Property Details
Price :
Square Feet :
Cap Rate :
$5,050,000
40,866
7.75%
NOI :
Acres :
$391,487
0.80
Property Type :
Property Status :
Office
Available
Investment Highlights
- Long-Term State of New Jersey Tenancy – State Of New Jersey Occupies Approximately 69% of the Building on a Lease Extending Through April 2036, Providing Durable In-Place Cash Flow.
- Compelling Value-Add Opportunity – 27% of the Property is Currently Vacant, Allowing an Investor to Lease Remaining Space and Increase NOI by More Than 40%.
- Pro Forma 11.3%+ Yield on Cost – Projected NOI Increases From $391,487 to $553,661 Upon Stabilization, Creating Significant Upside Through Lease-up.
- Below Replacement Cost Basis – Offered at Just $120/SF, Well Below Today's Replacement Cost for a Six-Story Office Asset With Structured Parking.
- Annual Contractual Rent Growth – State of New Jersey Lease Includes Scheduled Annual Rent Increases Beginning in 2027 Through 2032, Providing Built-In Income Growth.
- Transit-Oriented Location – Minutes from The Brick Church NJ Transit Station with Direct Service to Newark, Hoboken, and New York City, Enhancing Long-term Leasing Demand.
- Strong Redevelopment Tailwinds – Adjacent to the 820-Unit Crossings at Brick Church Station Development and Ongoing Downtown East Orange Revitalization.
- Flexible R-O Zoning – Zoning Permits High-rise Office and Multifamily Uses, Creating Future Redevelopment and Adaptive Reuse Potential.
- Excellent Accessibility - Immediate Access to Interstate 280 Carrying Approximately 119,500 Vehicles Per Day.
- Dense Northern New Jersey Market – Located Within a 5-Mile Population of More Than 823,000 Residents and Nearly 248,000 Employees, Supporting Long-Term Office and Mixed-Use Demand
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