47 Park Ave

Description

Welcome to this highly visible income-producing professional office building located at the corner of Park Ave and Main Street in the heart of West Orange. This remarkable location is home to a 3-story Victorian-style commercial building, featuring 8 separate office spaces, an unfinished basement and its own on-site parking lot. The property is currently fully occupied by an established tenant base. Month-to-month tenancy has intentionally been maintained to provide a purchaser with maximum flexibility, whether acquiring the property strictly as an investment or offering an owner-user the flexibility to occupy space while retaining existing income. Most existing tenants have expressed an interest in remaining and entering longer-term leases. Conveniently located near Route 280, the Garden State Parkway and public transportation offering easy access to NYC. Prime opportunity to own a professional building at such a prominent location with a current cap rate of 6.66%. Building and parking lot are being sold as-is. Buyer to perform their due diligence and verify accuracy of information.

Property details

Type

Office Building Complex

Lot dimensions

76X122 REAR IRR

Building size

4,500 sqft

Year built

1876

Garage

13 car

Available area

4,500 sqft

Office area

4,500 sqft

Price per sqft

$205.56

Units

8

Offered

For Sale

Zoning

Commercial

Possession

Immediate

MLS #

4052891