500 Prospect Ave - Office FOR SALE


West Orange, NJ 07052
$1,299,999 USD
973-291-1393
500 Prospect Ave, West Orange, NJ for Sale
$1,299,999 USD
Office - FOR SALE
1/21
null | Request Cap Rate

500 Prospect Ave
West Orange, NJ 07052


HIGHLIGHTS

  • Value-add opportunity to acquire a partially occupied office and lease-up at market rates or occupy as an owner/user.
  • West Orange location off Interstate 280 with speedy access to Garden State Parkway and the South Orange train station.
  • Significant upside potential with existing partial occupancy by two tenants, leaving ample space for new income opportunities.
  • Situated near many retailers and restaurants, including ShopRite, TGI Fridays, AMC Dine-In, LA Fitness, Panera Bread, and Starbucks.
  • West Orange is an affluent community with high average household incomes within 2 miles exceeding $117,000 annually.
  • Please contact broker to schedule a tour!

OVERVIEW

Ideally situated in the heart of West Orange, this professional office property offers a prim e location with excellent visibility, m odern am enities, and convenient access to m ajor highways and public transit. 500 Prospect Avenue is a sizable property of 7,046 square feet spread across two stories. Built in 1984 and m eticulously m aintained, this office property features a clean, m odern façade accented by abundant windows that flood the interior with natural light. The building is situated on 0 .12 acres and offers 20 parking spaces for both em ployees and visitors. The property is divided into four suites ranging from 814 to 3,116 square feet. Currently, two of the suites are occupied, presenting strong value-add potential through lease-up of the rem aining space. Thanks to flexible B-2 zoning, a wide variety of tenant types can be accommodated, giving investors m ultiple leasing strategies. Alternatively, buyers may choose to occupy part of the space for their own business while generating incom e from the existing tenants. West Orange is an ideal place for office investm ent in New Jersey, given its dem ographics and prim e location. This upscale com m unity is just 30 m iles west of Manhattan, providing a com m unity feel with access to big-city am enities. 500 Prospect Avenue benefits from its advantageous location off Interstate 20 near Garden State Parkway and accessibility to public transit options such as the South Orange train station. Nearby retailers and conveniences include Starbucks, Total Wine, Panera Bread, ShopRite, and others. 500 Prospect Avenue benefits from being part of the greater Northern New Jersey m arket. Northern New Jersey's economy rem ains on solid footing, as rising payrolls and accelerating population growth provide a strong backdrop for consumer spending and housing demand. Property operators in New Jersey rem ain beneficiaries of growth in the logistics industry. As the e-com m erce boom has created an increased need for warehouse and distribution space, many com panies have looked to the Garden State with its prim e location in the m iddle of the northeast corridor. E-com m erce giant Am azon has opened m ultiple large distribution facilities in Northern New Jersey in recent years. At the same tim e, logistics com panies FedEx and List Logistics both signed leases larger than 800 ,000 square feet here in 2022. In June 2023, FreshRealm , a fresh meal provider for top national retailers, occupied over 495,000 square feet at a distribution center in Linden, taking advantage of the site’s proxim ity to the Port of Newark.

FOR SALE DETAILS

PRICE

$1,299,999 USD

PRICE/SF

$185 USD /SF

CAP RATE

Request Cap Rate

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Lender-Owned Value-Add Office

PROPERTY TYPE

Office

ADD'L SUBTYPES

Medical

TOTAL BUILDING SIZE

-

STORIES

2

BUILDING CLASS

B

YEAR BUILT

1984

SPRINKLERS

-

PARKING SPACES

20

LAND DETAILS

LAND ACRES

0.12 AC

LAND SF

5,227 SF

ZONING

B-2

APN/PARCEL ID

22-00083-0000-00019

ASK ABOUT THIS PROPERTY

Raul CabreraCAPC BrokerageMore Info
973-291-1393

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Raul CabreraCAPC BrokerageMore Info
973-291-1393

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.