29 Elm St Morristown, NJ 07960

The subject property is a 6,300 sq. ft mixed use property consisting of one 1-bedroom apartment and two office units. The property is in excellent condition, has an elevator and sits on a .45-acre parcel with a total of 19 parking spaces. The office tenants include a dental practice and a 300 SF vacant office space. The dental practice is on a ten-year NNN lease and has six and half years of the term remaining. Mondovi Dental, the 1st & 2nd floor tenant, was just purchased in late 2019 by Smile Brands. The Smile Brands company is one of the largest Dental Services Organizations in the country, representing 650 of offices and over 8,000 employees, including 2,200 dentists and hygienists operating in 30 states. The tenant is responsible for 95% of all NNN expenses. There is a 1BR apt is rents for $2.520 per month on a one year lease and the current tenant has renewed twice already. Current NOI is $184,057