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Property profile & analytics
FOR LEASE
Commercial real estate
299 Cherry Hill Rd Parsippany, NJ 07054
Entity Owned
1-yr Hold
~
Est. High Equity
Property ID
US59-0273465
For Lease
1 / 10
$9,360,000
299 Cherry Hill Rd, Parsippany, NJ 07054
View Listing →
Property profile
Verified
Property type
Commercial real estate
Use group
COMMERCIAL (GENERAL)
Year built
1979
Total area
76,260 SF
Lot
5.86 ac (255,262 SF)
Zoning code
ROL
APN
29 00411-0000-00012
UPID
US59-0273465
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Vascular Health at Parsippany Medical Clinic Hospital
-
Austin P. Filis Accounting Firm Tax Preparation
-
Maglin Miskiv & Associates Accounting Firm Tax Preparation
-
Richard V. Miseo Accounting Firm Tax Preparation
-
Greenspot Charging Station Electric Vehicle Charging Station
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$8.78M
CAP Approach
CAP
$8.62M
Comparable Approach
Comparable
$8.67M
Blend (final)
Blend
$9.36M
Owner & transaction history
299 Cherry Hill Partners LLC · 1 yrs held
299 Cherry Hill Partners LLC
since 2025
Last sale
$10.2M
6 recorded transactions
Zoning & alternative use
ROL · Parsippany, NJ
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Parsippany submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Parsippany submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$9,705,000
ML approach
$8,775,000
CAP Approach
CAP Return
Estimation
6%
$9,330,000
6.5%
$8,615,000
7%
$8,000,000
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$14,245,000
Current use
INDUSTRIAL (GENERAL)
$13,635,000
Change: -4% · Conversion: Moderate
Blend value · Realmo final
$9.36M
Range $8.42M – $10.30M · ±10% · vs last sale $10.20M (Jan 28 2025)
Last sale anchor
$10.20M
Jan 28 2025
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$123 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2022Property tax & assessments
Tax year 2022
Tax billed
$152,384
Tax year 2022
Assessed value
$4,667,200
Assessed 2023
Previous assessed
$4,667,200
+0.0% YoY
Effective rate
3.26%
On assessed value
Assessed land
$3,516,000
Assessed improvement
$1,151,200
Land market value
$3,516,000
Improvement market value
$1,151,200
Total market value
$4,667,200
Applied tax rate
29.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Commercial real estate
Use group
COMMERCIAL (GENERAL)
Status
For Lease
Year built
1979
Heating
NONE
Stories
3
Total area
76,260 SF
Lot
5.86 ac (255,262 SF)
Zoning code
ROL
APN
29 00411-0000-00012
UPID
US59-0273465
Jurisdiction
MORRIS
Metro division
NEWARK-UNION, NJ-PA METROPOLITAN DIVISION
Zoning & alternative use
ROL · Parsippany, NJ
Zoning ROL · permitted uses
ROL · Parsippany, NJ
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Parsippany. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
COMMERCIAL (GENERAL) Current
Est. value
$14.2M
INDUSTRIAL (GENERAL)
Est. value
$13.6M
COMMERCIAL (GENERAL) Current
INDUSTRIAL (GENERAL)
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1979
Heating
NONE
Stories
3
Lot
5.86 ac
Current owner
From public records · entity-resolved
299 Cherry Hill Partners LLC
Entity
Mailing address
9 ENTIN RD STE #103, PARSIPPANY, NJ 07054-5000
Ownership since
2025
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
6 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jan 28, 2025
$10,200,000
299 Cherry Hill Partners LLC
Red River Lo 299 Cherry Hill Partne
Bargain & Sale Deed
$7,140,000 · First Commerce Bank
Oct 26, 2023
—
Red River Lo 299 Cherry Hill Partne
—
Deed
related
$1,400,000 · Oceanfirst Bank
Feb 17, 2022
—
Red River Lo 299 Cherry Hill Partne
—
Deed
related
$2,800,000 · Oceanfirst Bank
Feb 6, 2018
—
Red River-lo 299 Cherry Hill Ptrs LLC
—
Grant Deed
related
$8,000,000 · Ladder Cap Fin
Oct 10, 2014
$4,500,000
Red River Lo 299 Cherry Hill Partne
Po 299 Cherry Hill Office LLC
Intrafamily Transfer
related
$7,850,000 · Colfin Parsippany Funding LLC
Oct 4, 2012
—
Po 299 Cherry Hill Office LLC
299 Cherry Hill Road Assocs LP
Deed In Lieu Of Foreclosure
related
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
Try Rey
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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