Office Medical

50 Cherry Hill Road, Parsippany

Listing Price: $7,000,000

Cap Rate
6.65%
Gross SF
27,540
Rentable SF
27,540
Price/Gross SF
$254.18
Occupancy
93.80%
Year Built
1982
Lot Size
1.67 acres

Investment Overview

50 Cherry Hill Road is a 27,540 square foot medical office building, located at the intersection of Route 46 and Cherry Hill Road in Parsippany. The property has experienced historically high occupancy and has a current weighted average lease term of 4.1 years. Currently, 81% of the buildings tenants have occupied their suites for over 25 years. The property is located conveniently across the street from a CVS Pharmacy and in close proximity to St. Claire's Hospital in Denville and Morristown Medical Center. 50 Cherry Hill is less than a mile from the Waterview Marketplace which includes a new Whole Foods, Shake Shack, Homesense and Ulta Beauty. The site is positioned near all major roadways such as Routes 46, Interstate-80 and Interstate-287 and 30 miles from New York City. Additionally, the property has recently underwent $275,000 in capital expenditures in the last three years including upgrades to the HVAC systems, elevators, common areas, and exterior finishes. Parsippany and Morris County are among the top ranking towns and counties in the country, coming in at the 26th best town and 7th best county to live in. For many years Parsippany has been an employment HUB of Morris County with companies like PNY Technologies, Kings Food Markets and international employers like Ricola and Teva Pharmaceuticals.

Investment Highlights

  • The subject property has experienced historically high occupancy and has a current weighted average lease term of 4.1 years.
  • Located 2.3 miles from St. Claire's Hospital and 7 miles from Morristown Medical Center.
  • The property recently underwent $275,000 in capital expenditures in the last three years including upgrades to the HVAC systems, elevator, common areas and exterior finishes.

Exclusively Listed By

Office Medical

50 Cherry Hill Road, Parsippany

Listing Price: $7,000,000

Cap Rate
6.65%
Gross SF
27,540
Rentable SF
27,540
Price/Gross SF
$254.18
Occupancy
93.80%
Year Built
1982
Lot Size
1.67 acres

Investment Highlights

  • The subject property has experienced historically high occupancy and has a current weighted average lease term of 4.1 years.
  • Located 2.3 miles from St. Claire's Hospital and 7 miles from Morristown Medical Center.
  • The property recently underwent $275,000 in capital expenditures in the last three years including upgrades to the HVAC systems, elevator, common areas and exterior finishes.

Investment Overview

50 Cherry Hill Road is a 27,540 square foot medical office building, located at the intersection of Route 46 and Cherry Hill Road in Parsippany. The property has experienced historically high occupancy and has a current weighted average lease term of 4.1 years. Currently, 81% of the buildings tenants have occupied their suites for over 25 years. The property is located conveniently across the street from a CVS Pharmacy and in close proximity to St. Claire's Hospital in Denville and Morristown Medical Center. 50 Cherry Hill is less than a mile from the Waterview Marketplace which includes a new Whole Foods, Shake Shack, Homesense and Ulta Beauty. The site is positioned near all major roadways such as Routes 46, Interstate-80 and Interstate-287 and 30 miles from New York City. Additionally, the property has recently underwent $275,000 in capital expenditures in the last three years including upgrades to the HVAC systems, elevators, common areas, and exterior finishes. Parsippany and Morris County are among the top ranking towns and counties in the country, coming in at the 26th best town and 7th best county to live in. For many years Parsippany has been an employment HUB of Morris County with companies like PNY Technologies, Kings Food Markets and international employers like Ricola and Teva Pharmaceuticals.

Exclusively Listed By

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