Morreale Property

Industrial for Sale
Catylist Listing ID: 30358650
Property Subtypes: Mixed Use
Building Status: Proposed
Building Size (RSF): 14,680 SF
Gross Building Area: See Agent
Sale Price: $495,000
Unit Price: $33.72 PSF
Property Use Type: Vacant/Owner-User
Sale Terms: Other
Cap Rate: Undisclosed
Last Updated: 1/2/2019

Overview / Comments

The property is improved with a one and a partial two story 14,680+/- SF warehouse and apartment units. The building has a concrete block brick exterior, concrete foundation and a flat and partial pitched roof surface with a rubberized membrane over most of the building. A small portion is asphalt shingles.

Warehouse: The main warehouse and office are 10,000+/- SF. The office comprises approximately 2,500+ SF. There is a small kitchen area with a sink. Overall there are 3 half baths in the office and warehouse area. The ceiling height in the warehouse varies from 12+/- to 15+/- feet. There are (2) 12+/- ft. high overhead drive in doors.

There are two (2) gas fired HVAC units in the office area. They supply heat and central air conditioning to the office section. There is a ceiling mounted gas fired forced air unit which heats the mid-section of the warehouse. There are two (2) ceiling mounted propane gas forced air heater that heat the main section of the warehouse. The propane is stored in an above ground tank. Electrical service is 200+/- amp 240V in the warehouse with multiple subpanels.

Apartments: The two (2) story section of the building consists of 4,680+/- SF. Housing five apartment units, two (2) 2 bedroom units and three (3) one (1) bedroom units. Two apartments are on the first floor and three are on the second floor. There is an office storage area with a half bath on the first floor which fronts on E. Paul Avenue. May be possible to convert that to a sixth apartment unit.

There is a partial basement which houses the gas fired boiler radiator system along with one gas fired hot water heater for four of the apartments. Along with the 200+/- amp electrical service for the four apartments. The fifth apartment is over the office/storage area on E. Paul Avenue and has a separate gas fired hot air furnace and a gas fired hot water heater. The Landlord pays for all utilities for the apartments. Gross rental income from the apartments is $39,600.00

Property consists of multiple addresses on both Martin Luther King Blvd and E. Paul Avenue. Most recent use was wholesale auto parts.

Additional Details

Nearest MSA: Trenton
County: Mercer
Tax ID/APN: 1111_9003_36
Zoning Description: Business B (BB): The district allows for the following uses among others: Retail Sales, Business and Professional Office, Retail Trade and General Business. The complete zoning ordinance is available upon request.
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 27,320 172,554 281,595
Median Age: 34.26 35.68 38.14
Households: 9,880 61,669 104,237


Photograph of Listing Agent

Steven Marusky

Richardson Commercial, LLC Realtors
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