29 Elm Street Morristown Town, NJ — $2,900,000

Listing data last changed 7/19/2023
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29 Elm Street | Morristown Town

$2,900,000

The subject property is a 6,300 sq. ft mixed use property consisting of one 1-bedroom apartment and two office units. The property is in excellent condition, has an elevator and sits on a .45-acre parcel with a total of 19 parking spaces. The office tenants include a dental practice and a 300 SF vacant office space. The dental practice is on a ten-year NNN lease and has six and half years of the term remaining. Mondovi Dental, the 1st & 2nd floor tenant, was just purchased in late 2019 by Smile Brands. The Smile Brands company is one of the largest Dental Services Organizations in the country, representing 650 of offices and over 8,000 employees, including 2,200 dentists and hygienists operating in 30 states. The tenant is responsible for 95% of all NNN expenses. There is a 1BR apt is rents for $2.520 per month on a one year lease and the current tenant has renewed twice already. Current NOI is $184,057 NJMLS 23022314

MLS Listing ID: 
NJMLS 23022314
Listing Status
Status of the Listing.
Listing Status: 
Active
Listing Pricing
Pricing information for this listing.
List Price: 
$2,900,000
Basic Property Information
Fields containing basic information about the property.
Property Type: 
Commercial
Primary Market Area: 
Morristown Town
Address: 
29 Elm Street, Morristown Town, NJ 07960, U.S.A.
County: 
MORRIS
Public Remarks: 
The subject property is a 6,300 sq. ft mixed use property consisting of one 1-bedroom apartment and two office units. The property is in excellent condition, has an elevator and sits on a .45-acre parcel with a total of 19 parking spaces. The office tenants include a dental practice and a 300 SF vacant office space. The dental practice is on a ten-year NNN lease and has six and half years of the term remaining. Mondovi Dental, the 1st & 2nd floor tenant, was just purchased in late 2019 by Smile Brands. The Smile Brands company is one of the largest Dental Services Organizations in the country, representing 650 of offices and over 8,000 employees, including 2,200 dentists and hygienists operating in 30 states. The tenant is responsible for 95% of all NNN expenses. There is a 1BR apt is rents for $2.520 per month on a one year lease and the current tenant has renewed twice already. Current NOI is $184,057
Construction
Exterior Features: 
Medical
Room Details
Details about the rooms in the building.
Total Bedrooms: 
0
Total Bathrooms: 
0
Utilities
Information about utilities available on the property.
Heating System: 
Hot Water
Heating System Fuel: 
Gas
Lot/Land Details
Details about the lots and land features included on the property.
Waterfront: 
0
Public Record
Annual Tax: 
$14,020.00
Listing Dates
Dates involved in the transaction.
Listing Entry Date/Time: 
7/19/2023
Listing Participants
Participants (agents, offices, etc.) in the transaction.
Listing Office Name: 
R New Jersey LLC

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