Morris Plains Business Park | 60 E Hanover Ave
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Morris Plains Business Park 60 E Hanover Ave
46,312 SF 100% Leased Flex Building Morris Plains, NJ 07950 $15,147,719 CAD ($327.08 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 |
$1,001,648
|
$21.63
|
| Other Income |
$389,351
|
$8.41
|
| Vacancy Loss |
$41,730
|
$0.90
|
| Effective Gross Income |
$1,349,269
|
$29.13
|
| Taxes |
$191,073
|
$4.13
|
| Operating Expenses |
$153,594
|
$3.32
|
| Total Expenses |
$344,667
|
$7.44
|
| Net Operating Income |
$1,004,603
|
$21.69
|
FINANCIAL SUMMARY (ACTUAL - 2024)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $1,001,648 |
| Annual Per SF | $21.63 |
| Other Income (CAD) | |
|---|---|
| Annual | $389,351 |
| Annual Per SF | $8.41 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $41,730 |
| Annual Per SF | $0.90 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $1,349,269 |
| Annual Per SF | $29.13 |
| Taxes (CAD) | |
|---|---|
| Annual | $191,073 |
| Annual Per SF | $4.13 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $153,594 |
| Annual Per SF | $3.32 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $344,667 |
| Annual Per SF | $7.44 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $1,004,603 |
| Annual Per SF | $21.69 |
PROPERTY FACTS
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PROPERTY TAXES
| Parcel Number | 23-00011-0000-00002-01 | Total Assessment | $7,648,960 CAD |
| Land Assessment | $2,597,760 CAD | Annual Taxes | $191,073 CAD ($4.13 CAD/SF) |
| Improvements Assessment | $5,051,200 CAD | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
23-00011-0000-00002-01
Land Assessment
$2,597,760 CAD
Improvements Assessment
$5,051,200 CAD
Total Assessment
$7,648,960 CAD
Annual Taxes
$191,073 CAD ($4.13 CAD/SF)
Tax Year
2024
ZONING
| Zoning Code | I |
| I |
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Morris Plains Business Park | 60 E Hanover Ave
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