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1201 Mount Kemble Avenue

North Jersey Physical Therapy Associates Leases 1,775-SF Medical Office In Morristown New Jersey
LEASEDMedical Office

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

Marcy Gross

Broker

$11.6M

vol

6 deals

Broker

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