1201 Mount Kemble Ave Morristown, NJ 07960

Property Details for 1201 Mount Kemble Ave

Year built

1981

Lot size

2.50 lot acres

Property type

Office Properties & Spaces

Property subtype

Medical offices

Description

This exceptional two-story medical office building, located at 1201 Mt. Kemble Ave in Morristown, NJ, presents a compelling investment opportunity. The 13,725 square foot property sits on a 2.5-acre lot and boasts 75 parking spaces, ensuring ample convenience for tenants and visitors. Currently 100% occupied by five tenants, including a radiology center, physical therapy practice, general practitioner, and pediatric occupational therapy practice, the building generates a strong net operating income (NOI) of $202,306, resulting in a 7.25% capitalization rate. Built in 1981 and zoned B-2, the building benefits from a prime location near Morristown Medical Center, a top-rated hospital in New Jersey. Its strategic position provides easy access to major roadways like US-202 and I-287, enhancing its appeal to both tenants and investors. Tenants operate under modified gross leases with expense reimbursements exceeding the base year, mitigating landlord risk. Staggered lease expirations further reduce risk. The property is well-maintained and managed, situated in an affluent area with an average household income exceeding $286,000 within a one-mile radius. Nearby national retailers include ShopRite, Walgreens, Dunkin', Chipotle, Starbucks, TD Bank, Chase, and CVS, adding to the property's desirability and accessibility. The asking price for this multi-tenant medical office building is $2,790,000. This represents a rare opportunity to acquire a high-performing asset in a thriving medical hub.

Location Insight

City

Morristown

County

Morris

State

New Jersey

Longitude

-74.5401

Latitude

40.7357