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3544 Route 22

Lawn Buddies Leases 3,500-Square-Foot Industrial Space In Somerville
LEASEDIndustrial

Lawn Buddies Leases 3,500-Square-Foot Industrial Space In Somerville

3544 Route 22

$25

$25/SF

Building Size

3,500 SF

Asset Type

Industrial

Closing

May 2, 2023

AI

Lawn Buddies, a lawn service company based in Central New Jersey, has leased a 3,500-square-foot freestanding building located at 3544 Route 22 in Somerville. The industrial property is situated in a prime location in the market of Somerville, surrounded by popular retailers such as Dunkin', Stowaway Self Storage, and others. The lease transaction was completed on May 2, 2023, and the property will serve as a new retail space for Lawn Buddies to cater to clients in Hunterdon and Somerset County. The asking rent for the space was $25 per square foot, resulting in a total rental cost of approximately $87,500 per year.

Summary of transaction details:

The lease deal was facilitated by Bussel Realty Corp.'s Chandler Vanderbeek and Connor Vanderbeek, who represented both the tenant, Lawn Buddies, and the landlord in the transaction. With their expertise and negotiation skills, they successfully closed the deal, ensuring that the needs of both parties were met. This lease agreement allows Lawn Buddies to expand its operations and serve a wider range of clients in Hunterdon and Somerset County, solidifying its position as a prominent lawn service company in Central New Jersey.

Players

Connor Vanderbeek

Bussel Realty

Broker

3 deals

Broker

Willet Industrial Market Snapshot

Boundary boundary · Industrial · Lease transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

634520.00%

Cash-on-Cash

-181347.76%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93