Current Use by Public Records
- Office Spaces
Property Details for 293-315 Rte
- Year built
- 1982
- Property type
- Office Spaces
- Property subtype
- Medical Office Space
Description
This exceptional 12,159 square foot medical office and flex space building, located at 293-315 Route 35 in Red Bank, New Jersey (Monmouth County, zip code 07701), presents a compelling value-add investment opportunity. The property, built in 1982, features a mix of medical office and flex space, currently 47% occupied. The first floor encompasses 11,259 square feet, while the second floor offers an additional 900 square feet, including attic space. An anchor tenant, Twin Boro Physical Therapy, occupies 5,175 square feet under a new five-year NNN lease with annual rent increases and a tenant reimbursement structure for operating expenses (currently 75%, reverting to 47% upon full occupancy). The property boasts 63 parking spaces and includes two five-year lease options. The asking price is $2,450,000, translating to $201.49 per square foot based on the 6,084 square feet of net rentable space. The current net operating income (NOI) stands at $113,835. The property's strategic location on heavily traveled Route 35 in the heart of Red Bank offers significant upside potential through leasing the vacant space. The property is comprised of Block 962, Lot 38 and Block 959, Lot 1. This investment offers stable income with significant potential for growth.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Red Bank
- County
- Monmouth
- State
- New Jersey
- Longitude
- -74.0838
- Latitude
- 40.3673
