Listed by Marcus & Millichap - New Jersey
$2,950,000
Partially Occupied Ground Floor Office Condo
Details
Property Type Office
Sub Type Traditional Office
Square Footage 6,095
Net Rentable (SqFt) 6,095
Occupancy 59%
Pro-Forma Cap Rate 8.44%
Pro-Forma NOI $248,868
Year Built 2009
Acreage 1.000
Zoning CCD2
Parking Spaces 35 spaces
Parking per 1,000 SqFt 5.74
Office | 6,095 SqFt
Marketing description
Marcus & Millichap is pleased to exclusively present 23 Wallace Street, Red Bank, Monmouth County, New Jersey.
Investment highlights
- 23 Wallace Street is the ground floor commercial condominium of "The Metropolitan," a 37-unit Class A-residential building located in downtown Red Bank, New Jersey, just steps off Broad Street
- The property is partially occupied by World Kinect Corporation (NYSE: WKC), a global energy management corporation with an investment grade credit rating by S&P of BBB-
- WKC has $50B of annual revenues
- WKC has 9 years remaining on their lease with 3% increases every other year
- Vacant 2,500 SF office unit ideal for an owner/operator who wants to be within downtown Red Bank
- 35 covered parking spaces that lead directly into the units, which is nearly impossible to find in downtown Red Bank
- Tremendous location just minutes from the Garden State Parkway, Route 35, Red Bank train station, and the Jersey Shore
- Incredible demographics with over 145K people within 5 miles and a 1-mile average household income over $144K
Listing Contacts
Listed by Marcus & Millichap - New Jersey
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