355-359 State Rt 23 | Sussex, NJ 07461
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355-359 State Rt 23
Sussex, NJ 07461
Walgreens Medical Center · Retail Property For Sale
INVESTMENT HIGHLIGHTS
- Walgreens extended their lease 7yrs; Sussex Dental Center & Physical Rehab tenant signed new 10yr leases with sizeable annual rent increases (3% & 4%)
- Walgreen’s lease features a 7.5% rental increase in 12/2023; Sussex Dental Center (3%) and Physical Rehab Center (4%) both feature annual increases
- Walgreens, rated “BBB” by Standard and Poor’s, is an investment grade credit tenant and represents 64% of the annual rental income of the property
- New 20-yr roof with a transferrable manufacturers’ warranty, new boiler, façade upgrades and a recently completed gut renovation of Sussex Dental
- Sussex, NJ is located in Sussex County, part of the highly sought-after New York City MSA, featuring some of the best demographics in country in terms
- The subject property has been home to a pharmacy tenant (Walgreens, Rite Aid, Thrift Drug) for over 21 years which included several lease extensions
PROPERTY FACTS
Property Type
Retail
Property Subtype
Building Size
14,918 SF
Building Class
C
Year Built
1985
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.12
Lot Size
2.77 AC
Zoning
HWCO
Parking
40 Spaces (2.68 Spaces per 1,000 SF Leased)
Frontage
202’ on State Rt 23
PROPERTY TAXES
| Parcel Number | 24-00002-0000-00052-02 | Improvements Assessment | $898,800 |
| Land Assessment | $1,188,300 | Total Assessment | $2,087,100 |
PROPERTY TAXES
Parcel Number
24-00002-0000-00052-02
Land Assessment
$1,188,300
Improvements Assessment
$898,800
Total Assessment
$2,087,100
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