Bought with Outside Outside Salespers • Outside Broker
$2,845,000
$2,900,000
1.9%For more information regarding the value of a property, please contact us for a free consultation.
SOLD DATE : 01/09/2024
Key Details
Sold Price $2,845,000
Property Type Commercial
Sub Type Office
Listing Status Sold
Purchase Type For Sale
MLS Listing ID 23022314
Sold Date 01/09/24
Style Office
Annual Tax Amount $14,020
Property Description
The subject property is a 6,300 sq. ft mixed use property consisting of one 1-bedroom apartment and two office units. The property is in excellent condition, has an elevator and sits on a .45-acre parcel with a total of 19 parking spaces. The office tenants include a dental practice and a 300 SF vacant office space. The dental practice is on a ten-year NNN lease and has six and half years of the term remaining. Mondovi Dental, the 1st & 2nd floor tenant, was just purchased in late 2019 by Smile Brands. The Smile Brands company is one of the largest Dental Services Organizations in the country, representing 650 of offices and over 8,000 employees, including 2,200 dentists and hygienists operating in 30 states. The tenant is responsible for 95% of all NNN expenses. There is a 1BR apt is rents for $2.520 per month on a one year lease and the current tenant has renewed twice already. Current NOI is $184,057
Location
State NJ
County Morris
Area Morristown Town
Interior
Heating Baseboard, Gas, Hot Water
Exterior
Utilities Available Sep Elec, Sep Heat, Sep Water
Waterfront Description None
Building
Architectural Style Medical
Others
Ownership Corporate
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