55 Morris AveSpringfield, NJ 07081

Property Details for 55 Morris Ave

Year built

1972

Construction

BRICK

Lot size

0.53 AC

Property size (Sq ft)

21,588 SF

Property type

Commercial real estate

APN

17 00903-0000-00015

APU

1700903000000015

Description

This Springfield, NJ, office building at 55 Morris Ave offers versatile spaces ideal for medical or general office use. The property, built in 1972 and extensively renovated in 2017, comprises 21,588 square feet across three stories. Currently, 3,323 square feet are vacant, with suites ranging from 1,460 to 1,863 contiguous square feet available. The building features 70 parking spaces and a single elevator. Suite 204, a 1,863 square foot space on the second floor, is particularly noteworthy. It includes four plumbed rooms, two unplumbed rooms, two private restrooms, a waiting area, a large reception desk area, and storage. The space is adaptable to tenant build-outs. The building's zoning is O, and its assessed property tax is $3.94 per square foot. The building's floor area ratio (FAR) is 0.48. The property is conveniently located near Colonial Terrace in Union County, NJ, with the address 55 Morris Ave, Springfield, NJ 07081. While the building is suitable for various office uses, medical tenants are limited to Neurology, Hematology/Oncology, or OBGYN, unless they do not accept insurance. Detailed floor plans are available. This Class C building presents a compelling opportunity for businesses seeking modern, well-maintained office space in a convenient location.

• CAP approach

  CAP return

  Valuation

  6%

  $4,045,030

  6.5%

  $3,733,870

  7%

  $3,467,170

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,820,690

  Geo Method

  $2,820,690

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $7,351,130

  Retail / Commercial

  $3,769,620

  Mixed-Use / Specialty

  $3,756,190

  Hospitality / Lodging

  $2,755,790

  Office

  $3,733,870

  Institutional / Educational

  $3,904,920

  Residential Income

  $4,568,760

  Multifamily

  $5,479,520

  Automotive / Energy

  $3,347,070

  Parking / Income-Based Land

  $1,155,030

  Restaurant / Food Service

  $1,953,620

  Healthcare / Senior Housing

  $3,851,900

Location Insight

City

Springfield

County

Union

State

New Jersey

Latitude

40.7086

Longitude

-74.3045

CBSA code

35620

CBSA name

NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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