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327-333 Passaic Avenue, Fairfield NJ 327 Passaic Ave 12,000 SF 100% Leased Flex Building Fairfield, NJ 07004 $2,590,471 ($215.87/SF) 6.50% Cap Rate
INVESTMENT HIGHLIGHTS
- Very good Cash Flow from stabalized tenant base
- Good to very good condition
- Seller will consider holding a note
- High vis location adjacent the Route 46 corridor
- Good income upside with existing tenants and multiple Partial Development Options
EXECUTIVE SUMMARY
This is a stabilized little money maker. Great location, good to very good condition, excellent longer term tenant base with renewal options to be acceptable to ownership, several tenants are considerably under market, AND .... THERE ARE AT LEAST TWO VERY ATTRACTIVE PARTIAL DEVELOPMENT OPTION. Please see the attached Offering Memorandum to review Current, Proforma and Partial Development Option Value Outlines ... or contact Jim Walters for a PDF submission of the OM.
We believe Value 3 outlining a 3,360 SF single story addition is a "by right" Partial Development Option.
All leases are NNN with $4 CAM charges. Landlord pays only for water for 5 of the 6 existing tenants.
There are currently approximately 30 on premise parking spaces but could be up to 44 with additional black top installation.
SELLER WILL CONSIDER HOLDING A NOTE.
Asset is fully occupied but it is possible an Owner User could garner occupancy. To be discussed with interest in this area.
Buyer responsible for Buyer Agent fees.
We believe Value 3 outlining a 3,360 SF single story addition is a "by right" Partial Development Option.
All leases are NNN with $4 CAM charges. Landlord pays only for water for 5 of the 6 existing tenants.
There are currently approximately 30 on premise parking spaces but could be up to 44 with additional black top installation.
SELLER WILL CONSIDER HOLDING A NOTE.
Asset is fully occupied but it is possible an Owner User could garner occupancy. To be discussed with interest in this area.
Buyer responsible for Buyer Agent fees.
PROPERTY FACTS Under Contract
AMENITIES
- Smoke Detector
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PROPERTY TAXES
| Parcel Number | 07-02602-0000-00004 | Improvements Assessment | $1,310,200 |
| Land Assessment | $397,800 | Total Assessment | $1,708,000 |
PROPERTY TAXES
Parcel Number
07-02602-0000-00004
Land Assessment
$397,800
Improvements Assessment
$1,310,200
Total Assessment
$1,708,000
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327-333 Passaic Avenue, Fairfield NJ | 327 Passaic Ave
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