11 Hill StMorristown, NJ 07960

Property Details for 11 Hill St

Year built

1956

Construction

FRAME

Lot size

0.20 AC

Property size (Sq ft)

2,088 SF

Zone code

RT

Property type

Office properties

Property subtype

Office buildings

APN

24 04501-0000-00040

APU

2404501000000040

Description

This exceptional 2,088 square foot free-standing office building is ideally situated in the heart of downtown Morristown, New Jersey. Currently configured as a graphic design studio, this versatile property offers a multitude of potential uses, including medical, legal, or therapeutic practices. The main floor boasts five individual offices, a welcoming reception area, a convenient kitchenette, and a half bathroom. The lower level features a spacious meeting room, a comfortable sitting area, and a full bathroom. Tax records indicate a total area of 2,088 square feet, encompassing the finished basement space. The property provides ample off-street parking for eight vehicles. Its location offers unparalleled convenience, with proximity to the Morristown train station, a vibrant array of restaurants, and diverse shopping options. Previously used as a doctor's office, this well-maintained building is zoned for commercial use, although prior zoning approvals indicated potential for residential conversion with the appropriate permits. The property is also available for lease, and current furnishings are negotiable. This presents a unique opportunity to acquire a prime commercial property in a highly desirable location. The 0.2-acre lot provides a comfortable setting for this established business.

• CAP approach

  CAP return

  Valuation

  6%

  $380,785

  6.5%

  $351,494

  7%

  $326,387

• Comparable approach

  Method

  Valuation

  Relative Method

  $273,185

  Geo Method

  $272,818

• Alternative Use

  Use

  Valuation

  Residential

  $435,852

  Hospitality

  $399,238

  Educational

  $332,162

  Medical

  $343,585

  Retail

  $516,696

Location Insight

City

Morristown

County

Morris

State

New Jersey

Latitude

40.7948

Longitude

-74.4734

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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