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.
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