DEAL SUMMARY - MORRISTOWN

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List Price: $2,025,000

NRSF: 29,533

Units: 169

Acres: 2.868

Locations: 2

In-Place Cap Rate: 7.71%

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MORRISTOWN EAST

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NRSF:         13,061

Units:          109

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INVESTMENT HIGHLIGHTS

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LOCATION & MARKET //  Located 5.8 miles east of the West facility off East Morris Blvd, with 18,950 VPD. Close to local amenities such as Frank Larino Park and ongoing residential development, providing a stable tenant base and good visibility.

 

OPERATIONS & SECURITY //  With consistently high occupancy and strong achieved rents compared to market, this facility has enjoyed strong occupancy in addition to operational synergy with the West site. The site boasts full LED lighting, a PDK gate controller for access along with 12 Hikvision cameras routed to on-site NVR.

 

CAPITAL EXPENDITURES & IMPROVEMENTS //  Recent tree trimming, LED lighting upgrades, PDK controller and high-tech cameras ensure this facility is in good shape for the future. The office area contains approximately 1,000 sq/ft of space that could be converted into indoor units, or potentially climate control. Executing on this expansion/conversion would enable the investor to collect another $10,670 per year with minimal capital expenditure investment.

 

MORRISTOWN WEST

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NRSF:         16,472

Units:          60

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INVESTMENT HIGHLIGHTS

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LOCATION & MARKET //  Prime visibility along Andrew Johnson Hwy with 33,369 VPD. Adjacent to established residential neighborhoods and the Morristown Country Club. High traffic count ensures consistent drive-by exposure for this property with larger unit sizes and parking.

 

OPERATIONS & SECURITY //  This facility is stabilized with predictable occupancy and achieved rents consistent in line with market. This well-lit facility has new LED lighting installed in the last two years pole lights as well as wall packs. A PDK gate controller with Viking motor was installed along with a closed-loop exit along with full camera coverage with NVR and internet-enabled remote monitoring.

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CAPITAL EXPENDITURES &  IMPROVEMENTS //  Recent tree trimming, door replacements, and lighting upgrades ensure minimal near-term capex. Seven additional parking spots are ready to support new tenants that are in operations in the field but have not yet been added into software as of the listing date.​

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