Three-Building Flex
60 E Hanover Ave Morris, Plainsboro, NJ 07950
For Sale
$10,495,000
Multiple occupants use a mix of warehouse, office, flex and commercial areas, with loading docks and drive-in access.
Property Size43,000 SF
Lot Size4.53 Acres
Price / SF$244.07
Days on Market30
Property Features for 60 E Hanover Ave Morris
General Information
Standard status
Size
Lot size
Property subtype
Additional Details
Highway Access
Tenant in Place
Property Use
Taxes and HOA fees
Annual Taxes
Building Details
Building Size
Year Built
Buildings
Tenancy
Listing Agency:
ELITE REALTORS OF NEW JERSEY
Listed By:
PHILIP DATTOLO
(973) 994-9009
Source:
Thedoughertygrouprealestate
Added: Oct 9
Changed: Nov 6
Last Checked: Nov 7 at 2:56PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of ELITE REALTORS OF NEW JERSEY
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
Three buildings built in 1986 comprise approximately 43,000 SF on approximately 4.53 acres. The property includes warehouse, flex, office and commercial areas, along with loading docks, drive-in access and extensive on-site parking. Multiple long-term tenants occupy the property.
The site is near downtown Morris Plains and the Morris Plains Train Station, with access to Routes 287, 202, 46, 24 and 78.
The site is near downtown Morris Plains and the Morris Plains Train Station, with access to Routes 287, 202, 46, 24 and 78.
Key Highlights
- Three buildings totaling approximately 43,000 SF
- Approximately 4.53 acres
- Warehouse, flex, office and commercial space
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$679,185
Cap Rate
6.47%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$13,583,700
$13.6M
Cap Rate 7%
$9,702,643
$9.7M
Cap Rate 9%
$7,546,500
$7.5M
Market Conditions
NOI Build-Up for 43,000 SF
Gross rent
$1.16M $27.00/SF
− Vacancy
−$116.1K −$2.70/SF
EGI
$1.04M $24.30/SF
− OpEx
−$365.7K −$8.50/SF
NOI
$679.2K $15.80/SF
Area
Morris County, NJ
Vacancy
10.00%
Lease Rate
$27.00 /SF/Yr
Expense Ratio
35.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$13,583,700
Cap Rate 7%
$9,702,643
Cap Rate 9%
$7,546,500
Alternative Uses
Best Use
Flex RnD
$9.70M
$8.49M – $11.32M
NOI $679,185 @ 7.0% cap · market cap 6.47%
Second Best
Warehouse
$8.37M
$7.33M – $9.77M
NOI $586,066 @ 7.0% cap · market cap 5.58%
Theoretical Best
Office A
$11.23M
$9.82M – $13.10M
NOI $785,971 @ 7.0% cap · market cap 7.49%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
174
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 07950, NJ
21,459
Population
8,460
Households
2.5
Avg Household Size
42
Median Age
65%
College-Educated
96%
High-School Grad
9.1 sq mi
ZIP Area
2,358
Density / Sq Mi
$148,469
Median Household Income
$80,217
Median Earnings
$2,549
Median Rent
$571,300
Median Home Value
Market
Vacancy Rate% for Industrial in Northeast region
Similar Off Market Nearby
- Harvest Catering & Events — 2230 NJ-10, Morris Plains, NJ 07950
Frequently Asked Questions
What type of property is this?
Flex space - Multiple occupants use a mix of warehouse, office, flex and commercial areas, with loading docks and drive-in access.
Where is this flex space located?
The property is located at 60 E Hanover Ave Morris Plainsboro, NJ.
What is the asking price?
The asking price for this property is $10,495,000.
What are key features of this property?
This property features: Three buildings totaling approximately 43,000 SF; Approximately 4.53 acres; Warehouse, flex, office and commercial space
