225 Madison Ave
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225 Madison Ave
8,856 SF Office Building Morristown, NJ 07960 $1,950,000 ($220/SF) 6.70% Cap Rate
Investment Highlights
- high visibility
- close to downtown Morristown
- ample parking
Executive Summary
Located just outside of the vibrant downtown Morristown, and close to route 24 and I287, this iconic self standing office building is a great investment opportunity for a a buyer or an end user. With 8856 square feet of beautiful office space, currently fully occupied by World Insurance this building is currently producing income. Current lease is in force until 6/30/27. Space has recently had new carpet installed, large reception area, private offices on all three floors, open areas with cubicle work spaces, conference rooms, 6 restrooms(2 per floor) and storage. Building has 6 air conditioning units and heating units with ample power to insure a perfect work environment. This site also allows for 37 on site surface parking spaces. Lease documents and expenses can be provided upon request.
Financial Summary (Actual - 2023) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2023) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts Under Contract
Sale Type
Investment or Owner User
Property Type
Office
Building Size
8,856 SF
Building Class
B
Year Built
1964
Price
$1,950,000
Price Per SF
$220
Cap Rate
6.70%
NOI
$130,650
Tenancy
Single
Building Height
3 Stories
Typical Floor Size
2,952 SF
Building FAR
0.29
Lot Size
0.70 AC
Zoning
B-11, Morristown - Zoned B-11
please copy and paste link for zoning
https://ecode360.com/10354858#10354858
Parking
37 Spaces (4.18 Spaces per 1,000 SF Leased)
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PROPERTY TAXES
| Parcel Number | 22-08301-0000-00007 | Improvements Assessment | $974,700 (2024) |
| Land Assessment | $762,300 (2024) | Total Assessment | $1,737,000 (2024) |
PROPERTY TAXES
Parcel Number
22-08301-0000-00007
Land Assessment
$762,300 (2024)
Improvements Assessment
$974,700 (2024)
Total Assessment
$1,737,000 (2024)
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225 Madison Ave
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