Giovanni LaGalia - Commercial Real Estate Showcase

Giovanni LaGalia Property Listings
Marcus & Millichap Inc
260 Madison Ave
5th floor
New York, NY 10016-2401
(212) 430-6157
(212) 486-4808

424 W Main Street

Denville, NJ 07834-2516 - Western Morris Submarket

Property Type:Retail Sub Type:Freestanding Status:Existing Year Built:-
Building Size:12,600 SF Land Area:-
For Sale Price:$1,829,300 Price/SF:$145.18
Cap Rate:8.00 %
Parking:30 Surface spaces are available; Ratio of 2.38/1,000 SF

Sale Notes:
Marcus & Millichap is pleased to present 424 W Main Street, an 11,000 square foot retail strip center located in Denville, Morris County, New Jersey.

The subject property, which rests on 1.1 acres of land, is a 100% occupied 5 unit retail property. It is located on West Main Street (Route 46), less than a mile away from where Route 80 and Route 46 meet. The diverse mix of retail tenants all operate under triple net lease agreements and have staggered lease expirations. All retail tenants have 2% annual rent increases. In addition, there is a large 30 car parking lot in the rear of the property.

Additional upside is available through acquiring the adjacent fully approved land site. The site is approved for a 10,331 SF retail/office building on two levels. This building will also utilize the large 50 car parking lot in the rear of the strip center when development is complete.

Marcus & Millichap Inc
Giovanni LaGalia
(212) 430-6157

Scott Plasky
(212) 430-5229

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