62 Hamburg Tpke Riverdale, NJ 07457-1116
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.
CRD Community Redevelopment District: to encourage the comprehensive redevelopment of the Borough's primary neighborhood business district. Future development encourages the creation of larger lots from several smaller parcels and the development of an overall scheme of the District. To this end, easements for traffic flow and parking, as well as the vacatio…
Cap rate
Implied · in-place · derived from last sale + estimated NOIValue
AI, CAP & Alternative Use estimations · Realmo proprietary blendProperty tax & assessments
Tax year 2022Comparables
6 recent transactions · within 1.5 miComparable in this City
Similar Nearby for Sale
Property description
Physical attributes from public recordsZoning & alternative use
CRD · Riverdale, NJCRD Community Redevelopment District: to encourage the comprehensive redevelopment of the Borough's primary neighborhood business district. Future development encourages the creation of larger lots from several smaller parcels and the development of an overall scheme of the District. To this end, easements for traffic flow and parking, as well as the vacation of appropriate Borough rights-of-way, are fostered. In addition, the Planning Board shall encourage colonial architectural design for development and redevelopment with the district. M. HB Highway Business: to serve a complementary function with the Community Business District in providing the services and goods for the Borough and surrounding communities. The Highway Business District is intended to provide a district serving the region, requiring larger facilities, large parking areas and served by high traffic arteries, such as Route 23. The criteria for the district are intended to promote safe and efficient development along the high traffic artery, Route 23. N. I Industrial: to provide within the Borough a district for industrial development to serve the Borough's and the region's needs. The district will provide employment for the needs of the Borough and the region and industrial use compatible with and enhancing the surrounding uses. O. IQ Industrial Quarry: is intended where single ownership of a minimum of 10 acres will provide for a planned industrial area. The area is planned to provide industrial properties requiring larger tracts with the accompanying increased traffic patterns and parking areas. P. AHO Affordable Housing Overlay District: to provide development that contributes to the Borough of Riverdale's municipal affordable housing obligation, while allowing developers increased flexibility to provide more residential units when a required on-site affordable housing set-aside is provided. Q.
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
