Listed by Marcus & Millichap - New Jersey
$7,422,000
620 & 628 Shrewsbury Avenue
Details
Property Type Office
Sub Type Traditional Office
Square Footage 39,581
Units 171
Cap Rate 7.25%
NOI $538,126
Occupancy 100%
Tenancy Multi
Year Built 1984
Acreage 4.750
Parking Spaces spaces
About This Property
Marketing description
Marcus & Millichap is pleased to exclusively present 620 & 628 Shrewsbury Avenue, Tinton Falls, Monmouth County, New Jersey.
Investment highlights
- 100% Occupied +/- 39,581 SF Medical/Office Property in Tinton Falls, Monmouth County, New Jersey
- Strong Going-In Yield – 7.25% Cap Rate with $530K+ NOI Provides Immediate, Stable Cash Flow
- Diversified & Stable Tenancy – 22 Tenants Across Medical and Professional Uses with Staggered Lease Expirations Through 2032
- Additional Income & Upside – +/- 12,000 Square Feet of Storage Units on Short-Term Leases Allows for Flexible Repositioning and Rent Increases - Storage Rents Extremely Below Market at $8 Per SF Average
- Well-Maintained Asset – Professionally Managed with Consistent Upkeep, Minimizing Near-Term Capital Requirements
- Excellent Regional Access – Minutes to Route 35 and Garden State Parkway, 1.5 Miles to Downtown Red Bank
- Large Site With Ample Parking – 4.75 Acres – 6.1/1,000 Square Feet Parking Ratio
- Affluent Demographics – Average Household Income Over $165,000 Within 3 Miles of the Subject Property
Listing Contacts
Listed by Marcus & Millichap - New Jersey
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$538,126.00
$44,843.83/mo
Valuation Metrics
0
DSCR
7.25%
Cap Rate
7.25%
ROI
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