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Retail Building + Excess Land 3231 State Route 27 3,500 SF 100% Leased Retail Building Franklin Park, NJ 08823 $3,230,769 ($923.08/SF) 6.50% Cap Rate
Investment Highlights
- Located within a dense market with a daytime and residential population of approximately 97,800 and 117,000 respectively within 5 miles
- Located along Route 27, a prominent retail corridor with strong market co-tenancy including Wawa, Stop and Shop, CVS and Dunkin Donuts amongst others
- Franklin Park has seen tremendous household median income growth with an 11.5% increase from $95,000 to $106,000
- Strong vehicular traffic along Route 27 with over 24,000 vehicles per day connecting to major towns Princeton, New Brunswick and Edison amongst others
- +/- 1.48-acre vacant lot with a variety of permitted uses available for purchase alongside the dispensary
- Strong tenancy with the cannabis market in New Jersey rapidly expanding with recreational sales reaching $201 million in Q1 2024 - a 38% increase
Executive Summary
Sale leaseback opportunity with 6.5% cap rate. Currently tenant is a cannibis brand licensed as Sparkology. Option to purchase dispensary and vacant lot for $4,200,000
Property Facts
Sale Type
Investment
Sale Condition
Sale Leaseback
Property Type
Retail
Property Subtype
Freestanding
Building Size
3,500 SF
Building Class
C
Year Built
1950
Price
$3,230,769
Price Per SF
$923.08
Cap Rate
6.50%
NOI
$210,000
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.05
Lot Size
1.49 AC
Zoning
NB - Neighborhood Commercial
Parking
50 Spaces (10 Spaces per 1,000 SF Leased)
Frontage
137’ on State Route 27
Nearby Major Retailers
Property Taxes
| Parcel Number | 08-00034-08-00056-01 | Improvements Assessment | $260,000 |
| Land Assessment | $900,000 | Total Assessment | $1,160,000 |
Property Taxes
Parcel Number
08-00034-08-00056-01
Land Assessment
$900,000
Improvements Assessment
$260,000
Total Assessment
$1,160,000
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Retail Building + Excess Land | 3231 State Route 27
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