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Former Service Station with Two Drive-Ins 116 N Central Ave 1,410 SF Vacant Retail Building Online Auction Sale Ramsey, NJ 07446
Investment Highlights
- Vacant, 1,410-square-foot, former service station situated on 0.28 acres along N Central Avenue in Ramsey, Bergen County, New Jersey.
- Ideal value-add opportunity using the existing infrastructure, or a prime redevelopment play for other commercial purposes.
- 5-mile population of 146,675 with an average household income of $175,480.
- Highly visible and easily accessible at a three-way intersection location and directly off the tracks of the Ramsey train station line.
- Surrounding retail includes Walgreens, Starbucks, UPS, T.J. Maxx, and larger developments like Lincoln Plaza and Interstate Shopping Center nearby.
- Zoned B-1 Business Commercial, possible redevelopment can accommodate retail storefront, mixed-use, QSR, and more.
Executive Summary
Marcus & Millichap presents the freestanding, 1,410-square-foot former vehicle service station at 116 N Central Avenue to the market.
Most recently used for gas station and auto body repair operations, the subject building is now available for a new auto mechanic/convenience store tenant or for redevelopment into various commercial uses. The building features a masonry concrete block construction, two drive-in bays, two large glass storefront display windows (currently boarded), and building signage.
116 N Central Avenue sits at the three-way intersection with Gertzen Plaza, exposed to more than 7,100 daily passing vehicles. The rear of the building faces the Ramsey train station tracks, which provide routes in and out of New York City. Shopping destinations nearby include the Interstate Shopping Center, anchored by ShopRite, T.J. Maxx, and Michaels, Triangle Plaza, anchored by 24 Hour Fitness and Uncle Giuseppe’s Marketplace, and Lincoln Plaza, home to various national names and franchises.
Suburban retail markets within the New York Metro are tightening, particularly in Northern New Jersey. These hubs benefit from strong household incomes and consistent consumer spending, and availability has fallen more sharply since the start of the year than in some parts of the urban core. 116 N Central Avenue offers a rare retail commodity in a high-barrier-to-entry market, serving a robust consumer base with more than $2.4 billion in annual spending power.
Most recently used for gas station and auto body repair operations, the subject building is now available for a new auto mechanic/convenience store tenant or for redevelopment into various commercial uses. The building features a masonry concrete block construction, two drive-in bays, two large glass storefront display windows (currently boarded), and building signage.
116 N Central Avenue sits at the three-way intersection with Gertzen Plaza, exposed to more than 7,100 daily passing vehicles. The rear of the building faces the Ramsey train station tracks, which provide routes in and out of New York City. Shopping destinations nearby include the Interstate Shopping Center, anchored by ShopRite, T.J. Maxx, and Michaels, Triangle Plaza, anchored by 24 Hour Fitness and Uncle Giuseppe’s Marketplace, and Lincoln Plaza, home to various national names and franchises.
Suburban retail markets within the New York Metro are tightening, particularly in Northern New Jersey. These hubs benefit from strong household incomes and consistent consumer spending, and availability has fallen more sharply since the start of the year than in some parts of the urban core. 116 N Central Avenue offers a rare retail commodity in a high-barrier-to-entry market, serving a robust consumer base with more than $2.4 billion in annual spending power.
Offering Memorandum Click Here to Access
Data Room Click Here to Access
- Offering Memorandum
- Operating and Financials
- Purchase Agreement
- Deed of Easement
- Third Party Reports
- Title and Insurance
Market Analytics Click Here to Access
Property Facts
Sale Type
Investment
Sale Condition
Auction Sale
Type of Ownership
Fee Simple
Property Type
Retail
Property Subtype
Service Station
Building Size
1,410 SF
Building Class
C
Year Built
1960
Percent Leased
Vacant
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.12
Lot Size
0.28 AC
Parcel Number
48-01904-0000-00001
Zoning
B-1 - Business Commercial
Fairly walkable
50/100
Exceptionally drivable
100/100
Some public transit
50/100
Fairly bikeable
50/100
Demographics
Demographics
1 mile
3 mile
5 mile
2024 Population
8,756
60,491
159,619
2020 Population
8,395
55,760
148,628
2029 Population
9,032
62,899
165,609
2024-2029 Projected Population Growth
3.2%
4.0%
3.8%
Daytime Employees
6,829
29,426
84,627
Total Businesses
973
3,153
9,207
Average Household Income
$179,919
$171,553
$169,898
Median Household Income
$149,357
$142,833
$142,843
Total Consumer Spending
$143.4M
$1B
$2.4B
Median Age
44.2
46.1
41.8
2024 Households
3,229
22,581
54,663
Percent College Degree or Above
41%
36%
32%
Average Home Value
$739,037
$741,397
$748,977
Nearby Major Retailers
Sale Advisors
Sale Advisors
Alan Cafiero, Senior Managing Director Investments
Alan Cafiero leads the largest team of investment sales agents in the New Jersey Marcus & Millichap office who focus on representing owners and developers in the disposition of commercial real estate assets. Alan specializes in selling net lease properties, retail shopping centers, office and industrial properties in New Jersey and the Northeast. After 14+ years in the business, Alan has closed over 450 transactions totaling over $1.6 Billion of real estate.
Alan graduated from Seton Hall University in 2004 with a B.S. in Business Administration, with a concentration in Finance and Sports Management.
Alan and Ben are the top performing team for Marcus & Millichap in New Jersey. Alan has received Sales Recognition Awards each year from 2011 – 2021, the National Achievement Award each year from 2015 – 2021, and received the Chairman's Club Award in 2021. Alan has twice been named to Mid-Atlantic Real Estate Journal’s Top 40 under 40. Alan is a member of the International Council of Shopping Centers and NAIOP.
Alan graduated from Seton Hall University in 2004 with a B.S. in Business Administration, with a concentration in Finance and Sports Management.
Alan and Ben are the top performing team for Marcus & Millichap in New Jersey. Alan has received Sales Recognition Awards each year from 2011 – 2021, the National Achievement Award each year from 2015 – 2021, and received the Chairman's Club Award in 2021. Alan has twice been named to Mid-Atlantic Real Estate Journal’s Top 40 under 40. Alan is a member of the International Council of Shopping Centers and NAIOP.
John Moroz, Senior Associate
John Moroz is an investment specialist at Marcus & Millichap's Saddle Brook office, concentrating on the Bergen, Passaic and Sussex County markets. John is a retail and net lease specialist, member of Marcus & Millichap’s Retail Division and the International Council of Shopping Centers (ICSC). John attended the Fashion Institute of Technology in New York City where he earned a Bachelor’s degree in Advertising and Marketing.
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Photos
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3% Transaction Fee
Based on Winning Bid Amount
Minimum Transaction Fee
$20,000
Maximum Transaction Fee
$300,000
Example Calculation
Winning Bid Amount
$5,000,000
Transaction Fee
$150,000 (3%)
Total Purchase Price
$5,150,000
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Former Service Station with Two Drive-Ins | 116 N Central Ave
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