62 Hamburg TpkeRiverdale, NJ 07457

Property Details for 62 Hamburg Tpke

Year built

1929

Construction

FRAME

Lot size

0.21 AC

Property size (Sq ft)

1,497 SF

Zone code

CRD

Property type

Commercial real estate

APN

33 00006-0000-00008

APU

3300006000000008

Description

This fee-simple medical office building presents a compelling investment opportunity. Located at 62 Hamburg Turnpike, Riverdale, NJ 07457, in Morris County, this 2,498 square foot property is currently 100% occupied by Veterinary Innovative Partners under a 10-year Absolute NNN lease commencing June 30, 2021, and expiring June 29, 2031. The lease includes a 5-year option with 2% annual rent bumps. The property boasts a strong 8.00% cap rate and a current NOI of $74,880, with an asking price of $935,994 ($374.70/sq ft). Built in 1929, this single-building property sits on a 0.21-acre lot. The tenant is backed by a corporate guarantee, minimizing landlord responsibilities. This investment benefits from the strong performance of the veterinary services market, projected for continued growth, and the resilience of this sector during economic downturns. The property is situated in a densely populated, affluent area within the New York-Newark-Jersey City MSA, with a population exceeding 113,000 within 5 miles and an average household income of $130,759 within 1 mile. The remaining lease term is approximately 6.6 years, offering a stable income stream with significant upside potential. This is a bite-sized investment with minimal landlord responsibilities, making it an attractive option for investors seeking a strong return in a recession-resistant sector.

• Alternative Use

  Use

  Valuation

  Residential

  $312,544

  Hospitality

  $286,289

  Educational

  $238,189

  Medical

  $246,381

  Retail

  $370,516

Location Insight

City

Riverdale

County

Morris

State

New Jersey

Latitude

40.9986

Longitude

-74.3038

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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