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305 Mount Hope Ave
Rockaway, NJ 07866
Miller's Ale House | High Residual Value! · Retail Property For Sale
PROPERTY FACTS
ABOUT 305 MOUNT HOPE AVE , ROCKAWAY, NJ 07866
Marcus & Millichap, on behalf of ownership, is pleased to exclusively offer the rare opportunity to purchase the ground leased interest in this newly constructed Miller’s Ale House located at Rockaway Townsquare Mall in Rockaway, New Jersey. The Tenant, Miller’s Ale House Inc., is subject to a new 10-year NNN ground lease that features larger than typical 12.5 percent rental increases every five years during the base term and four, five-year renewal options. While the real estate qualities of this site are exceptional, the lease also features a few landlord friendly features beyond the larger than typical rental increases every five years. Per the lease, Tenant is required to pay Percentage Rent of four percent of Gross Sales above the breakpoint each year. When Roark Capital acquired the Miller’s chain, system wide, the locations were doing over $300M in gross sales (approximately $4.6M per unit). For this reason, it is possible that this location may also pay percentage rent in the future as the year one breakpoint is $6,500,000.
PROPERTY TAXES
| Parcel Number | 35-11001-0000-00002-01 | Improvements Assessment | $2,227,400 |
| Land Assessment | $765,000 | Total Assessment | $2,992,400 |
PROPERTY TAXES
