Schedule a Video Call

The Metropolitan Partially Occupied Ground Floor Office Condo w/ 35 Covered Parking Spaces - 23 Wallace Street, Red Bank, NJ

Property Details

  • Price :

  • Square Feet :

  • Cap Rate :

  • $3,500,000

  • 6,095

  • 7.11%

  • NOI :

  • Acres :

  • $248,868

  • 1.04

  • Property Type :

  • Property Status :

  • Office

  • Available

Investment Highlights

  • 23 Wallace Street is the ground floor commercial condominium of "The Metropolitan," a 37-unit Class A-residential building located in downtown Red Bank, New Jersey, just steps off Broad Street
  • The property is partially occupied by World Kinect Corporation (NYSE: WKC), a global energy management corporation with an investment grade credit rating by S&P of BBB-
  • WKC has $50B of annual revenues
  • WKC has 9 years remaining on their lease with 3% increases every other year
  • Vacant 2,500 SF office unit ideal for an owner/operator who wants to be within downtown Red Bank
  • 35 covered parking spaces that lead directly into the units, which is nearly impossible to find in downtown Red Bank
  • Tremendous location just minutes from the Garden State Parkway, Route 35, Red Bank train station, and the Jersey Shore
  • Incredible demographics with over 145K people within 5 miles and a 1-mile average household income over $144K