This stunning brick colonial-style executive office building, situated on a one-acre lot in Penns Grove, New Jersey, presents a unique investment opportunity. Boasting 2,288 square feet, the property features three prestigious executive offices, a spacious central waiting area, a large library/conference room, and two powder rooms. Three additional accessory offices provide ample workspace. The building is equipped with Verizon phone service and LAN internet access. Recent upgrades include a complete renovation in 2024, featuring new Andersen replacement windows and blinds throughout, and a new front entryway and door. A back powder room was updated three years prior with a modern stand-up shower, and exterior doors were replaced with steel doors and trim within the last five years. The property is zoned LC - Light Commercial, allowing for a variety of uses including professional and business offices, retail, banks, personal services, and medical/dental clinics. Its convenient location offers easy access to major transportation arteries, including the Delaware Memorial Bridge, NJ Turnpike (exit 1), I-295, and Route 322/PA Bridges. The asking price is $475,000. This property represents a compelling opportunity for businesses seeking a high-visibility location with significant potential.
Valuation by Paperhouses methods
Valuation date:
Dec 11, 2024
CAP approach
CAP return
Valuation
6%
$977,827
6.5%
$902,610
7%
$838,138
Comparable approach
Method
Valuation
Relative Method
$485,225
Geo Method
$298,950
Alternative Use
Use
Valuation
Residential
$1,119,236
Hospitality
$1,025,214
Educational
$852,966
Medical
$882,301
Retail
$1,326,836
Location Insight
City
Penns Grove
County
Salem
State
New Jersey
Latitude
39.708
Longitude
-75.4698
CBSA code
37980
CBSA name
PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD METROPOLITAN STATISTICAL AREA
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Disclaimer
The property value estimates provided on this website are automated calculations based on publicly available data, user-submitted information, and proprietary algorithms. These estimates are not appraisals and should not be used as a substitute for a professional valuation by a licensed appraiser.
We do not guarantee the accuracy, reliability, or completeness of these estimates, as market conditions, property features, and other factors may affect actual property values. Users should conduct their own due diligence and consult with a real estate professional before making financial or investment decisions.
By using this service, you acknowledge and accept that all estimates are provided for informational purposes only and that this website assumes no liability for any reliance on the provided valuations.
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