Current Use by Public Records
- Neff of Short Hills-Short Hills Design Studio / Interior Design / Home Decor Store
Property Details for 299 Millburn Ave
- Year built
- 1955
- Lot size
- 0.10 lot acres
- Property type
- Retail properties & Spaces
- Property subtype
- Retail space
Description
This exceptional investment opportunity presents a fully leased, two-tenant retail storefront located at 299 Millburn Ave, Millburn, NJ 07041. The property boasts 3,600 square feet of net rentable space situated on a 0.1-acre lot, zoned B-4. Built in 1955, this single-story building offers a strong 6.50% capitalization rate with a current NOI of $95,136 and an asking price of $1,494,000. Both tenants have established long-term presences, exceeding 19 years for one and 26 years for the other, with leases featuring annual rent increases and renewal options, ensuring consistent income. The property benefits from a prime location on Millburn Avenue, experiencing over 18,000 vehicles daily, and enjoys proximity to the NJ Transit Millburn Train Station and municipal parking. The surrounding area showcases exceptional demographics, with average household incomes exceeding $214,000 within a one-mile radius and a population of over 428,000 within five miles. Convenient access to major roadways, including Routes 22 and 24, Interstate 78, and the Garden State Parkway, further enhances its appeal. This is a rare opportunity to acquire a stable, high-performing retail asset in the desirable Millburn market.
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
- Millburn
- County
- Essex
- State
- New Jersey
- Longitude
- -74.3043
- Latitude
- 40.7246
