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101 South Ave W 4,050 SF Retail Building Cranford, NJ 07016 $3,990,000 ($985.19/SF) 8% Cap Rate
INVESTMENT HIGHLIGHTS
- Bank of America long term ground lease
- 30K vehicles per day
- Hard corner signalized intersection in affluent Cranford Township
EXECUTIVE SUMMARY
BANK OF AMERICA LONG TERM GROUND LEASE, 4,050 SF BANK BUILDING WITH DOUBLE DRIVE THROUGH LANES, HARD CORNER SIGNALIZED INTERSECTION IN AFFLUENT CRANFORD TOWNSHIP, UNION COUNTY LOCATION, 30K VEHICLES PER DAY, LESS THAN 1/2 MILE FROM CRANFORD NJ TRANSIT STATION, FOUR (4) FIVE (5) YEAR RENEWAL OPTIONS WITH 20% RENT INCREASES EACH OPTION, BANK OF AMERICA (NYSE:BAC) HAS A STANDARD & POOR'S CREDIT RATING OF A-/STABLE, $67M+ DEPOSITS AT THIS LOCATION, EXCELLENT DEMOGRAPHICS WITH OVER 461K PEOPLE WITHIN 5 MILES AND AN AVERAGE HOUSEHOLD INCOME OVER$167K, EASY ACCESS TO MANY LOCAL HIGHWAYS INCLUDING 1 - 95, GARDEN STATE PARKWAY, ROUTE 22, 28, 9 AND I-78, MANY NATIONAL RETAILERS INCLUDING DUNKIN DONUTS, HOME DEPOT, SHOPRITE, McDONALDS, QUICK CHECK, WAWA AND WENDY'S, NOI: $319,440 CAP RATE: 8.00 %
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Property Subtype
Freestanding
Building Size
4,050 SF
Building Class
C
Year Built
2010
Price
$3,990,000
Price Per SF
$985.19
Cap Rate
8%
NOI
$319,200
Tenancy
Single
Building Height
1 Story
Building FAR
0.14
Lot Size
0.67 AC
Parking
23 Spaces (5.68 Spaces per 1,000 SF Leased)
Walk Score®
Very Walkable (82)
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 03-00402-0000-00001 | Improvements Assessment | $399,500 |
| Land Assessment | $271,900 | Total Assessment | $671,400 |
PROPERTY TAXES
Parcel Number
03-00402-0000-00001
Land Assessment
$271,900
Improvements Assessment
$399,500
Total Assessment
$671,400
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101 South Ave W
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