122 Washington St Morristown, NJ 07960-6814
- Commercial real estate
- 1,458 SF
- 0.17 lot acres
Current Use by Public Records
- Law Office of David Rostan / Employment Attorney
- Dubeck & Miller / Elder Law Attorney / General Practice Attorney
- Harvey H Gilbert Esquire / Attorney
- Adam P. Dubeck, Esq. / Attorney Referral Service
- Commercial & House Cleaning Morristown / Commercial Cleaning Service
Property Details for 122 Washington St
- Year built
- 1900
- Lot size
- 0.17 lot acres
- Property size
- 1,458 SF
- Zone code
- ORC
- Property type
- Commercial real estate
- APN
- 24 07802-0000-00029
- APU
- 2407802000000029
Description
This exceptional two-story office building at 122 Washington Street in Morristown, New Jersey, presents a unique investment opportunity. Strategically located in Morris County, this property boasts convenient access to major roadways including Routes 287, 202, and 24, ensuring effortless commuting for tenants and clients. Its prime location also offers walkability to the Morris County Courthouse, Whole Foods Market, and public transportation, enhancing its appeal and accessibility. The building features a spacious on-site parking lot, providing ample parking for tenants and visitors. The second floor is currently leased to an architecture firm, generating a consistent annual rental income of $20,400. The first-floor office suite is available for lease and offers flexibility. Potential tenants can choose a fully furnished "plug-and-play" setup, ideal for immediate occupancy, or opt for a vacant space to customize to their specific needs. This property is an excellent choice for investors seeking a stable income stream coupled with the potential for future growth in a thriving New Jersey market. The 07960 zip code offers a desirable location within Morristown, combining professional convenience with nearby amenities. This presents a rare opportunity to acquire a well-situated, income-producing office building in a highly sought-after area.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $745,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $835,000
- 6.5%
- $820,000
- 7%
- $735,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $900,000
- Geo Method
- $815,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $805,000
- Retail
- $680,000
- Mixed-Use
- $705,000
- Hospitality
- $735,000
- Educational
- $675,000
- Residential Income
- $755,000
- Energy
- $855,000
- Income-Based Land
- $660,000
- Food Service
- $655,000
Location Insight
- Map
- Local Demand
- City
- Morristown
- County
- Morris
- State
- New Jersey
- Longitude
- -74.4893
- Latitude
- 40.7995
- CBSA code
- 35620
- CBSA name
- NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA
