Lender-Owned Value-Add Office 500 Prospect Ave 7,046 SF Office Building West Orange, NJ 07052 $1,299,999 ($184.50/SF)

Ideally situated in the heart of West Orange, this professional office property offers a prim e location with excellent visibility, m odern
am enities, and convenient access to m ajor highways and public transit. 500 Prospect Avenue is a sizable property of 7,046 square feet
spread across two stories. Built in 1984 and m eticulously m aintained, this office property features a clean, m odern façade accented by
abundant windows that flood the interior with natural light. The building is situated on 0 .12 acres and offers 20 parking spaces for both
em ployees and visitors. The property is divided into four suites ranging from 814 to 3,116 square feet. Currently, two of the suites are
occupied, presenting strong value-add potential through lease-up of the rem aining space. Thanks to flexible B-2 zoning, a wide variety of
tenant types can be accommodated, giving investors m ultiple leasing strategies. Alternatively, buyers may choose to occupy part of the
space for their own business while generating incom e from the existing tenants.
West Orange is an ideal place for office investm ent in New Jersey, given its dem ographics and prim e location. This upscale com m unity
is just 30 m iles west of Manhattan, providing a com m unity feel with access to big-city am enities. 500 Prospect Avenue benefits from its
advantageous location off Interstate 20 near Garden State Parkway and accessibility to public transit options such as the South Orange
train station. Nearby retailers and conveniences include Starbucks, Total Wine, Panera Bread, ShopRite, and others.
500 Prospect Avenue benefits from being part of the greater Northern New Jersey m arket. Northern New Jersey's economy rem ains on
solid footing, as rising payrolls and accelerating population growth provide a strong backdrop for consumer spending and housing
demand. Property operators in New Jersey rem ain beneficiaries of growth in the logistics industry. As the e-com m erce boom has
created an increased need for warehouse and distribution space, many com panies have looked to the Garden State with its prim e
location in the m iddle of the northeast corridor. E-com m erce giant Am azon has opened m ultiple large distribution facilities in Northern
New Jersey in recent years. At the same tim e, logistics com panies FedEx and List Logistics both signed leases larger than 800 ,000
square feet here in 2022. In June 2023, FreshRealm , a fresh meal provider for top national retailers, occupied over 495,000 square feet
at a distribution center in Linden, taking advantage of the site’s proxim ity to the Port of Newark.