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    Property profile & analytics

    3 Wing Dr Hanover, NJ 07927

    • Office buildings
    • 65,400 SF
    • 5.46 lot acres
    For Lease
    View listing
    $17 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US59-0471938
    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

    • Schraft's 2.0 / Pharmacy
    • Netline Corporation / Business Management Consultant
    • Pixel / (Bike/Boat/Book/etc) Store / Corporate Office
    • Panurgy IT Solutions / Tech Support Center / IT Consulting Firm
    • Giblin Combs Cunningham & Masone / Law Firm

    Property Details for 3 Wing Dr

    Year built
    1980
    Lot size
    5.46 lot acres
    Property size
    65,400 SF
    Zone code
    IP
    Property type
    Office buildings
    APN
    12 01101-0000-00009
    APU
    1201101000000009

    Description

    This exceptional 5,327 square foot office suite, available September 1st, 2024, is located in a prestigious Cedar Knolls address with convenient access to major highways. The space features a sophisticated double glass door entry, a modern LVT reception area, four private perimeter offices, and two sizable conference rooms. A spacious eat-in kitchen and dedicated IT room add to the functionality. A large open bullpen area is ideal for cubicles, offering flexibility for various team configurations. The suite is fully built-out as a professional services office and is in excellent condition. Tenants are responsible for electricity usage. The building itself is a Class B, two-story structure built in 1980, encompassing 65,400 square feet. It offers ample natural light, drop ceilings, central heating and air conditioning, and a generous 328 surface parking spaces. The building is managed by a reputable Morris County landlord. The lease rate is $17.00 per square foot per year. This property presents a turnkey solution for businesses seeking a high-quality, well-appointed office space in a desirable location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $11,093,000
      Market price range: $11.1M - $17.4M
      AI Estimate
      $8,037,000
      Market price range: $6.67M - $16.2M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $13,695,000
      Current use
      INDUSTRIAL (GENERAL)
      $11,690,000
      Change: -15% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Cedar Knolls
    County
    Morris
    State
    New Jersey
    Longitude
    -74.4472
    Latitude
    40.8311
    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
    $137,410
    $1,441,300
    $5,058,700
    $6,500,000
    -
    $1,441,300
    $5,058,700
    $6,500,000

    Comparable in this City

    • Value Estimation
      $595,000
      4.54 Acres

      16 Wing Dr

      OFFICE BUILDING • 4.54 Acres
      16 Wing Dr, Cedar Knolls, NJ 07927-1023
      View Details
    • Value Estimation by Request
      6.36 Acres

      7 Ridgedale Ave

      OFFICE BUILDING • 6.36 Acres
      7 Ridgedale Ave, Cedar Knolls, NJ 07927-1120
      View Details
    • Value Estimation
      $530,000
      9.24 Acres

      Jefferson Rd

      OFFICE BUILDING • 9.24 Acres
      Jefferson Rd, Cedar Knolls, NJ 07927
      View Details
    • Value Estimation
      $3,775,000
      26,300 SF

      185 Ridgedale Ave

      OFFICE BUILDING • 26,300 SF
      185 Ridgedale Ave, Cedar Knolls, NJ 07927-1812
      View Details
    • Value Estimation by Request

      80 Horsehill Rd

      OFFICE BUILDING
      80 Horsehill Rd, Cedar Knolls, NJ 07927
      View Details
    • Value Estimation
      $785,000
      18.79 Acres

      80 Horsehill Rd

      OFFICE BUILDING • 18.79 Acres
      80 Horsehill Rd, Cedar Knolls, NJ 07927
      View Details

    Similar Nearby for Sale

    • Contact for pricing
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      9,999 SF

      Versatile Income-Producing Commercial Property

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      Pending

      Ridgedale Avenue Multifamily Opportunity

      Multifamily property for sale in Hanover Twp., NJ.
      104 Ridgedale Ave, Cedar Knolls, NJ 07927
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      3,000 SF

      Single Story Office Building

      Office building with on-site parking and convenient transportation access.
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    • Contact for pricing
      3,457 SF

      Renovated Office Space for Lease

      Class A office building with renovated common areas and ample space.
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      1,400 SF

      Three-Story Office Building For Rent

      70,400 SF office building with on-site bank branch.
      2 Ridgedale Ave, Cedar Knolls, NJ 07927
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    • $23 SF/Yr
      5,967 SF

      Office Space on Saddle Road

      Office suites available for lease near Morristown Medical Center.
      2 Saddle Rd, Cedar Knolls, NJ 07927
      View Details
    • $17 SF/Yr
      65,400 SF

      Prime Cedar Knolls Office Space

      Move-in ready suite, 5,327 sq ft
      3 Wing Dr, Hanover, NJ 07927
      View Details
    • $17 SF/Yr
      70,000 SF

      Hanover Office Building - Great Value

      Prime Hanover location, two units available.
      2 Ridgedale Ave, Hanover, NJ 07927
      View Details
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    3 Wing Dr
    Hanover, NJ 07927
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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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