220 Hamburg Tpke & 10Wayne, NJ 07470

For Sale
$2,556,684

5-Suite NNN Lease, High NOI

Overview

Added:
Dec 11, 2024
Days on market:
94
This exceptional investment opportunity presents a portfolio of five medical office suites totaling 5,400 square feet, located in Wayne, New Jersey. The property boasts a 100% occupancy rate with a strong, established tenant: Advanced Eye Care, a reputable ophthalmology practice performing over 600 cataract surgeries annually. The portfolio benefits from a triple-net (NNN) lease structure with a 7.75% cap rate and a substantial annual net operating income (NOI) of $198,143. Each lease includes annual rent escalations, providing a hedge against inflation. The leases are further secured by a corporate guarantee from ReFocus Eye Health, a large and established vision care management services organization. Four of the five suites enjoy a highly desirable location adjacent to St. Joseph's Hospital, a 229-bed acute-care facility. The portfolio's strategic location within a densely populated and affluent area, with average household incomes exceeding $116,000 within a 5-mile radius, ensures strong long-term growth potential. The asking price is $2,556,684, representing a price per square foot of $473.46. This investment offers a compelling combination of stable income, strong tenant occupancy, and significant upside potential in a growing market. The portfolio's contiguous footprint on the hospital campus provides further value and operational efficiency. With nearly seven years remaining on the lease term, this is a rare opportunity to acquire a high-performing medical office portfolio with exceptional long-term prospects.

Highlights

  • Five medical office suites totaling 5,400 square feet in Wayne, NJ, offering a 7.75% cap rate and $198,143 annual NOI.
  • Triple-net (NNN) leases with 3% annual rent escalations and nearly seven years remaining, providing a hedge against inflation. Secured by a corporate guarantee from ReFocus Eye Health.
  • 100% occupancy with Advanced Eye Care, a reputable ophthalmology practice performing over 600 cataract surgeries annually.
  • Strong demographic profile: Average household income exceeding $116,000 within a 5-mile radius.
  • Four of the five suites are located adjacent to St. Joseph's Hospital, a 229-bed acute-care facility, offering a contiguous footprint on the hospital campus.

Property Details for 220 Hamburg Tpke & 10

Property type
Other office properties, Medical offices
Square Feet
5,400 SF
Units
5

Location Insight

City
Wayne
County
Passaic
State
New Jersey
Latitude
40.9411487
Longitude
-74.2531465
220 Hamburg Tpke & 10, Wayne, New Jersey

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220 Hamburg Tpke & 10
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