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63 Park Street

Montclair Veterinary Associates Leases 5,252 Square Feet At 63 Park Street In Montclair
LEASEDMixed-use

Montclair Veterinary Associates Leases 5,252 Square Feet At 63 Park Street In Montclair

63 Park Street

Building Size

5,252 SF

Asset Type

Mixed-use

Closing

Nov 20, 2024

AI

The property involved in this transaction is a mixed-use asset located at 63 Park Street, Montclair, NJ. The space encompasses 5,252 square feet and was previously a private residence built in 1910. It underwent renovations in 2020, which transformed it into a multifaceted building that also includes two residential apartments.

Summary of transaction details:

  • Property Type: Mixed-use
  • Transaction Amount: Not specified
  • Address: 63 Park Street
  • Market: Montclair
  • Lease Term: 10-year
  • Tenant: Montclair Veterinary Associates
  • Broker: Eric Weston - Sheldon Gross Realty

Eric Weston from Sheldon Gross Realty represented the landlord in securing a 10-year lease with Montclair Veterinary Associates, emphasizing the firm’s expertise in brokering such transactions. The combination of a well-renovated space and an established tenant reflects a strategic move in the Montclair market.

Players

Eric Weston

Sheldon Gross Realty

Broker

$13.1M

vol

8 deals

Broker

Montclair Mixed-use Market Snapshot

Boundary boundary · Mixed-use · 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