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Penn Cardiology MOB | 2.5% Buyside Fee 1076 E Chestnut Ave 14,450 SF Office Building Vineland, NJ 08360 $4,358,000 ($301.59/SF) 6.75% Cap Rate
INVESTMENT HIGHLIGHTS
- Institutional Health System Tenancy: The property is leased to Penn Medicine, a premier academic health system comprising six acute-care hospitals
- Contractual Rent Growth: The lease includes fixed 2.75% annual rental escalations, delivering predictable income growth
- Strategic Location with Proximity to Major Healthcare Hub: Located along Chestnut Avenue just off NJ Route 55
- Triple Net (NNN) Lease: The lease is structured on a NNN basis, placing taxes, insurance, and maintenance responsibilities on the tenant.
- Affluent Surrounding Demographics: The property is situated in a high-income area, with average household incomes exceeding $100k
- High-Quality, Professionally Maintained Facility: The building presents in strong physical condition, with well-maintained systems
EXECUTIVE SUMMARY
Broker of Record
Patrick Forde
License # 2330333 (NJ)
Matthews Real Estate Investment Services, Inc
52 Park Avenue, Suite B5, Park Ridge NJ 07656
(866) 889-0550
Patrick Forde
License # 2330333 (NJ)
Matthews Real Estate Investment Services, Inc
52 Park Avenue, Suite B5, Park Ridge NJ 07656
(866) 889-0550
PROPERTY FACTS
Sale Type
Investment
Property Type
Office
Property Subtype
Medical
Building Size
14,450 SF
Building Class
B
Year Built
1994
Price
$4,358,000
Price Per SF
$301.59
Cap Rate
6.75%
NOI
$294,165
Tenancy
Single
Building Height
1 Story
Typical Floor Size
14,450 SF
Building FAR
0.27
Lot Size
1.21 AC
Zoning
R-P - Residential Preservation
Parking
53 Spaces (3.67 Spaces per 1,000 SF Leased)
AMENITIES
- Air Conditioning
MAJOR TENANTS
- TENANT
- INDUSTRY
- SF OCCUPIED
- RENT/SF
- LEASE END
- Wachspress Rainear & Rana Cardiology Associates PA
- -
- -
- -
- -
| TENANT | INDUSTRY | SF OCCUPIED | RENT/SF | LEASE END | ||
| Wachspress Rainear & Rana Cardiology Associates PA | - | - | - | - |
1 1
PROPERTY TAXES
| Parcel Number | 14-04214-0000-00022 | Improvements Assessment | $1,187,200 |
| Land Assessment | $36,100 | Total Assessment | $1,223,300 |
PROPERTY TAXES
Parcel Number
14-04214-0000-00022
Land Assessment
$36,100
Improvements Assessment
$1,187,200
Total Assessment
$1,223,300
CONTACTS
-
Rahul Chhajed -
Tyler Swade -
Michael Moreno -
Kyle Mackulak -
Matthews Real Estate Investment Services
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Penn Cardiology MOB | 2.5% Buyside Fee | 1076 E Chestnut Ave
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