Morristown Town, NJ 07960,29 Elm ST
Listed by Ephraim Setton • R New Jersey LLC • (347) 782-3422

$2,845,000

$2,900,000

1.9%
Est.Price: ?

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Est. payment /mo

SOLD DATE : 05/10/2024

Key Details

Sold Price $2,845,000

Property Type Commercial

Sub Type Office

Listing Status Sold

Purchase Type For Sale

MLS Listing ID 23022314

Sold Date 05/10/24

Style Office

Annual Tax Amount $14,020

Property Description

The subject property is a 6,300 sq. ft mixed use property consisting of one 1-bedroom apartment and two office units. The property is in excellent condition, has an elevator and sits on a .45-acre parcel with a total of 19 parking spaces. The office tenants include a dental practice and a 300 SF vacant office space. The dental practice is on a ten-year NNN lease and has six and half years of the term remaining. Mondovi Dental, the 1st & 2nd floor tenant, was just purchased in late 2019 by Smile Brands. The Smile Brands company is one of the largest Dental Services Organizations in the country, representing 650 of offices and over 8,000 employees, including 2,200 dentists and hygienists operating in 30 states. The tenant is responsible for 95% of all NNN expenses. There is a 1BR apt is rents for $2.520 per month on a one year lease and the current tenant has renewed twice already. Current NOI is $184,057

Location

State NJ

County Morris

Area Morristown Town

Building/Complex Name None

Interior

Heating Baseboard, Gas, Hot Water

Exterior

Utilities Available Sep Elec, Sep Heat, Sep Water

Waterfront Description None

Others

Ownership Corporate

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New Jersey MLS (NJMLS)
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+1(201) 723-3300

darren@northjerseygroup.com

28 Valley Road Suite 1, Montclair, Jersey, 07042, United States

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