501 Wood AveLinden, NJ 07036

For Sale
$3,519,000

High-yield NNN bank, strong tenant, drive-thru.

Overview

Added:
Dec 11, 2024
Days on market:
94
This exceptional investment opportunity presents a fee-simple, Class A, 5,569 square foot retail property currently occupied by Northfield Bank under a Net Lease agreement. The property boasts a prime location at 501 N Wood Ave, Linden, NJ 07036, situated on a 0.33-acre lot with 11 parking spaces and a convenient drive-thru. The building features excellent visibility from a signalized intersection. The current lease with Northfield Bank, a strong and stable tenant, expires on February 28, 2029, providing a remaining lease term of approximately 4.3 years. The property generates a substantial Net Operating Income (NOI) of $246,395, resulting in a compelling 7.00% cap rate. The asking price is $3,519,000, translating to a price per square foot of $631.89. The property is 100% occupied and benefits from a single tenancy. Northfield Bank recently renewed its lease for an additional 5 years. The property's strategic location is just 13 miles from Manhattan and is conveniently located just north of Linden's central business district. This is a rare opportunity to acquire a high-quality, net-leased investment property with a strong tenant and significant upside potential. There are no rent bumps included in the lease. The property is suitable for a 1031 exchange. Northfield Bank reported $127,211,000 in deposits as of June 30, 2023.

Highlights

  • $3,519,000 asking price for this A-Class, 5,569 SF retail property.
  • Net-leased to Northfield Bank with a drive-thru, offering a 7.00% cap rate and $246,395 annual NOI.
  • Located in Linden, NJ, at 501 N Wood Ave, this single-tenant property boasts a 4.3-year lease remaining (expiring 02/28/2029).
  • The property features 11 parking spaces on a 0.33-acre lot and enjoys 100% occupancy.
  • This fee-simple offering is suitable for a 1031 exchange and includes a broker co-op.

Property Details for 501 Wood Ave

Property type
Other retail properties, Individual retail properties
Square Feet
5,569 SF
Class
A
Lot Size (sq. ft)
14,375 SF
Units
1

Location Insight

City
Linden
County
Union
State
New Jersey
Latitude
40.633069261626
Longitude
-74.257442825249
501 Wood Ave, Linden, New Jersey

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501 Wood Ave
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