29 Park St, Montclair, NJ 07042
- Medical Office Space
- 6,700 SF
- 0.25 lot acres
Current Use by Public Records
- F. Dana Fortunato MD / Physician
- New Jersey Clinical Research Center / Medical Clinic
- Garden State Surgery Center / Medical Clinic / Hospital
- Barry DiBernardo, M.D. / Physician / Medical Clinic
- Dr. David Turer / Physician / Medical Clinic
Property Details for 29 Park St
- Year built
- 2005
- Lot size
- 0.25 lot acres
- Property type
- Medical Office Space
Description
This exceptional 6,700-square-foot Class C medical office building at 29 Park St, Montclair, NJ 07042, is offered for sale. The property boasts a 10-year absolute NNN lease with New Jersey Plastic Surgery, a nationally renowned practice, ensuring stable, long-term income. The lease includes a 3% annual rent increase and two 5-year extension options, providing significant future growth potential. Built in 2005 and extensively renovated in 2024, the building features 18 parking spaces and is situated on a 0.25-acre lot. The property enjoys a prime location, half a block from Montclair's vibrant downtown, offering easy access to transportation and a high-income demographic area (average household income over $198,000 within a 1-mile radius). The building's unique zoning allows for flexible use, including retail and medical office space. With a current NOI of $254,600 and a 7.25% cap rate, this is a compelling investment opportunity. The asking price is $3,500,000, and the sale is structured as a fee simple sale for leaseback. The property is 100% occupied and offers a secure investment with substantial upside potential. The sale includes the option for an outright sale to an investor or owner-user.
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
- Montclair
- County
- Essex
- State
- New Jersey
- Longitude
- -74.2179477
- Latitude
- 40.8158704
