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475 Springfield Ave
Summit, NJ 07901
Simplicity Group · Office Property For Sale
INVESTMENT HIGHLIGHTS
- Newly renovated 24,575 SF 4-story building with rooftop lounge area
- 2.50% annual rent increases
- Major investment into improvements to the building by tenant, showing long term commitment to this location
PROPERTY FACTS
Sale Type
Investment
Property Type
Office
Building Size
24,575 SF
Building Class
A
Year Built/Renovated
1978/2025
Price
$20,974,000
Price Per SF
$853.47
Cap Rate
6%
NOI
$1,258,448
Percent Leased
100%
Tenancy
Multiple
Building Height
4 Stories
Typical Floor Size
6,144 SF
Building FAR
3.53
Lot Size
0.16 AC
Zoning
CRBD - Central Business District
Parking
8 Spaces (0.33 Spaces per 1,000 SF Leased)
AMENITIES
- Smoke Detector
PROPERTY TAXES
| Parcel Number | 18-01911-0000-00003 | Improvements Assessment | $1,464,000 |
| Land Assessment | $236,000 | Total Assessment | $1,700,000 |
PROPERTY TAXES
Parcel Number
18-01911-0000-00003
Land Assessment
$236,000
Improvements Assessment
$1,464,000
Total Assessment
$1,700,000
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