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Lofts at Morristown 10 Ford Ave 37 Unit Apartment Building $14,800,000 ($400,000/Unit) 6% Cap Rate Morristown, NJ 07960
INVESTMENT HIGHLIGHTS
- Loft apartments are in high demand. High ceilings give a larger feel. We have had much success keeping this property fully occupied
EXECUTIVE SUMMARY
37 Units a short distance to train as well as the famous square. Completely converted warehouse converted into loft apartments 8 years ago.
FINANCIAL SUMMARY (ACTUAL - 2024) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
-
|
-
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$992,450
|
$22.51
|
| Taxes |
$219,000
|
$4.97
|
| Operating Expenses |
$54,000
|
$1.22
|
| Total Expenses |
$273,000
|
$6.19
|
| Net Operating Income |
$719,450
|
$16.32
|
FINANCIAL SUMMARY (ACTUAL - 2024)
| Gross Rental Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $992,450 |
| Annual Per SF | $22.51 |
| Taxes | |
|---|---|
| Annual | $219,000 |
| Annual Per SF | $4.97 |
| Operating Expenses | |
|---|---|
| Annual | $54,000 |
| Annual Per SF | $1.22 |
| Total Expenses | |
|---|---|
| Annual | $273,000 |
| Annual Per SF | $6.19 |
| Net Operating Income | |
|---|---|
| Annual | $719,450 |
| Annual Per SF | $16.32 |
PROPERTY FACTS Under Contract
| Price | $14,800,000 | Apartment Style | Low-Rise |
| Price Per Unit | $400,000 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.86 AC |
| Cap Rate | 6% | Building Size | 44,085 SF |
| Sale Condition | Bulk/Portfolio Sale | Average Occupancy | 100% |
| No. Units | 37 | No. Stories | 3 |
| Property Type | Multifamily | Year Built/Renovated | 1907/2016 |
| Property Subtype | Apartment | Parking Ratio | 0.86/1,000 SF |
| Zoning | RT - Residential | ||
| Price | $14,800,000 |
| Price Per Unit | $400,000 |
| Sale Type | Investment |
| Cap Rate | 6% |
| Sale Condition | Bulk/Portfolio Sale |
| No. Units | 37 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.86 AC |
| Building Size | 44,085 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built/Renovated | 1907/2016 |
| Parking Ratio | 0.86/1,000 SF |
| Zoning | RT - Residential |
AMENITIES
UNIT AMENITIES
- Storage Space
- Tile Floors
- Kitchen
- Refrigerator
- Oven
- Stainless Steel Appliances
- Range
- Tub/Shower
- Loft Layout
SITE AMENITIES
- 24 Hour Access
- Fitness Center
- Picnic Area
- Recycling
- Elevator
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+2 | 18 | - | 709 - 736 |
| 2+2 | 18 | - | 1,019 |
| 3+2 | 1 | - | 1,294 |
1 1
Walk Score®
Very Walkable (77)
PROPERTY TAXES
| Parcel Number | 24-03701-0000-00010 | Total Assessment | $13,966,900 (2025) |
| Land Assessment | $3,700,000 (2025) | Annual Taxes | $219,000 ($4.97/SF) |
| Improvements Assessment | $10,266,900 (2025) | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
24-03701-0000-00010
Land Assessment
$3,700,000 (2025)
Improvements Assessment
$10,266,900 (2025)
Total Assessment
$13,966,900 (2025)
Annual Taxes
$219,000 ($4.97/SF)
Tax Year
2024
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Lofts at Morristown | 10 Ford Ave
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