Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    3219 Us Highway 46 Parsippany-Troy Hills, NJ 07054

    • Office Properties & Spaces
    • 54,619 SF
    For Lease
    View listing
    $21 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Office Properties & Spaces

    Property Details for 3219 Us Highway 46

    Property size
    54,619 SF
    Property type
    Office Properties & Spaces
    Property subtype
    Medical offices

    Description

    Parsippany Commons, located at 3219 US-46 in Parsippany-Troy Hills, NJ 07054, offers a prime opportunity for businesses seeking flexible office space in Morris County. This Class B, three-story building totaling 54,619 square feet underwent renovations in 2018 and features a variety of office configurations suitable for traditional, executive, medical, or professional practices. Multiple tenancy options are available, with spaces ranging from a minimum of 138 square feet to a maximum contiguous space of 8,417 square feet

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Parsippany-Troy Hills
    County
    Morris
    State
    New Jersey
    Longitude
    -74.4275
    Latitude
    40.8717

    Comparable in this City

    • Value Estimation by Request

      1719 Nj-10

      Office space
      1719 Nj-10, Parsippany-Troy Hills, NJ 07054
      View Details
    • Value Estimation by Request
      1,164 SF

      255 Baldwin Rd

      CONDOMINIUM OFFICES • 1,164 SF
      255 Baldwin Rd, Parsippany, NJ 07054-7501
      View Details
    • Value Estimation
      $1,945,000
      8,016 SF

      1735 Us Hwy 46

      CONDOMINIUM OFFICES • 8,016 SF
      1735 Us Hwy 46, Parsippany, NJ 07054-2913
      View Details
    • Value Estimation by Request
      1,579 SF

      22nd Hl Rd

      CONDOMINIUM OFFICES • 1,579 SF
      22nd Hl Rd, Parsippany, NJ 07054-1072
      View Details
    • Value Estimation by Request
      2,320 SF

      184 Parsippany Rd

      CONDOMINIUM OFFICES • 2,320 SF
      184 Parsippany Rd, Parsippany, NJ 07054-4708
      View Details
    • Value Estimation by Request
      1,840 SF

      164 Parsippany Rd

      CONDOMINIUM OFFICES • 1,840 SF
      164 Parsippany Rd, Parsippany, NJ 07054-4708
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      7.98 Acres

      Parsippany Office Suite - 7.98 Acres

      Prime Parsippany office space, ideal for professionals.
      959 Route 46, Parsippany, NJ 07054
      View Details
    • $779,000

      Idyllic 55+ Community Townhome

      Lovely 2-story townhome in a manicured 55+ community.
      72 Schindler Ct, Parsippany, NJ 07054
      View Details
    • Contact for pricing
      120,441 SF

      Parsippany Redevelopment Opportunity

      Redevelopment opportunity with easy access to major interchanges.
      11 Waterview Blvd, Parsippany, NJ 07054
      View Details
    • New
      $450,000
      15,624 SF

      Parsippany Retail Building on Route 46

      Two-story, seven-unit commercial building on 1.81 acres.
      1571 Route 46, Parsippany, NJ 07054
      View Details
    • $3,100,000
      4,000 SF

      Prime Retail Location on US 46

      High-visibility retail property with ample parking and easy access.
      1106 Route 46, Parsippany, NJ 07054
      View Details
    • $699,000

      Commercial Land Available

      Commercial land for sale.
      209 Raymound Blvd, Parsippany, NJ 07054
      View Details

    Similar Nearby for Lease

    • $21 SF/Yr
      54,619 SF

      Parsippany Office Space Available

      Modern Morris County office suites, 138-8,417 sq ft.
      3219 Us Highway 46, Parsippany-Troy Hills, NJ 07054
      View Details
    • $9 SF/Yr
      5,711 SF

      Parsippany Office Space for Lease

      Flexible workspace solutions in Morris County.
      1719 Nj-10, Parsippany-Troy Hills, NJ 07054
      View Details
    • Contact for pricing
      8,000 SF

      Prime Parsippany Medical Office Space

      8,000 SF Medical Building, Suites Available
      131 New Rd, Parsippany-Troy Hills, NJ 07054
      View Details
    • Contact for pricing
      1,912 SF

      Parsippany Office Building For Rent

      Three-story office building with renovated common areas and modern amenities.
      299 Cherry Hill Rd, Parsippany, NJ 07054
      View Details
    • Contact for pricing
      3,184 SF

      Parsippany Office Space For Rent

      39,000 SF three-story building with on-site management.
      3799 Us Highway 46, Parsippany, NJ 07054
      View Details
    • $20 SF/Yr
      7,123 SF

      Parsippany Medical Office Space Available

      Medical office space for lease in Parsippany, New Jersey.
      3699 Route 46, Parsippany, NJ 07054
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    3219 Us Highway 46
    Parsippany-Troy Hills, NJ 07054
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!