Description
Do not miss out on this gem of a property in a prime location offering excellent cash flow. Multi-Unit (8) Commercial building consistently fully occupied with competitive rental income and long-term tenants in the heart of Moorestown on East Main Streets Historic District. Net income for the year 2024 after deduction of operating expenses was approximately 58% of total rental income. This property has been well maintained by the same owners for 42 years and have done preventative maintenance to keep their building in excellent shape. This highly visible building built in 1849 has the perfect combination of professional office space and retail space. There is a total of 3 levels of leased space: two at street level and above, and one below street level, with an atrium on the street level of the leased spaces. The net rental area is approximately 5,700 sq. ft. and in combination with common area totals approximately 7,100 sq. ft. The building has 4 powder rooms located in the common areas on the street and second floor levels. There is sufficient off-street parking for 4 vehicles and plenty of street parking.There are a total of 6 tenants occupying 8 units. Each tenant has their own thermostat to control the climate temperature in their unit for heating and cooling. There is one high efficiency Weil McClain gas fired boiler for heating. Domestic hot water is provided by a hot water heater. Each tenant has a separate air handler for distribution of heat from the boiler and a separate outdoor condensing unit for distribution of air conditioning. All utilities (water, sewer, electric and gas except internet and phone) and taxes are paid by the landlord. Any increase based on the initial base year is paid by the tenant proportional to the square footage leased by tenant yearly starting at the end of the first year of rental. Landlord is responsible for cleaning and maintenance service contracts of common spaces. With its combination of location, convenience & controlled intersection providing access to I 295, Rt.38 and Rt.73, this property presents a unique opportunity seeking a distinctive presence in Moorestown-Mt. Laurel.
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Description
Do not miss out on this gem of a property in a prime location offering excellent cash flow. Multi-Unit (8) Commercial building consistently fully occupied with competitive rental income and long-term tenants in the heart of Moorestown on East Main Streets Historic District. Net income for the year 2024 after deduction of operating expenses was approximately 58% of total rental income. This property has been well maintained by the same owners for 42 years and have done preventative maintenance to keep their building in excellent shape. This highly visible building built in 1849 has the perfect combination of professional office space and retail space. There is a total of 3 levels of leased space: two at street level and above, and one below street level, with an atrium on the street level of the leased spaces. The net rental area is approximately 5,700 sq. ft. and in combination with common area totals approximately 7,100 sq. ft. The building has 4 powder rooms located in the common areas on the street and second floor levels. There is sufficient off-street parking for 4 vehicles and plenty of street parking.There are a total of 6 tenants occupying 8 units. Each tenant has their own thermostat to control the climate temperature in their unit for heating and cooling. There is one high efficiency Weil McClain gas fired boiler for heating. Domestic hot water is provided by a hot water heater. Each tenant has a separate air handler for distribution of heat from the boiler and a separate outdoor condensing unit for distribution of air conditioning. All utilities (water, sewer, electric and gas except internet and phone) and taxes are paid by the landlord. Any increase based on the initial base year is paid by the tenant proportional to the square footage leased by tenant yearly starting at the end of the first year of rental. Landlord is responsible for cleaning and maintenance service contracts of common spaces. With its combination of location, convenience & controlled intersection providing access to I 295, Rt.38 and Rt.73, this property presents a unique opportunity seeking a distinctive presence in Moorestown-Mt. Laurel.
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