Ai 3 - LoopNet
SITE SEARCH OF NEW JERSEY
(Licensed Real Estate Broker)
P.O. Box 7052; Princeton, N.J. 08543
(609) 731-4111 (phone)
mho13@
TREMENDOUS USER / INVESTOR OPPORTUNITY!!!!!!
VIRTUALLY ‘ZERO’ OCCUPANCY COST!!!!!!!!!!!!!!!!!! (7/2016)
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PRIME OFFICE BUILDING; HOPEWELL TOWNSHIP;
MERCER COUNTY (6/2016)
LOCATION: 2425 Pennington Road (Route 31 South); 08534.
(Block 88; Lot 4.011 (C002)
PERTINENT INFORMATION:
- The property is ideally located. It is situated at the Denow Road intersection of Route 31; ½- mile north of Route 95, ½-mile south of the Pennington Circle and approx. 3.5-miles from the new Capitol Health Hopewell Hospital.
- An affluent local population surrounds and is in close proximity to the site.
- The building consists of a 2-story; 14,000 SF office bulding on 3.15 acres. The building is 30+ years old and is of block construction. It is part of a condo association that consists of two office buildings and vacant land.
- The building is serviced by septic and well.
- All leases are absolute ‘Gross Leases’ including CAM, RE Taxes and utilities. Utilities are not separated.
- The zoning is ‘SI’ (Special Industrial).
- There is approx. 3,000 SF of vacant space on 2-floors. The space can be rented as a whole or subdivided into two separate suites.
- Parking: Ample…the front parking lot is owned by the Condo Association and the rear parking lot is owned exclusively by the subject property. Both lots have been resurfaced during 2016.
- Roof/HVAC: parts of the roof have been repaired over the past 7+ years. The HVAC units are well maintained, but are fairly old.
- Real Estate Taxes (2016): Presently $30,000, but will be reduced somewhat as of the 3rd Quarter of 2016 due to a change in the condo documents.
(2)
PURCHASE PRICE: $2,550,000.
INVESTMENT OPPORTUNITY SCENARIO………………..
- PURCHASE PRICE (EST.): $2,550,000
- 20% DOWNPAYMENT: $ 500,000
- 80% MORTGAGE: $2,050,000
- TERMS (20-YR./4.75%):
- PAYMENT/MONTH: $ 13,250
- PAYMENT/YEAR: $ 159,000
- PRESENT NOI: $ 145,000
- OCCUPANCY COST: $ 14,000
- VACANT SPACE (3,000 SF): -
- APPROX. OCCUPANCY COST: $4.70/SF!!!!!!!
FOR FURTHER INFORMATION; PLEASE CONTACT:
MARK OLINSKY @ (609) 731-4111
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