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Morris Plains Business Park 60 E Hanover Ave

46,312 SF 100% Leased Flex Building Morris Plains, NJ 07950 $15,188,249 CAD ($328 CAD/SF) 6.69% Cap Rate

INVESTMENT HIGHLIGHTS

  • THREE BUILDING INDUSTRIAL PARK LOCATED IN THE HEART OF MORRIS COUNTY
  • 100% OCCUPIED WITH 9 TENANTS
  • 18" CLEAR CEILING
  • SPACES THAT RANGE BETWEEN 3200-7500SF. 46,000SF TOTAL
  • A TOTAL OF 11 DOCKS OR DRIVE-IN DOORS AT THE COMPLEX
  • CONVENIENTLY LOCATED OFF OF ROUTE 287, PROVIDING ACCESS TO ROUTES 80, 46, 24 AND 10 WITHIN MINUTES.

EXECUTIVE SUMMARY

The Morris Plains Business Park is a three building, 46,000sf industrial park located in the heart of Morris County, New Jersey. Built in 1986, this property sits on approximately 4.5 acres and houses 9 tenants in spaces that range between 3200- 7500sf. Additional income is derived from several tenants that utilize a portion of the expansive lots to park their vehicles. There are a total of 11 docks or drive-in doors at the complex: Building A( 2 drive-in), Building B ( 2 drive-in, 4 loading docks), Building C (3 loading docks). The tenant mix includes a diverse range of businesses, such as a school for autism, a fitness gym, a contractor, a biopharma company, and a pest control franchise, offering a stable and well-rounded tenant base. Most tenants pay a pro-rata share of CAM charges

FINANCIAL SUMMARY (ACTUAL - 2024)

ANNUAL (CAD) ANNUAL PER SF (CAD)
Gross Rental Income $1,004,328 $21.69
Other Income $390,393 $8.43
Vacancy Loss $41,841 $0.90
Effective Gross Income $1,352,880 $29.21
Taxes $191,585 $4.14
Operating Expenses $154,005 $3.33
Total Expenses $345,589 $7.46
Net Operating Income $1,007,290 $21.75

FINANCIAL SUMMARY (ACTUAL - 2024)

Gross Rental Income (CAD)
Annual $1,004,328
Annual Per SF $21.69
Other Income (CAD)
Annual $390,393
Annual Per SF $8.43
Vacancy Loss (CAD)
Annual $41,841
Annual Per SF $0.90
Effective Gross Income (CAD)
Annual $1,352,880
Annual Per SF $29.21
Taxes (CAD)
Annual $191,585
Annual Per SF $4.14
Operating Expenses (CAD)
Annual $154,005
Annual Per SF $3.33
Total Expenses (CAD)
Annual $345,589
Annual Per SF $7.46
Net Operating Income (CAD)
Annual $1,007,290
Annual Per SF $21.75

PROPERTY FACTS

Price $15,188,249 CAD
Price Per SF $328 CAD
Sale Type Investment
Cap Rate 6.69%
Property Type Flex
Property Subtype
Light Manufacturing
  • Industrial Distribution
  • Industrial Manufacturing
  • Industrial Warehouse
Building Class B
Lot Size 4.53 AC
Rentable Building Area 46,312 SF
No. Stories 1
Year Built 1986
Clear Ceiling Height 18’
No. Dock-High Doors/Loading 8
No. Drive In / Grade-Level Doors 3

PROPERTY TAXES

PROPERTY TAXES

Parcel Number
23-00011-0000-00002-01
Land Assessment
$2,572,920 CAD
Improvements Assessment
$5,002,900 CAD
Total Assessment
$7,575,820 CAD
Annual Taxes
$191,585 CAD ($4.14 CAD/SF)
Tax Year
2024

ZONING

Zoning Code I
I
  • Listing ID: 33583216

  • Date on Market: 2024-10-21

  • Last Updated:

  • Address: 60 E Hanover Ave, Morris Plains, NJ 07950

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