Case Studies / 505 S. Lenola Road, Moorestown, NJ

Case Study

505 S. Lenola Road, Moorestown, NJ

Property Overview

A boutique, two-story multi-tenant office building located in Moorestown, New Jersey. The 48,000 SF site sits on 4.09 acres with a parking ratio of 3.64 Park Spaces/ 1,000 SF and is conveniently located near the Moorestown Mall, P.J. Whelihan’s Pub and other local eateries and amenities. The location is easily accessible to Route 38, I-295 and the New Jersey Turnpike and minutes from area bridges to Philadelphia, PA.

Background

• Acquisition Date: January 2017
• Purchase Price: $2,300,000.
• Total Equity Raised: $1,600,000.
• In-Place Occupancy Rate: 65% (at time of purchase)

Property Improvements

• SFA Capital Investment: $1,300,000.
• Highlighted Interior Improvements:
• Renovated lobby and restrooms
• New smart tenant building directories
• New energy efficient devices
• Varied tenant-specific fit outs
• Highlighted Exterior Improvements:
• New building signage
• Redesigned landscaping
• New exterior siding and roof

Results

• Capital Improvements: Completed July 2018
• Occupancy Rate: Increased from 65% (Jan 2017) to 90%+ (October 2020)
• Market Value: $6,500,000 (October 2020)
• Capital Return on Investment: 100% to Investors