89 Vly Rd Montclair, NJ 07042-2212
- Commercial real estate
- 4,962 SF
- 0.38 lot acres
Oct 13, 2020
Current Use by Public Records
- Rowe Plastic Surgery / Plastic Surgeon / Plastic Surgery Clinic
- Patient Centered Medical Associates / Doctor
- Regenerative Medicine Institute / Cosmetic Surgeon / Medical Clinic
- Stem Cell Face Lift / Medical Clinic
- Mcdonald William S MD / Doctor
Property Details for 89 Vly Rd
- Year built
- 1970
- Construction
- BRICK
- Lot size
- 0.38 lot acres
- Property size
- 4,962 SF
- Zone code
- R2
- Property type
- Commercial real estate
- APN
- 13 02301-0000-00038
- APU
- 1302301000000038
Description
This exceptional investment opportunity presents a 10,000-square-foot, fully occupied medical office building in Montclair, New Jersey. The property, situated on a 0.38-acre lot, features three tenants under modified gross leases with built-in rent bumps, ensuring consistent income growth. The building, constructed in 1954 and extensively renovated in 2019, boasts a modern interior and a convenient layout. The 10,000 square feet of net rentable space is distributed across two stories, with 19 parking spaces available for tenants and patients. The property benefits from a prime location near the Central Business District and multiple train stations providing easy access to New York City. The strong demographics of Montclair, with a high median household income and a large population within a five-mile radius, contribute to the property's high occupancy rate of 100%, achieved as of December 1st, 2023. The building's current Net Operating Income (NOI) stands at $188,675, yielding an attractive 7.55% capitalization rate. The property is zoned R-2 with a variance, and an assumable SBA loan is available for qualified buyers, featuring a 5.56% interest rate, 22 years remaining, and a 25-year amortization schedule. This sale-leaseback opportunity offers a compelling combination of strong cash flow, stable tenancy, and significant upside potential in a desirable New Jersey market. The heating system was upgraded from oil to gas in 2020. This is a fee simple ownership.
Value Estimations
-
AI approach
- Method
- Estimation
- ML approach
- $645,000
-
CAP approach
- CAP Return
- Estimation
- 6%
- $1,115,000
- 6.5%
- $1,030,000
- 7%
- $955,000
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Location Insight
- Map
- Local Demand
- City
- Montclair
- County
- Essex
- State
- New Jersey
- Longitude
- -74.2208
- Latitude
- 40.8192
- CBSA code
- 35620
- CBSA name
- NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA
