22 N Park Pl
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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
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 |
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1st Floor
Size | 3,000 SF |
Space Use | Retail |
Position | In-Line |
Available | Now |
Walk Score ®
Walker's Paradise (98)
Nearby Major Retailers
PROPERTY TAXES
Parcel Number | 24-05901-0000-00004 | Improvements Assessment | $1,301,700 |
Land Assessment | $840,000 | Total Assessment | $2,141,700 |
PROPERTY TAXES
Parcel Number
24-05901-0000-00004
Land Assessment
$840,000
Improvements Assessment
$1,301,700
Total Assessment
$2,141,700
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22 N Park Pl
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