46 South Park Place in Morristown — Courtesy: Marcus & Millichap

By Joshua Burd

A private investor has purchased a newly renovated apartment and retail building in Morristown for more than $2.8 million, according to brokers with Marcus & Millichap.

Located in the heart of the downtown, the property at 46 South Park Place includes three apartments and a ground-floor retail unit occupied by Mashed Burgers, according to a news release. The three-story, 5,180-square-foot building also fronts the Morristown Green, the well-known gathering spot, and is within walking distance of both the Mayo Performing Arts Center and NJ Transit’s Morristown station.

Marcus & Millichap’s Alan Cafiero, David Cafiero and John Moroz represented the seller and procured the buyer in the nearly $2.85 million deal. They added that the asset, part of a community roughly 30 miles west of New York City, was built in 1955 and renovated in 2025.

“This transaction reflects the continued investor demand for well-located mixed-use assets in downtown Morristown,” said Alan Cafiero, senior managing director with Marcus & Millichap’s New Jersey investments team. “Downtown Morristown remains one of northern New Jersey’s most desirable live-work-play environments. The property’s position adjacent to the Morristown Green, along with its renovated residential units and established retail tenancy, made it a compelling opportunity.”