Property Access Available. Please contact Adam Sklaver to schedule.
Investment Highlights
- ±24,900 SF Office Building with Covered Parking In New York MSA Located Just Three Miles From GW Bridge
- Zoned OLR, Office Low Rise, Offering Favorable Flexible Zoning Allowing For A Variety Of Commercial And Office Uses Including Medical, Professional, Business, And Government Offices, Banks, Stores, Restaurant, Etc.
- Ideally Situated Near a Nexus of Highways Just a ½-mile from US-46 and I-80 and ±1-mile from I-95; The Property Offers a Short Commute to New York City
- Positioned on a ±0.76 AC Parcel Between Broad Avenue (±27k VPD) and Grand Avenue (±21k VPD); Located Near A Multitude Of Demand Drivers and Within 10-Minutes From Columbia University Medical Center, Metlife Stadium, And Meadowlands Sports Complex and Just 12-minutes From Upper Manhattan
- Highly Accessible Location With a WalkScore® of Very Walkable (77); On the Bus Line with Nearby Rail including The Pascack Valley Line Teterboro Commuter Rail (±6-Min) and Essex Street Commuter Rail (±7-Min)
- Located Within a Densely Populated and Affluent Suburban Area That Services ±29,081 Individuals in the Immediate 1-Mile Radius and ±252,013 Individuals in a 3-Mile Radius with an AHHI of Nearly $125k
Offering Summary
Marcus & Millichap is pleased to offer for sale the fee simple interest in a ±24,900 square foot office building with covered parking located at 1008 Virgil Avenue in Ridgefield, New Jersey (the “Property”). The Property presents either an owner/user opportunity or offers investors the opportunity for significant value add through lease up strategies or soft repositioning.
Constructed in 1989 and positioned on ±0.76 acres, the two-story building consists of ±24,900 rentable square feet and offers ±68 parking spaces comprised of 45 covered garage spaces and 23 uncovered spaces. The Property was formerly occupied by a data center and offers potential owner users/investors the ability to acquire a free-standing building with significant value add through lease up at long term market rates. The Property is zoned OLR, Office Low Rise District, which offers favorable flexible zoning allowing for a variety of office/professional uses via adaptive reuse or repositioning.
The Property is strategically located in Ridgefield, a Northern New Jersey community part of the GW Bridge submarket. The average office vacancy rate in the submarket is currently 6.7% and the average rental rate is ±$30.95 per square foot. The Property offers a central location between Broad Avenue (±27k VPD) and Grand Avenue (±21k VPD) just a ½-mile from US-46 (±86k VPD) and I-80. Additionally, the Property is located just ±1-mile from the NJ Turnpike/I-95 (±137k VPD), ±3 miles from the George Washington Bridge (±11-min) and ±9 miles from the Lincoln Tunnel (±14-min). The Property enjoys a key benefit in its strategic positioning, with its close proximity to New York City and its location near a nexus of highways. The Property is positioned within an amenity rich market, offers excellent accessibility, and has a WalkScore® of Very Walkable (77). Additionally, the Pascack Valley Line Teterboro Commuter Rail and Essex Street Commuter Rail are short walks away. The immediate area is reinforced by a robust commercial landscape, a suburban residential community, and desirable market fundamentals. 1008 Virgil is located near a multitude of demand drivers including MetLife Stadium and Meadowlands Sports Complex (±10-min); Newark Liberty Int’l Airport (±18-min); La Guardia Airport (±24-min); the Manhattan Cruise Terminal (±25-min); and Ellis Island, the Statue of Liberty, and Midtown Manhattan, (all within a ½ hour). The Property is also located near several educational demand drivers and is within 1-mile of Palisades Park Jr Sr High School, Ridgefield Memorial High School, and Slocum/Skewes School Elementary School and just ±10-minutes from Columbia University Medical Center. 1008 Virgil is located within an extremely dense area with ±29,081 residents within the immediate 1-mile area and ±252,013 people within a three-mile radius. The affluent area has an average household income over ±$125k within 3 miles providing employees with a high quality of life. The population within a 5-mile area increases significantly to nearly 1.6M residents.
