28 West Grand Avenue
Value Add Office Asset Under 0.2 Miles To Montvale Train Station
Marketing description
As exclusive agent, Cushman & Wakefield is pleased to offer a 100% fee interest in 28 West Grand Avenue, Montvale, New Jersey 07645 for sale. The asset consists of a 44,440 square foot two-story office building situated on 3.89 acres under a quarter mile from the Montvale NJ Transit station. The building is currently 74% leased to 13 professional office tenants with a weighted average lease term of 2.13 years. This offering represents the opportunity for an owner occupier, investor, or developer to acquire a value-add office asset in a premium Bergen County location with the flexibility to add value through occupancy of the currently vacant space, continued lease up of the remaining vacancies, or a redevelopment for the site for a higher and better use once tenant leases expire. Pro forma NOI for 28 West Grand Avenue is $342,047.
Investment highlights
- Opportunity for an owner-occupier to utilize available vacancy while benefiting from income generated by the existing tenant base
- Investors can create value through continued leasing efforts and stabilization of the remaining vacancies
- Shorter lease term profile preserves long-term optionality for redevelopment or higher-and-better-use planning as leases expire
- 44,440 SF two-story office building currently 74% leased, providing existing in-place income with meaningful upside through lease-up of vacant space
- 13-tenant professional office rent roll offers diversified tenancy and limits exposure to any single occupant
- 2.13-year WALT provides near-term flexibility for an investor, owner-user, or future repositioning strategy
- Located in Montvale, one of Bergen County's desirable northern suburbs, offering a professional setting with strong regional connectivity
- Less than a quarter mile from the Montvale NJ Transit station, providing convenient commuter access for tenants and employees
- Proximity to Route 17, a premier Northern New Jersey retail and commercial corridor, enhances access to regional amenities, services, and major transportation routes
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