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22 N Park Pl

7,475 SF 60% Leased Retail Building Morristown, NJ 07960 $3,500,000 ($468/SF)

Investment Highlights

  • Development Potential
  • Transit Oriented Property
  • Exceptional Demographics
  • Strategic Location
  • High Traffic Counts

Executive Summary

Horvath & Tremblay is pleased to present the exclusive opportunity to purchase 22 N Park Place in Morristown, New Jersey (the “Property”). The Property is improved by a 7,495 square foot three-story professional building on 0.10-acres of land (4,369 square feet). The building is currently owner-occupied by a law firm on the second and third floors and can be delivered vacant, or with short-term leases. 22 N Park Place offers the opportunity to reposition the Property utilizing the existing building, or to redevelop the Property taking advantage of the outstanding location and its frontage, visibility, and pedestrian and vehicular traffic counts along the Morristown Green. The Property is zoned TC – Town Center District, one of the most versatile zoning designations in the city of Morristown. 22 N Park Place offers the opportunity for an owner-user to occupy the Property, to lease the Property as an investment opportunity, or to redevelop the Property. The Property is well located along N Park Place, adjacent to the intersection with Washington Street, Bank Street and W Park Place. Positioned along the Morristown Green in the center of town and offers outstanding access to public transportation and area highways. The location is surrounded by densely developed residential neighborhoods that provide a strong consumer and employee base, as well as national retailers restaurants, office complexes, and municipal buildings that drive traffic to the area.

Property Facts

Sale Type
Investment
Property Type
Retail
Property Subtype
Storefront Retail/Office
Building Size
7,475 SF
Year Built
1970
Price
$3,500,000
Price Per SF
$468
Percent Leased
60%
Tenancy
Multiple
Building Height
3 Stories
Building FAR
1.72
Lot Size
0.10 AC
Zoning
TC - TC- Town Center District
Parking
10 Spaces (1.34 Spaces per 1,000 SF Leased)
Frontage
91 FT on North Park Place

Space Availability

  • Space
  • Size
  • Space Use
  • Position
  • Available
  • 1st Floor
  • 3,000 SF
  • Retail
  • In-Line
  • Now
Space Size Space Use Position Available
1st Floor 3,000 SF Retail In-Line Now

1st Floor

Size
3,000 SF
Space Use
Retail
Position
In-Line
Available
Now

1st Floor

Size 3,000 SF
Space Use Retail
Position In-Line
Available Now

Walk Score ®
Walker's Paradise (98)
What is a Walk Score®, Transit Score® & Bike Score®?
Walk Score® measures the walkability of any address.
Transit Score® measures access to public transit.
Bike Score® measures bikeability of a location.
What is a Walk Score®
, Transit Score® & Bike Score?
Walk Score® measures the walkability
of any address. Transit Score®
measures access to public transit. Bike Score®
measures bikeability of a location.®

Nearby Major Retailers

Tito's Burritos & Wings
Blimpie America's Sub Shop
HSBC
Pure Barre
Umpqua Bank
Philly Pretzel Factory
Lakeland Bank
Hummus Republic
Stretchlab
Wells Fargo

PROPERTY TAXES

PROPERTY TAXES

Parcel Number
24-05901-0000-00004
Land Assessment
$840,000
Improvements Assessment
$1,301,700
Total Assessment
$2,141,700
  • Listing ID: 32715819

  • Date on Market: 8/7/2024

  • Last Updated:

  • Address: 22 N Park Pl, Morristown, NJ 07960

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