The specified string identifies a precise physical location. It denotes a property situated at a particular address within a designated municipality and state. Specifically, it references a building or plot of land located on Sylvan Way in Parsippany, New Jersey, pinpointed by the numerical identifier 3.
Such a location designator is crucial for various purposes, including property identification, mail delivery, emergency services dispatch, and legal documentation. Its accuracy is paramount for ensuring that services and correspondence reach the intended recipient and for precisely defining the boundaries of real estate transactions. Historical context is less relevant in this case than the current utility for pinpointing a place in Parsippany.