59 Franklin St - Medical FOR SALE


Morristown, NJ 07960- Downtown Morristown
$1,690,000 USD
973-884-4444
59 Franklin St, Morristown, NJ for Sale
$1,690,000 USD
Medical - FOR SALE
1/38
null | Request Cap Rate

59 Franklin St
Morristown, NJ 07960
Downtown Morristown


HIGHLIGHTS

  • Zoned for medical and residential
  • 1/2 Mile to Morristown Memorial Hospital
  • 1/2 Mile to NJ Transit Train Station
  • Abundant on-site parking
  • ADA Compliant with wheelchair lift
  • Residential conversion possible

OVERVIEW

Mixed-Use Opportunity in the Heart of Morristown Ideal for Owner-Users or Investors Positioned just a half mile from both Morristown Memorial Hospital and the NJ Transit train station, this well-located three-story mixed-use building offers excellent potential for owner-users and investors. The property spans over half an acre with ample on-site parking, direct access to I-287, and walkable proximity to downtown Morristown’s restaurants, shops, and services. The building encompasses approximately +/-5,000 square feet and is currently occupied by a mix of professional and medical tenants. Approximately 1,400-square-feet of commercial office space on the ground floor is currently tenant-occupied on a month-to-month basis and can be delivered vacant at closing, offering immediate flexibility for an owner-user or new lease opportunity. The second floor features a spacious two-bedroom, one-and-a-half-bath residential unit for owner-occupancy or for rental income. The fully finished third floor features three rooms and a three-quarter bath. Zoned for both medical and residential use, the property supports a variety of potential uses, including full residential conversion. Additional features include 24-hour access, a wheelchair lift for ADA compliance, and basement storage. The total square footage of the building has not been independently verified. Any references to size are based on public records, site observations, or third-party sources and may not reflect the actual dimensions. Neither the seller nor the broker makes any representation or warranty regarding the accuracy of the square footage. Buyers are encouraged to conduct their own due diligence and measurements to confirm all information.*

FOR SALE DETAILS

PRICE

$1,690,000 USD

PRICE/SF

$338 USD /SF

CAP RATE

Request Cap Rate

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment Or Owner User

BUILDING DETAILS

PROPERTY NAME

Motivated ownership

PROPERTY TYPE

Office

PROPERTY SUBTYPE

Medical

ADD'L SUBTYPES

Office/Residential

TOTAL BUILDING SIZE

-

STORIES

3

BUILDING CLASS

B

YEAR BUILT

1930

SPRINKLERS

-

PARKING SPACES

19

LAND DETAILS

LAND ACRES

0.55 AC

LAND SF

23,958 SF

ZONING

R-3

APN/PARCEL ID

24-04303-0000-00001

ASK ABOUT THIS PROPERTY

Dennis GiammettaNewmark Associates CRE, LLCMore Info
973-884-4444

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Dennis GiammettaNewmark Associates CRE, LLCMore Info
973-884-4444

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