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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    3 Century Dr Parsippany, NJ 07054

    • Commercial real estate
    • 68,203 SF
    • 5.01 lot acres
    For Lease
    View listing
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US59-0253217
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Dr. Gary Mouridy / Physician
    • Stephen Kelly, DO / Physician
    • Cheng-Teng Wang, MD / Physician
    • Abhijit Chatterjee M.D. / Geriatric Care Provider
    • Carol Pak-Teng, MD / Physician

    Property Details for 3 Century Dr

    Year built
    1974
    Lot size
    5.01 lot acres
    Property size
    68,203 SF
    Zone code
    ROL
    Property type
    Commercial real estate
    APN
    29 00202-0000-00001- 7
    APU
    29002020000000017

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $8,345,000
      6.5%
      $7,705,000
      7%
      $7,155,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $8,940,000
      Market price range: $7.75M - $19.7M
      AI Estimate
      $5,326,000
      Market price range: $2.02M - $12.5M

    • Alternative Use

      Use
      Estimation
      INDUSTRIAL (GENERAL)
      $12,195,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Parsippany
    County
    Morris
    State
    New Jersey
    Longitude
    -74.4525
    Latitude
    40.8494
    CBSA code
    35620
    CBSA name
    NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $194,635
    $3,006,000
    $2,809,200
    $5,815,200
    -
    $3,006,000
    $2,809,200
    $5,815,200

    Comparable in this City

    • Value Estimation by Request
      60,000 SF

      1515 Rte

      Retail properties • 60,000 SF
      1515 Rte, Parsippany-Troy Hills, NJ 07054
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    • Value Estimation by Request

      1140 Parsippany Blvd

      COMMERCIAL (GENERAL)
      1140 Parsippany Blvd, Parsippany, NJ 07054-1880
      View Details
    • Value Estimation by Request
      3.37 Acres

      311 Smith Rd, Unit 401

      COMMERCIAL (GENERAL) • 3.37 Acres
      311 Smith Rd, Parsippany, NJ 07054-2805
      View Details
    • Value Estimation by Request
      0.45 Acres

      1935 Us Hwy 46

      COMMERCIAL (GENERAL) • 0.45 Acres
      1935 Us Hwy 46, Parsippany, NJ 07054
      View Details
    • Value Estimation
      $585,000
      16.01 Acres

      30 Waterview Blvd

      COMMERCIAL (GENERAL) • 16.01 Acres
      30 Waterview Blvd, Parsippany, NJ 07054
      View Details
    • Value Estimation
      $25,845,000
      201,648 SF

      1123 Us Hwy 46

      COMMERCIAL (GENERAL) • 201,648 SF
      1123 Us Hwy 46, Parsippany, NJ 07054-2101
      View Details

    Similar Nearby for Sale

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      Redevelopment opportunity with easy access to major interchanges.
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      Commercial land for sale.
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    • $3,100,000
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      High-visibility retail property with ample parking and easy access.
      1106 Route 46, Parsippany, NJ 07054
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    • $2,750,000
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      Condo in busy strip mall leased by anchor tenant.
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      Retail Property on US Highway

      Retail property for sale on US Highway 46 in Parsippany.
      745 Us Highway 46, Parsippany, NJ 07054
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    Similar Nearby for Lease

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      56,455 SF

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      Prime Parsippany Medical Office Space

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      11,336 SF

      Parsippany Office Space Available

      Office space with highway access and on-site amenities.
      959 Us Highway 46, Parsippany, NJ 07054
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    • Contact for pricing
      15,317 SF

      Parsippany Office Space Available

      Office space available in a highly amenitized Parsippany building.
      389-399 Interpace Pkwy, Parsippany, NJ 07054
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    • Contact for pricing
      1,912 SF

      Parsippany Office Building For Rent

      Three-story office building with renovated common areas and modern amenities.
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      View Details
    • Contact for pricing
      52,432 SF

      Retail Space in Parsippany, NJ

      Highly visible retail location with affluent demographics and high traffic.
      3043-3101 Us Highway 46, Parsippany, NJ 07054
      View Details
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    3 Century Dr
    Parsippany, NJ 07054
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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
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