62 Hamburg Tpke, Riverdale, NJ 07457-1116
- Commercial real estate
- 1,497 SF
- 0.21 lot acres
Current Use by Public Records
- Commercial real estate
Property Details for 62 Hamburg Tpke
- Year built
- 1929
- Construction
- FRAME
- Lot size
- 0.21 lot acres
- Zone code
- CRD
- Property type
- Commercial real estate
- APN
- 33 00006-0000-00008
- APU
- 3300006000000008
Sales History
| Date | Price | Buyer | Seller | Deed Type | Mortgage |
|---|---|---|---|---|---|
| Jun 18, 2020 | $375,000 | Marspanco Real Estate LLC | Michael P Morris | Grant Deed | — |
| — | — | Michael P Morris | — | Deed Of Trust · related | $250k · Commerce Bank North |
Description
This fee-simple medical office building presents a compelling investment opportunity. Located at 62 Hamburg Turnpike, Riverdale, NJ 07457, in Morris County, this 2,498 square foot property is currently 100% occupied by Veterinary Innovative Partners under a 10-year Absolute NNN lease commencing June 30, 2021, and expiring June 29, 2031. The lease includes a 5-year option with 2% annual rent bumps. The property boasts a strong 8.00% cap rate and a current NOI of $74,880, with an asking price of $935,994 ($374.70/sq ft). Built in 1929, this single-building property sits on a 0.21-acre lot. The tenant is backed by a corporate guarantee, minimizing landlord responsibilities. This investment benefits from the strong performance of the veterinary services market, projected for continued growth, and the resilience of this sector during economic downturns. The property is situated in a densely populated, affluent area within the New York-Newark-Jersey City MSA, with a population exceeding 113,000 within 5 miles and an average household income of $130,759 within 1 mile. The remaining lease term is approximately 6.6 years, offering a stable income stream with significant upside potential. This is a bite-sized investment with minimal landlord responsibilities, making it an attractive option for investors seeking a strong return in a recession-resistant sector.
Value Estimations
-
AI approach
-
CAP approach
-
Comparable approach
-
Alternative Use
Get a detailed, property-specific estimation — fast and free
Location Insight
- Map
- Local Demand
- City
- Riverdale
- County
- Morris
- State
- New Jersey
- Longitude
- -74.3038
- Latitude
- 40.9986
- CBSA code
- 35620
- CBSA name
- NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA
