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Penn Cardiology MOB | 2.5% Buyside Fee 1076 E Chestnut Ave 14,450 sq ft Office Property Vineland, NJ 08360 £3,259,915 (£225.60/sq ft) 6.75% Net Initial Yield
INVESTMENT HIGHLIGHTS
- Institutional Health System Tenancy: The property is leased to Penn Medicine, a premier academic health system comprising six acute-care hospitals
- Contractual Rent Growth: The lease includes fixed 2.75% annual rental escalations, delivering predictable income growth
- Strategic Location with Proximity to Major Healthcare Hub: Located along Chestnut Avenue just off NJ Route 55
- Triple Net (NNN) Lease: The lease is structured on a NNN basis, placing taxes, insurance, and maintenance responsibilities on the tenant.
- Affluent Surrounding Demographics: The property is situated in a high-income area, with average household incomes exceeding $100k
- High-Quality, Professionally Maintained Facility: The building presents in strong physical condition, with well-maintained systems
EXECUTIVE SUMMARY
Broker of Record
Patrick Forde
License # 2330333 (NJ)
Matthews Real Estate Investment Services, Inc
52 Park Avenue, Suite B5, Park Ridge NJ 07656
(866) 889-0550
Patrick Forde
License # 2330333 (NJ)
Matthews Real Estate Investment Services, Inc
52 Park Avenue, Suite B5, Park Ridge NJ 07656
(866) 889-0550
PROPERTY FACTS
Sale Type
Investment
Property Type
Office
Property Subtype
Medical
Property Size
14,450 sq ft
Costar Property Class
B
Year Built
1994
Price
£3,259,915
Price per sq ft
£225.60
Yield
6.75%
NOI
£220,044
Tenancy
Single
Number of Floors
1
Typical Floor Size
14,450 sq ft
Plot ratio
0.27
Total Plot Size
1.21 ac
Use Class
R-P - Residential Preservation
Parking
53 Spaces (3.67 Spaces per 1,000 sq ft Leased)
AMENITIES
- Air Conditioning
MAJOR TENANTS
- TENANT
- INDUSTRY
- sq ft OCCUPIED
- RENT/sq ft
- LEASE END
- Wachspress Rainear & Rana Cardiology Associates PA
- -
- -
- -
- -
| TENANT | INDUSTRY | sq ft OCCUPIED | RENT/sq ft | LEASE END | ||
| Wachspress Rainear & Rana Cardiology Associates PA | - | - | - | - |
1 1
PROPERTY TAXES
| Parcel Number | 14-04214-0000-00022 | Improvements Assessment | £888,061 |
| Land Assessment | £27,004 | Total Assessment | £915,065 |
PROPERTY TAXES
Parcel Number
14-04214-0000-00022
Land Assessment
£27,004
Improvements Assessment
£888,061
Total Assessment
£915,065
CONTACTS
-
Rahul Chhajed -
Tyler Swade -
Michael Moreno -
Kyle Mackulak -
Matthews Real Estate Investment Services
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Penn Cardiology MOB | 2.5% Buyside Fee | 1076 E Chestnut Ave
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