Address: 59 Sussex Avenue , Morristown, New Jersey, United States 07960
Type: Net Leased Auto Service
Cap Rate: 7.35%
Lease Type: Double-Net (NN)
Annual Rent: $67,095
Net Operating Income: $67,095
Lease Term Remaining: 19.3 Years
Rental Increases: 2.00% Annually
Rentable Sq/Ft: 5,076 SF
Rent Sq/Ft: $13.22
Price Sq/Ft: $176
Lot Size: +/- 0.13 Acres
Marcus & Millichap is pleased to present the exclusive listing for the AAMCO located at 59 Sussex Avenue in Morristown, NJ. The property consists of roughly 5,076 square feet of building space and is situated on roughly 0.13 acres of land. This AAMCO is subject to a brand new 20-year double-net lease, which commenced on February 12, 2019. The initial annual rent is $67,020, which is scheduled to increase by two percent annually throughout the base term of the lease beginning June 1, 2020.
This AAMCO property is located at 59 Sussex Avenue in Morristown, New Jersey. Morristown is the county seat of Morris County.
The subject property sits in a densely populated residential community and is located at a signalized intersection where Sussex Avenue forks with Speedwell Place, making this AAMCO accessible from both streets. Major national tenants located in the surrounding area include: Whole Foods Market, CVS Pharmacy, Rite Aid, Staples, Panera Bread, Starbucks, Dunkin’ Donuts, Cold Stone Creamery, 7-Eleven, Domino’s, as well as many others. Morristown Highschool, Alexander Hamilton Elementary School and Morris Plains School are all located within two miles of the subject property. Together these schools boast a total combined enrollment exceeding 3,800 students. Additionally, Morristown Medical Center, a 700-bed general medical and surgical facility is located less than two miles from the subject property.
There are more than 56,750 individuals residing within a three-mile radius of the subject property and more than 120,380 individuals residing within a five-mile radius. The subject property is located on Sussex Avenue, which intersects with Speedwell Avenue. Sussex Avenue experiences average daily traffic counts exceeding 11,420 vehicles, while Speedwell Avenue brings an additional average of 21,000 vehicles to the immediate surrounding area per day. This AAMCO also benefits from being positioned in a very affluent community. The average household income within a three-mile radius of the subject property is $157,550 while the average household income within a five-mile radius is $166,475.
Morris County’s strategic location in the New York–New Jersey Area, robust talent pool and workforce, and full range of affordable and flexible commercial real estate options make it a prime location for companies from a variety of industries. Drive time to NYC is 30 minutes and only about 80 minutes to Philadelphia. There are many critical Morris County industries. In 2016, the County employed more than 300,000 workers in the area. Morris County’s target industries include advanced manufacturing, technology, health services, aerospace and defense, and finance. Its diverse economy produces a Gross Regional Product (GRP) of $50 billion. The county is recognized as a select location for corporate headquarters and supporting facilities. It is renowned for its quality of life and hosts a strong regional infrastructure backed by a multi-tiered workforce. Combining all these conditions are what make Morris County a strong business environment. Many Fortune 500 companies, thriving start-ups and small businesses are headquartered here, making it easy to have access to some of the greatest future clients in the world.
Broker of Record: Brian Hosey License #1434917