160 Lanza Ave, Garfield, NJ 07026

This 12-unit office building, constructed in 2010, is located at 160 Lanza Ave, Garfield, NJ 07026. The property spans approximately 10,000 square feet and features block and steel beam construction with Anderson Windows. It is situated in a Federal Opportunity Zone, presenting potential investment advantages. The building is currently fully occupied, with eight tenants who have expanded their leased spaces to accommodate their operational needs.

The building offers a total of 13 units, with 12 designated for office use and one dedicated to common area functions. Each of the 12 office units is equipped with its own independent HVAC system, providing both gas heat and central air conditioning. Furthermore, the property benefits from 13 separate gas and electric meters, facilitating individual unit management and billing. This setup ensures efficient and tailored climate control for each tenant's space.

Included with the property are 25 parking spaces, equating to 2.5 spaces per 1,000 square feet of leased area, offering ample accommodation for tenants and their visitors. The building is a two-story structure with a full basement. The basement contains a ventilation unit, a dedicated storage room with a slop sink, and an electrical room. A maintenance closet is located on the second floor, equipped with a camera system and a janitor sink for operational convenience.

The current occupancy status contributes to a net income of approximately $220,000 annually, which includes common area reimbursements from tenants. The property's zoning is R-2. This investment opportunity, classified as a commercial property with a medical subtype, boasts a cap rate of 6.88%. The building's class is B, and it was built in 2010.