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NNN Leased Bank of America ATM 357 NJ-17 Rt 21,800 SF Retail Building Paramus, NJ 07652 For Sale 6.40% Cap Rate
Investment Highlights
- Net-Leased Bank of America Investment Opportunity
- Premier Route 17 Location in the Paramus Retail Trade Area
- Investment-Grade Credit Tenant - Backed by Bank of America (NYSE: BAC), one of the largest and most creditworthy financial institutions in the country
- Favorable Surrounding Placer.AI Data - Surrounded by top rated retailers, reflecting strong consumer draw across the trade area
Executive Summary
RIPCO Real Estate has been exclusively retained to arrange the sale of 357 Route 17, a single-tenant, net-leased investment opportunity, 100% occupied by Bank of America (NYSE: BAC), operating as a drive-thru ATM location in Paramus, NJ.
Bank of America has operated at the property since 2019 under a lease with two (2) five-year renewal options carrying 10% rent increases. Under the NNN lease, the tenant is responsible for real estate taxes, insurance, and maintenance, providing a passive, management-free investment secured by an investment-grade credit tenant rated A- (S&P Global Ratings), AA- (Fitch), and A1 (Moody’s).
In addition to the stable, cash-flowing investment opportunity, the property is zoned HCC-2, allowing for long-term redevelopment optionality beyond its current use.
Contact the exclusive brokers for additional information.
Bank of America has operated at the property since 2019 under a lease with two (2) five-year renewal options carrying 10% rent increases. Under the NNN lease, the tenant is responsible for real estate taxes, insurance, and maintenance, providing a passive, management-free investment secured by an investment-grade credit tenant rated A- (S&P Global Ratings), AA- (Fitch), and A1 (Moody’s).
In addition to the stable, cash-flowing investment opportunity, the property is zoned HCC-2, allowing for long-term redevelopment optionality beyond its current use.
Contact the exclusive brokers for additional information.
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Building Size
21,800 SF
Year Built
2024
Cap Rate
6.40%
Tenancy
Single
Building Height
1 Story
Building FAR
1.00
Lot Size
0.50 AC
Zoning
HCC-2 (Highway Commercial
Frontage
231’ on Route 17
Amenities
- 24 Hour Access
- Signage
- Drive Thru
Fairly walkable
50/100
Exceptionally drivable
100/100
Limited public transit
20/100
Somewhat bikeable
20/100
Nearby Major Retailers
1 of 5
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