Case Studies / 513 S. Lenola Road, Moorestown, NJ

Case Study

513 S. Lenola Road, Moorestown, NJ

Property Overview

Built in 1971, the two story standalone office building located at 513 South Lenola Road in Moorestown, New Jersey was highly sought after in its prime. Its close proximity to the Moorestown Mall and local amenities made it ideal for businesses in any industry and easy access to major South Jersey roadways strengthens the site’s appeal. While the location has remained a key attribute and area growth continues to expand, the 11,000 square foot building on 1.38 acres with 94 on-site parking spaces was in need of a complete overhaul both inside and out.

Background

• Acquisition Date: August 2018
• Acquisition Purchase Price: $1,175,000.
• Total Equity Raised: $1,950,000.
• In-Place Occupancy Rate: 20% (at time of purchase)

Property Improvements

• SFA Capital Investment: $500,000.
• Highlighted Interior Improvements:

• Custom tenant fit-outs with modern finishes and exposed ceiling
• Renovation of all interior common areas and restrooms
• Modernization of life safety and fire systems

• Highlighted Exterior Improvements:
• Complete exterior renovation
• Complete exterior renovation
• New building signage
• Regraded parking lot & landscaping

Results

• Capital Improvements: Completed August 2019
• Occupancy Rate: Increased from 20% (August 2018) to 100% (August 2019)
• Property Appraisal: $2,400,000. Valuation (February 2019)
• Capital Return on Investment: 80% to Investors in 8 months