703 Van Rossum Ave Beverly, NJ 08010

Property Details for 703 Van Rossum Ave

Construction

BRICK

Lot size

4.40 lot acres

Property type

Industrial properties

APN

12 00620-0000-00003

APU

1200620000000003

Description

This exceptional 40,800-square-foot industrial property, located at 703 Van Rossum Ave in Edgewater Park, New Jersey, presents a compelling value-add opportunity. Situated on a 4.37-acre lot, this single-story building boasts 16 loading docks and 9 dock-high doors, complemented by a 13-foot ceiling height. Built in 1920 and extensively renovated in 2020, the property is currently 91% occupied by ten tenants under a multi-tenant lease structure with a remaining lease term of 2.2 years. The current weighted average rental rate is significantly below market value, offering substantial potential for rent increases. Zoned for Light Industrial use, this property includes ten industrial suites, two fenced secure industrial storage lots, and approximately 70 storage containers, providing diverse income streams. The property's location in Burlington County, NJ, offers excellent accessibility. The asking price is $3,300,000, representing a price per square foot of $80.88. This represents a significant discount to replacement cost. The property's diverse tenancy and strong value-add potential make it an attractive investment for discerning buyers. The property's current income stream, combined with the potential for significant rent increases, makes this a highly desirable investment opportunity. The existing infrastructure, including the ample loading docks and storage options, further enhances its appeal.

Location Insight

City

Beverly

County

Burlington

State

New Jersey

Longitude

-74.9177

Latitude

40.0595

CBSA code

37980

CBSA name

PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD METROPOLITAN STATISTICAL AREA

Property Tax & Assessments