16 Wing DrHanover, NJ 07927

  • Office properties
  • 4.54 AC
For Lease
$17/SF/YR View listing

Property Details for 16 Wing Dr

Year built
1985
Lot size
4.54 AC
Zone code
IP
Property type
Office properties
Property subtype
Office buildings
APN
12 01101-0000-00004
APU
1201101000000004

Description

This exceptional office property, located at 16 Wing Drive in Hanover, New Jersey, 07927, offers a blend of traditional and creative office space. The building, a Class B property constructed in 1979, comprises 32,000 square feet across two stories. Currently, a minimum of 1,866 square feet is available for lease, ideal for a variety of businesses. The building features ample parking with 225 spaces and convenient elevator access. Situated in the Parsippany Submarket, Cedar Knolls cluster, this location provides easy access to major roadways, including Route 10 and Ridgedale Avenue. Nearby amenities include Wegmans, LA Fitness, Shoprite, Seasons 52, and Capital Grille. The property is zoned IP and is in Morris County. While one available space is described as a beautifully appointed 2,825 sq ft loft-style suite with hardwood floors, four private offices, a large open bullpen, and a conference room, the minimum leasable space is 1,866 sq ft. This presents a fantastic opportunity for businesses seeking a well-located, functional, and accessible office space in a thriving New Jersey community.

Valuation
by Paperhouses methods

Valuation date:
Dec 11, 2024
  • CAP approach

    CAP return
    Valuation
    6%
    $36,085,404
    6.5%
    $33,309,604
    7%
    $30,930,346
  • Comparable approach

    Method
    Valuation
    Relative Method
    $25,885,924
    Geo Method
    $25,851,080
  • Alternative Use

    Use
    Valuation
    Residential
    $41,303,908
    Hospitality
    $37,834,160
    Educational
    $31,477,576
    Medical
    $32,560,138
    Retail
    $48,965,120
16 Wing Dr, Hanover, New Jersey

Location Insight

City
Cedar Knolls
County
Morris
State
New Jersey
Latitude
40.8343
Longitude
-74.4483
CBSA code
35620
CBSA name
NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2022
$65,879
$1,210,500
$2,030,000
$3,240,500
-
$1,210,500
$2,030,000
$3,240,500

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