703 Van Rossum Ave
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703 Van Rossum Ave
40,800 SF 100% Leased Industrial Building Beverly, NJ 08010 $4,669,533 CAD ($114 CAD/SF)
Investment Highlights
- Secure industrial storage lots
- 70 storage containers
Executive Summary
Avison Young is pleased to offer 703 Van Rossum Avenue (the “Property”) for sale to qualified investors. Located in Beverly, New Jersey, the Property consists of 40,800 square feet on 4.37 acres. The building is 91% occupied by nine tenants. With a weighted average lease term of just 2.17 years, and in-place rents less than half of market, 703 Van Rossum Avenue presents a significant value-add opportunity through increasing rents to market.
• 703 Van Rossum Avenue is zoned LI - Light Industrial District, which allows for a variety of uses that can further enhance the income stream at the Property. There are currently 10 industrial suites, two fenced, secure industrial storage lots, and 70 storage containers at the Property. The land housing the storage containers can easily be converted to another fenced, secure storage lot that will generate more revenue than currently realized.
• The in-place weighted average rental rate at 703 Van Rossum Avenue is $6.53 per square foot modified gross (which equates to $4.01 psf NNN with 2023 expenses of $2.52 psf), while the market rental rate stands at $9.00 per square foot net. This offers the ability to raise rents significantly and increase reimbursements over the short remaining average lease term.
• 703 Van Rossum Avenue is zoned LI - Light Industrial District, which allows for a variety of uses that can further enhance the income stream at the Property. There are currently 10 industrial suites, two fenced, secure industrial storage lots, and 70 storage containers at the Property. The land housing the storage containers can easily be converted to another fenced, secure storage lot that will generate more revenue than currently realized.
• The in-place weighted average rental rate at 703 Van Rossum Avenue is $6.53 per square foot modified gross (which equates to $4.01 psf NNN with 2023 expenses of $2.52 psf), while the market rental rate stands at $9.00 per square foot net. This offers the ability to raise rents significantly and increase reimbursements over the short remaining average lease term.
Property Facts
| Price | $4,669,533 CAD | Lot Size | 4.37 AC |
| Price Per SF | $114 CAD | Rentable Building Area | 40,800 SF |
| Sale Type | Investment | No. Stories | 1 |
| Property Type | Industrial | Year Built | 1920 |
| Property Subtype | Warehouse | No. Dock-High Doors/Loading | 2 |
| Building Class | C | No. Drive In / Grade-Level Doors | 1 |
| Price | $4,669,533 CAD |
| Price Per SF | $114 CAD |
| Sale Type | Investment |
| Property Type | Industrial |
| Property Subtype | Warehouse |
| Building Class | C |
| Lot Size | 4.37 AC |
| Rentable Building Area | 40,800 SF |
| No. Stories | 1 |
| Year Built | 1920 |
| No. Dock-High Doors/Loading | 2 |
| No. Drive In / Grade-Level Doors | 1 |
Amenities
- Air Conditioning
1 of 1
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $1,711,337 CAD | |
| Land Assessment | $450,745 CAD | Total Assessment | $2,162,082 CAD |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$450,745 CAD
Improvements Assessment
$1,711,337 CAD
Total Assessment
$2,162,082 CAD
zoning
| Zoning Code | LI (Light Industrial) |
| LI (Light Industrial) |
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Adam Gillespie -
Benjamin Fabiszewski -
Avison Young
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703 Van Rossum Ave
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