
    • Tenant pays all utilities.
    • Real estate taxes included in rent.
    • 21 on‑site parking spaces plus municipal lot access.
    • One bathroom per suite.
    Property Profile Location Intelligence

    Current Use by Public Records

    Grand Bazaar Antique Store Florist Mendham NJ ... Florist

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Mendham Borough
    County
    Morris
    State
    New Jersey
    Longitude
    -74.6003559
    Latitude
    40.7752345

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    FAQs

    What type of property is this?
    Office Property / Space - Prime Morris County office space, multiple suites available.
    Where is this office property / space located?
    The property is located at 6 Hilltop Rd Mendham Borough, NJ.
    What is the lease rate?
    The lease rate is $24-$24 SF/Yr.
    What are key features of this property?
    This property features: Block 1501, Lot 41.; Historic Business District zoning.; Tenant pays all utilities.
    Request Owner's contact information
    6 Hilltop Rd Mendham Borough, NJ 07945
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    Mendham Borough, NJ 07945
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    6 Hilltop Rd Mendham Borough, NJ 07945
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    We can help!
    Listing Contact
    Peter Wisniewski
    Peter Wisniewski
    Real Estate License ID: NJ 8542500
    Learn more
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