315 State Route 35 | Red Bank, NJ 07701
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315 State Route 35
Red Bank, NJ 07701
Office Property For Sale
Executive Summary
BRAND NEW LISTING! FREESTANDING MEDICAL PROFESSIONAL OFFICE BUILDING FOR SALE.
IDEAL FOR USERS, 1031 EXCHANGE, AND CASH BUYERS! PLEASE INQUIRE FOR ADDITIONAL FINANCIALS. 908-770-0686.
315 Route 35, Red Bank, NJ 07701
293-315 Route 35 is a 12,159 SF (900 SF 2nd Floor) freestanding multi-tenant medical building that is currently 47% occupied with an additional adjacent parking lot for sale located on heavily traveled Route 35 in the heart of Middletown, NJ (Monmouth County).
GLA: 12,159 Total SF (11,259 SF 1st Floor, 900 SF 2nd Floor)
Year Built: 1982
Parking: 63 Spaces between both parking fields.
Price: $2,450,000.00
Actual NOI: $113,835 (Current NOI - 47% Occupied)
$ / SF: $201.49 / SF
% Occupied: 47%
Vacant Space: 6,084 SF (includes common area restrooms and corridor).
- The anchor Tenant, Twin Boro PT, just signed a new 5-year NNN lease for 5,175 SF and currently reimburses for 75% of all operating expenses which reduces by that % as the vacant space is leased. At that time, Twin Boro’s reimbursement reverts to 47% of all operating expenses associated with the property. Stable In Place income with upside potential and value add through leasing.
- Ideal for a Office / Medical / Flex User Investor.
IDEAL FOR USERS, 1031 EXCHANGE, AND CASH BUYERS! PLEASE INQUIRE FOR ADDITIONAL FINANCIALS. 908-770-0686.
315 Route 35, Red Bank, NJ 07701
293-315 Route 35 is a 12,159 SF (900 SF 2nd Floor) freestanding multi-tenant medical building that is currently 47% occupied with an additional adjacent parking lot for sale located on heavily traveled Route 35 in the heart of Middletown, NJ (Monmouth County).
GLA: 12,159 Total SF (11,259 SF 1st Floor, 900 SF 2nd Floor)
Year Built: 1982
Parking: 63 Spaces between both parking fields.
Price: $2,450,000.00
Actual NOI: $113,835 (Current NOI - 47% Occupied)
$ / SF: $201.49 / SF
% Occupied: 47%
Vacant Space: 6,084 SF (includes common area restrooms and corridor).
- The anchor Tenant, Twin Boro PT, just signed a new 5-year NNN lease for 5,175 SF and currently reimburses for 75% of all operating expenses which reduces by that % as the vacant space is leased. At that time, Twin Boro’s reimbursement reverts to 47% of all operating expenses associated with the property. Stable In Place income with upside potential and value add through leasing.
- Ideal for a Office / Medical / Flex User Investor.
PROPERTY FACTS Under Contract
Sale Type
Investment or Owner User
Property Type
Office
Property Subtype
Building Size
12,159 SF
Building Class
B
Year Built
1982
Price
$2,450,000
Price Per SF
$201
Percent Leased
86%
Tenancy
Multiple
Building Height
1 Story
Typical Floor Size
12,159 SF
Building FAR
0.27
Lot Size
1.04 AC
Zoning
B-3 Zoning - Business
Parking
63 Spaces (5.18 Spaces per 1,000 SF Leased)
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $6,239,700 | |
| Land Assessment | $3,657,100 | Total Assessment | $9,896,800 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$3,657,100
Improvements Assessment
$6,239,700
Total Assessment
$9,896,800
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