Dr. Henry Odunlami Purchases Califon Property At 405 Trimmer Rd With Joseph Vindigni As Seller's Rep
405 Trimmer Rd, Califon, NJ, 07830
Building Size
7,800 SF
Asset Type
Industrial
Closing
Nov 20, 2023
AI
The property asset involves a 7,800-square-foot industrial flex building located at 405 Trimmer Road, Califon, NJ. The market value is within Hunterdon County, where this facility is designated for a residential addiction rehabilitation purpose. The building is situated on two lots spanning 15 acres and is partially fit-out for a 13-bed substance use disorder treatment facility, now planned for completion by the buyer.
Summary of transaction details:
- Property Type: Industrial Flex Building
- Transaction Amount: Undisclosed
- Address: 405 Trimmer Rd, Califon, NJ, 07830
- Market: Califon
- Buyer: Dr. Henry Odunlami
- Seller: Scenic Pastures LLC
- Seller's Representative: Joseph Vindigni - NAI James E. Hanson
- Approval for Additional Space: 10,500 square feet of flex space
Key individuals in this transaction include Dr. Henry Odunlami, a board-certified psychiatrist with over 20 years of experience, practicing in multiple locations including Brick and Bridgewater. Joseph Vindigni from NAI James E. Hanson represented the seller and emphasized the importance of local market knowledge in arranging this specialized property deal. The site benefits from its strategic location at the intersection of County Road 513, providing access to interstate routes.
Players
Califon Industrial Market Snapshot
Boundary boundary · Industrial · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93