Morris Plains Business Park | 60 E Hanover Ave
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Morris Plains Business Park 60 E Hanover Ave
46,312 SF 100% Leased Flex Building Morris Plains, NJ 07950 $10,500,000 ($227/SF) 6.69% Cap Rate
Investment Highlights
- THREE BUILDING INDUSTRIAL PARK LOCATED IN THE HEART OF MORRIS COUNTY
- 100% OCCUPIED WITH 9 TENANTS
- 18" CLEAR CEILING
- SPACES THAT RANGE BETWEEN 3200-7500SF. 46,000SF TOTAL
- A TOTAL OF 11 DOCKS OR DRIVE-IN DOORS AT THE COMPLEX
- CONVENIENTLY LOCATED OFF OF ROUTE 287, PROVIDING ACCESS TO ROUTES 80, 46, 24 AND 10 WITHIN MINUTES.
Executive Summary
The Morris Plains Business Park is a three building, 46,000sf industrial park located in the heart of Morris County, New Jersey. Built in 1986, this property sits on approximately 4.5 acres and houses 9 tenants in spaces that range between 3200- 7500sf. Additional income is derived from several tenants that utilize a portion of the expansive lots to park their vehicles. There are a total of 11 docks or drive-in doors at the complex: Building A( 2 drive-in), Building B ( 2 drive-in, 4 loading docks), Building C (3 loading docks). The tenant mix includes a diverse range of businesses, such as a school for autism, a fitness gym, a contractor, a biopharma company, and a pest control franchise, offering a stable and well-rounded tenant base. Most tenants pay a pro-rata share of CAM charges
Financial Summary (Actual - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$694,316
|
$14.99
|
| Other Income |
$269,888
|
$5.83
|
| Vacancy Loss |
$28,926
|
$0.62
|
| Effective Gross Income |
$935,278
|
$20.20
|
| Taxes |
$132,447
|
$2.86
|
| Operating Expenses |
$106,467
|
$2.30
|
| Total Expenses |
$238,914
|
$5.16
|
| Net Operating Income |
$696,364
|
$15.04
|
Financial Summary (Actual - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $694,316 |
| Annual Per SF | $14.99 |
| Other Income | |
|---|---|
| Annual | $269,888 |
| Annual Per SF | $5.83 |
| Vacancy Loss | |
|---|---|
| Annual | $28,926 |
| Annual Per SF | $0.62 |
| Effective Gross Income | |
|---|---|
| Annual | $935,278 |
| Annual Per SF | $20.20 |
| Taxes | |
|---|---|
| Annual | $132,447 |
| Annual Per SF | $2.86 |
| Operating Expenses | |
|---|---|
| Annual | $106,467 |
| Annual Per SF | $2.30 |
| Total Expenses | |
|---|---|
| Annual | $238,914 |
| Annual Per SF | $5.16 |
| Net Operating Income | |
|---|---|
| Annual | $696,364 |
| Annual Per SF | $15.04 |
Property Facts
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PROPERTY TAXES
| Parcel Number | 23-00011-0000-00002-01 | Total Assessment | $5,300,000 |
| Land Assessment | $1,800,000 | Annual Taxes | $132,447 ($2.86/SF) |
| Improvements Assessment | $3,500,000 | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
23-00011-0000-00002-01
Land Assessment
$1,800,000
Improvements Assessment
$3,500,000
Total Assessment
$5,300,000
Annual Taxes
$132,447 ($2.86/SF)
Tax Year
2024
zoning
| Zoning Code | I |
| I |
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Morris Plains Business Park | 60 E Hanover Ave
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