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703 Van Rossum Ave 40,800 SF 100% Leased Industrial Building Beverly, NJ 08010 $4,111,230 CAD ($100.77 CAD/SF)
Investment Highlights
- Secure industrial storage lots
- 70 storage containers
Executive Summary
Avison Young is pleased to offer 703 Van Rossum Avenue (the “Property”) for sale to qualified investors. Located in Beverly, New Jersey, the Property consists of 40,800 square feet on 4.37 acres. The building is 91% occupied by nine tenants. With a weighted average lease term of just 1.95 years, and in-place rents less than half of market, 703 Van Rossum Avenue presents a significant value-add opportunity through increasing rents to market.
• 703 Van Rossum Avenue is zoned LI - Light Industrial District, which allows for a variety of uses that can further enhance the income stream at the Property. There are currently 10 industrial suites, two fenced, secure industrial storage lots, and 70 storage containers at the Property. The land housing the storage containers can easily be converted to another fenced, secure storage lot that will generate more revenue than currently realized.
• The in-place weighted average rental rate at 703 Van Rossum Avenue is $6.53 per square foot modified gross (which equates to $4.01 psf NNN with 2023 expenses of $2.52 psf), while the market rental rate stands at $9.00 per square foot net. This offers the ability to raise rents significantly and increase reimbursements over the short remaining average lease term.
• 703 Van Rossum Avenue is zoned LI - Light Industrial District, which allows for a variety of uses that can further enhance the income stream at the Property. There are currently 10 industrial suites, two fenced, secure industrial storage lots, and 70 storage containers at the Property. The land housing the storage containers can easily be converted to another fenced, secure storage lot that will generate more revenue than currently realized.
• The in-place weighted average rental rate at 703 Van Rossum Avenue is $6.53 per square foot modified gross (which equates to $4.01 psf NNN with 2023 expenses of $2.52 psf), while the market rental rate stands at $9.00 per square foot net. This offers the ability to raise rents significantly and increase reimbursements over the short remaining average lease term.
Property Facts Under Contract
| Price | $4,111,230 CAD | Lot Size | 4.37 AC |
| Price Per SF | $100.77 CAD | Rentable Building Area | 40,800 SF |
| Sale Type | Investment | No. Stories | 1 |
| Property Type | Industrial | Year Built | 1920 |
| Property Subtype | Warehouse | No. Dock-High Doors/Loading | 2 |
| Building Class | C | No. Drive In / Grade-Level Doors | 4 |
| Zoning | LI - Light Industrial | ||
| Price | $4,111,230 CAD |
| Price Per SF | $100.77 CAD |
| Sale Type | Investment |
| Property Type | Industrial |
| Property Subtype | Warehouse |
| Building Class | C |
| Lot Size | 4.37 AC |
| Rentable Building Area | 40,800 SF |
| No. Stories | 1 |
| Year Built | 1920 |
| No. Dock-High Doors/Loading | 2 |
| No. Drive In / Grade-Level Doors | 4 |
| Zoning | LI - Light Industrial |
Amenities
- Signage
- Wheelchair Accessible
- Air Conditioning
- Smoke Detector
1 1
Somewhat walkable
30/100
Very drivable
80/100
Good public transit
70/100
Fairly bikeable
50/100
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703 Van Rossum Ave
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