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Northern NJ Walgreens Assumable Debt ±12 Yrs 125 Morris Ave 13,851 SF Retail Building Springfield, NJ 07081 $7,625,000 ($550.50/SF) 8% Cap Rate
INVESTMENT HIGHLIGHTS
- Assumable $5.63M interest-only loan at below-market 3.50% fixed rate, offering a projected 20.7% cash-on-cash return (for qualified buyers).
- Lease extends through July 31, 2038, providing 12 years and 6 months of remaining income.
- Northern New Jersey infill market with significant surrounding population base, including ±131,000 residents within a 3-mile radius.
- Walgreens operates under an NNN lease with zero landlord responsibilities.
- Situated at the intersection of Morris Ave. and Springfield Ave., a primary commuter and retail corridor (±38K VPD).
EXECUTIVE SUMMARY
We are pleased to present for sale the Walgreens property located at 125 Morris Ave, Springfield, NJ 07081 (the “Property”). Walgreens operates under an absolute net lease with no landlord responsibilities, providing a truly passive investment structure. The lease runs through July 31, 2038, offering 12 years and 6 months of remaining term.
Constructed in 2013, the Property features Walgreens’ newer prototype design, representing a modern build with high barriers to entry in a supply constrained Northern New Jersey market.
The Property offers a unique opportunity for a qualified investor to assume existing interest-only financing at a below-market fixed rate of 3.50%, with an outstanding loan balance of $5.63 million through maturity on December 1, 2030. This financing structure provides a projected cash-on-cash return of 20.7%.
The property is situated at the intersection of Morris Avenue and Springfield Avenue, a primary retail and commuter corridor in Springfield, New Jersey, with a combined daily traffic count of ±38,100 vehicles. Located in Union County, one of Northern New Jersey’s most established submarkets, the site benefits from strong local demographics, including an average household income of $140,553 within a one-mile radius.
Constructed in 2013, the Property features Walgreens’ newer prototype design, representing a modern build with high barriers to entry in a supply constrained Northern New Jersey market.
The Property offers a unique opportunity for a qualified investor to assume existing interest-only financing at a below-market fixed rate of 3.50%, with an outstanding loan balance of $5.63 million through maturity on December 1, 2030. This financing structure provides a projected cash-on-cash return of 20.7%.
The property is situated at the intersection of Morris Avenue and Springfield Avenue, a primary retail and commuter corridor in Springfield, New Jersey, with a combined daily traffic count of ±38,100 vehicles. Located in Union County, one of Northern New Jersey’s most established submarkets, the site benefits from strong local demographics, including an average household income of $140,553 within a one-mile radius.
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Drug Store
Building Size
13,851 SF
Building Class
B
Year Built
2013
Price
$7,625,000
Price Per SF
$550.50
Cap Rate
8%
NOI
$610,000
Tenancy
Single
Building Height
1 Story
Building FAR
0.26
Lot Size
1.21 AC
Zoning
R-2
Parking
50 Spaces (3.61 Spaces per 1,000 SF Leased)
Frontage
AMENITIES
- Corner Lot
- Pylon Sign
- Signage
- Signalized Intersection
- Drive Thru
- Monument Signage
- Air Conditioning
Walk Score®
Very Walkable (77)
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 17-00811-0000-00002 | Improvements Assessment | $2,920,000 |
| Land Assessment | $4,000,000 | Total Assessment | $6,920,000 |
PROPERTY TAXES
Parcel Number
17-00811-0000-00002
Land Assessment
$4,000,000
Improvements Assessment
$2,920,000
Total Assessment
$6,920,000
(619) 297-0055
x302
CONTACTS
-
Jason Pongsrikul -
Chris Barry -
Sean Dan -
Pharma Property Group- Drugstore Specialists
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Northern NJ Walgreens Assumable Debt ±12 Yrs | 125 Morris Ave
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