Mixed-Use

5-7 Washington Street, Morristown

Listing Price: $1,750,000

Cap Rate
4.13%
Gross SF
5,126
Rentable SF
5,126
Price/Gross SF
$341.40
Lot Size
0.04 acres
Year Built
1975

Investment Overview

Marcus & Millichap, as the exclusive advisor, is pleased to present the opportunity to acquire 5-7 Washington Street in Morristown, NJ. 5-7 Washington Street is a three-story, mixed use building in Morristown's Downtown. The buildings first floor retail tenants include Blimpie's and Cold Stone Creamery. The second floor is currently vacant (approximately 1,500 square feet) which provides an owner user or value add opportunity. The property has one elevator and each floor has their own HVAC unit. The property is located approximately 100 feet from the Green, a historical park in Morristown's Downtown area, that attracts residents and people who work in the area. The Green is a large attraction for the town, where a festival takes place in September and the Christmas Festival, among other activities, including political rallies. Washington street has a daily traffic count of over 15,000 cars, making it an ideal location for retail tenants. Morristown is ideally located near Interstate 287, and offering access to Interstates 80 and 78. Route 202. Additionally, Morristown is located 30 miles from New York City with a direct train to Manhattan from Morristown's Train Station. The area surrounding the Green has recently been rezoned, which allows for both commercial and residential uses and provides a value-add opportunity for investors. The new zoning permits the potential of converting the office space to apartments and/or potentially adding two floors of residential above the existing structure.

Investment Highlights

  • Located approximately 100 feet from The Green
  • Heavy foot traffic area of Morristown's Downtown
  • The property's second floor is currently vacant which allows for an owner user to occupy
  • The Property was Renovated in 2011 and Has Been Immaculately Kept

Exclusively Listed By

Mixed-Use

5-7 Washington Street, Morristown

Listing Price: $1,750,000

Cap Rate
4.13%
Gross SF
5,126
Rentable SF
5,126
Price/Gross SF
$341.40
Lot Size
0.04 acres
Year Built
1975

Investment Highlights

  • Located approximately 100 feet from The Green
  • Heavy foot traffic area of Morristown's Downtown
  • The property's second floor is currently vacant which allows for an owner user to occupy
  • The Property was Renovated in 2011 and Has Been Immaculately Kept

Investment Overview

Marcus & Millichap, as the exclusive advisor, is pleased to present the opportunity to acquire 5-7 Washington Street in Morristown, NJ. 5-7 Washington Street is a three-story, mixed use building in Morristown's Downtown. The buildings first floor retail tenants include Blimpie's and Cold Stone Creamery. The second floor is currently vacant (approximately 1,500 square feet) which provides an owner user or value add opportunity. The property has one elevator and each floor has their own HVAC unit. The property is located approximately 100 feet from the Green, a historical park in Morristown's Downtown area, that attracts residents and people who work in the area. The Green is a large attraction for the town, where a festival takes place in September and the Christmas Festival, among other activities, including political rallies. Washington street has a daily traffic count of over 15,000 cars, making it an ideal location for retail tenants. Morristown is ideally located near Interstate 287, and offering access to Interstates 80 and 78. Route 202. Additionally, Morristown is located 30 miles from New York City with a direct train to Manhattan from Morristown's Train Station. The area surrounding the Green has recently been rezoned, which allows for both commercial and residential uses and provides a value-add opportunity for investors. The new zoning permits the potential of converting the office space to apartments and/or potentially adding two floors of residential above the existing structure.

Exclusively Listed By

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