89 Vly Rd Montclair, NJ 07042-2212

Property Details for 89 Vly Rd

Year built

1970

Construction

BRICK

Lot size

0.38 lot acres

Property size

4,962 SF

Zone code

R2

Property type

Commercial real estate

APN

13 02301-0000-00038

APU

1302301000000038

Description

This exceptional investment opportunity presents a 10,000-square-foot, fully occupied medical office building in Montclair, New Jersey. The property, situated on a 0.38-acre lot, features three tenants under modified gross leases with built-in rent bumps, ensuring consistent income growth. The building, constructed in 1954 and extensively renovated in 2019, boasts a modern interior and a convenient layout. The 10,000 square feet of net rentable space is distributed across two stories, with 19 parking spaces available for tenants and patients. The property benefits from a prime location near the Central Business District and multiple train stations providing easy access to New York City. The strong demographics of Montclair, with a high median household income and a large population within a five-mile radius, contribute to the property's high occupancy rate of 100%, achieved as of December 1st, 2023. The building's current Net Operating Income (NOI) stands at $188,675, yielding an attractive 7.55% capitalization rate. The property is zoned R-2 with a variance, and an assumable SBA loan is available for qualified buyers, featuring a 5.56% interest rate, 22 years remaining, and a 25-year amortization schedule. This sale-leaseback opportunity offers a compelling combination of strong cash flow, stable tenancy, and significant upside potential in a desirable New Jersey market. The heating system was upgraded from oil to gas in 2020. This is a fee simple ownership.

Location Insight

City

Montclair

County

Essex

State

New Jersey

Longitude

-74.2208

Latitude

40.8192

CBSA code

35620

CBSA name

NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments