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1076 E Chestnut Ave
Vineland, NJ 08360
Penn Cardiology · Office Property For Sale
Investment Highlights
- UNIVERSITY OF PENNSYLVANIA - "Penn” bought this successful cardiology practice in 2012
- VALUE ADD OPPORTUNITY - The current rental rate of $13 per square foot is below market and with no options to extend beyond June of ‘24
- RARE ANNUAL YIELD GROWTH - The tenant’s passive NNN lease offers the added benefit of 2% annual rental increases throughout the remainder of the lease
- TREMENDOUS REAL ESTATE FUNDAMENTALS - The subject property offers a rare combination of below market rent, population density, a large 1.21acre parcel
- NO DEFERRED MAINTENANCE - The subject property, offered at below replacement cost, has recently undergone extensive renovations
- SUCCESSFUL & GROWING CARDIOLOGY PRACTICE - The current cardiology practice has occupied and operated in the building since it’s opening in 1994
Property Facts
Property Type
Office
Property Subtype
Medical
Building Size
14,774 SF
Building Class
B
Year Built
1993
Tenancy
Single
Building Height
1 Story
Typical Floor Size
14,450 SF
Building FAR
0.28
Lot Size
1.21 AC
Zoning
R-P - Residential Preservation
Parking
53 Spaces (3.67 Spaces per 1,000 SF Leased)
Amenities
- Air Conditioning
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
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