215 Old Tappan RdOld Tappan, NJ 07675

Property Details for 215 Old Tappan Rd

Construction

BRICK

Lot size

1.50 AC

Property size (Sq ft)

8,300 SF

Property type

Commercial real estate

APN

43 01605-0000-00004

APU

4301605000000004

Description

This exceptional investment opportunity presents a fully leased, 10,650 square foot medical office building situated in Old Tappan, New Jersey. Located at 215 Old Tappan Road, this single-story, 2017-renovated building boasts six tenants and offers a stabilized investment profile as a fully leased property. The property sits on one acre of land and is zoned B1. The building features convenient amenities including an elevator and basement storage accessible via both elevator and an exterior scissor lift. Ample parking is available, enhancing the property's appeal. Its prime location across from a major shopping center and near 225 new residential units ensures high visibility and strong tenant demand. The building is professionally managed and maintained, minimizing operational concerns for the investor. While currently fully leased, one unit could potentially be made available for a user. This presents a rare opportunity to acquire a high-quality, well-maintained medical office building in a desirable Bergen County location. The property's strong tenant base, excellent location, and recent renovations make it an attractive investment for those seeking a stable, high-performing asset. The building's features and location combine to create a compelling investment opportunity with significant potential for long-term growth and return.

• CAP approach

  CAP return

  Valuation

  6%

  $1,555,200

  6.5%

  $1,435,570

  7%

  $1,333,030

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,084,480

  Geo Method

  $1,084,480

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $2,826,310

  Retail / Commercial

  $1,449,320

  Mixed-Use / Specialty

  $1,444,150

  Hospitality / Lodging

  $1,059,530

  Office

  $1,435,570

  Institutional / Educational

  $1,501,340

  Residential Income

  $1,756,560

  Multifamily

  $2,106,730

  Automotive / Energy

  $1,286,860

  Parking / Income-Based Land

  $444,079

  Restaurant / Food Service

  $751,114

  Healthcare / Senior Housing

  $1,480,950

Location Insight

City

Old Tappan

County

Bergen

State

New Jersey

Latitude

41.0129

Longitude

-73.9822

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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