83 Hanover RdFlorham Park, NJ 07932

Property Details for 83 Hanover Rd

Lot size

5.48 AC

Zone code

C-1

Property type

Office properties

Property subtype

Office buildings

APN

11 00201-0000-00006

APU

1100201000000006

Description

This exceptional two-story medical office building, totaling 55,000 square feet, presents a unique opportunity in Florham Park, NJ. Located at 83 Hanover Road, this highly visible property boasts a park-like setting with ample parking and is conveniently situated between Route 10 and South Orange Avenue-Columbia Turnpike, offering excellent access to major roadways including I-280, I-287, and Route 24. Built in 2005 and renovated in 1997, the building features a striking façade, a two-story atrium lobby, a canopy, and modern amenities such as car charging stations and a new generator pad. Currently, 1,603 square feet of office space is available for lease within this multi-tenant building. The property's strategic location in Morris County places it in close proximity to several prominent healthcare facilities, including Morristown Memorial, Cooperman Barnabas Medical Center, Barnabas Health Ambulatory Care Center, and Overlook Hospitals, making it an ideal location for medical practices seeking high visibility and convenient access to a large patient base. The building's attractive features and prime location combine to create an exceptional opportunity for medical professionals seeking a modern and well-equipped workspace.

• CAP approach

  CAP return

  Valuation

  6%

  $39,465,728

  6.5%

  $36,429,904

  7%

  $33,827,768

• Comparable approach

  Method

  Valuation

  Relative Method

  $31,189,718

  Geo Method

  $31,189,718

• Alternative Use

  Use

  Valuation

  Residential

  $45,173,080

  Hospitality

  $41,378,296

  Educational

  $34,426,260

  Medical

  $35,610,228

  Retail

  $53,551,956

Location Insight

City

Florham Park

County

Morris

State

New Jersey

Latitude

40.7943

Longitude

-74.3847

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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