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29 Park St 6,700 SF Office Building Montclair, NJ 07042 $3,500,000 ($522.39/SF) 7.25% Cap Rate
INVESTMENT HIGHLIGHTS
- Unique Retail & Medical Zoning
- Flexible Sale Options
- Excellent Location
- Substantial Renovation & OR License
- Superior Demographics
EXECUTIVE SUMMARY
Northmarq is pleased to offer for sale to qualified investors, the opportunity to purchase a medical office property located at 29 Park Street in Montclair, NJ (the “Property”).
The Property is offered as an investor sale, owner-use sale or sale leaseback with a newly created long-term lease to New Jersey Plastic Surgery (the “Tenant”). The proposed lease terms will feature an absolute NNN structure, annual rent increases and extension options. New Jersey Plastic Surgery is a nationally renowned cosmetic and reconstructive surgery practice also extensively engaged in clinical research and development services.
The Property is conveniently located a half-block from the bustling downtown district of Montclair and easily accessible by car, bus or train. Montclair is an affluent community with an average household income over $198,000 (1-mile radius). It is located in Essex County, less than 20 miles from New York City.
The Property is offered as an investor sale, owner-use sale or sale leaseback with a newly created long-term lease to New Jersey Plastic Surgery (the “Tenant”). The proposed lease terms will feature an absolute NNN structure, annual rent increases and extension options. New Jersey Plastic Surgery is a nationally renowned cosmetic and reconstructive surgery practice also extensively engaged in clinical research and development services.
The Property is conveniently located a half-block from the bustling downtown district of Montclair and easily accessible by car, bus or train. Montclair is an affluent community with an average household income over $198,000 (1-mile radius). It is located in Essex County, less than 20 miles from New York City.
PROPERTY FACTS
Sale Type
Investment
Sale Condition
Sale Leaseback
Property Type
Office
Property Subtype
Building Size
6,700 SF
Building Class
C
Year Built
1949
Price
$3,500,000
Price Per SF
$522.39
Cap Rate
7.25%
NOI
$253,750
Tenancy
Single
Building Height
3 Stories
Typical Floor Size
2,233 SF
Building FAR
0.59
Lot Size
0.26 AC
Zoning
R-1B - Low density residential district
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Walk Score®
Walker's Paradise (98)
PROPERTY TAXES
| Parcel Number | 13-02212-0000-00019 | Improvements Assessment | $1,003,900 |
| Land Assessment | $373,400 | Total Assessment | $1,377,300 |
PROPERTY TAXES
Parcel Number
13-02212-0000-00019
Land Assessment
$373,400
Improvements Assessment
$1,003,900
Total Assessment
$1,377,300
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29 Park St
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