North Jersey Physical Therapy Associates Leases 1,775-SF Medical Office In Morristown New Jersey
1201 Mount Kemble Avenue
Building Size
1,775 SF
Asset Type
Medical Office
Closing
Dec 11, 2024
AI
A lease transaction took place for a medical office space measuring 1,775 square feet located at 1201 Mount Kemble Avenue in Morristown, NJ. The current market for this property is in Morristown, and it serves as the second location for North Jersey Physical Therapy Associates, which focuses on providing various therapy services.
Summary of transaction details:
- Property Type: Medical Office
- Transaction Amount: Not specified
- Address: 1201 Mount Kemble Avenue
- Market: Morristown
- Tenant: Carol Cote - North Jersey Physical Therapy Associates
- Broker: Marcy Gross & Eric Weston - Sheldon Gross Realty
The transaction involved broker representatives Marcy Gross and Eric Weston from Sheldon Gross Realty, who facilitated the lease for North Jersey Physical Therapy Associates. The selected site is strategically located near Route 287 and Morristown Green, allowing the practice to enhance its service outreach, including chronic pain and TMJ therapy.
Players
Morristown Medical Office Market Snapshot
Boundary boundary · Medical Office · Lease 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