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    5716 E Black Horse Pike, Washington Township, NJ

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    Single-tenant Chipotle property with a drive-thru in Turnersville, New Jersey.

    Type:RETAIL
    Property size:
    2,627 SF
    Lot size:
    19.32 Acres
    Price / SF:
    $1,196/SF
    Added:
    Apr 29, 2025
    Days on Market:
    405
    Last Refresh:
    May 20 at 8:50 pm

    Property Features for 5716 E Black Horse Pike

    General Information

    Standard status
    Active
    Size
    2,627 SF
    Lot size
    19.32 Acres
    Property subtype
    RETAIL

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    Listing Contact
    Marc Mandel
    Marc Mandel

    Listing agent Marc Mandel

    Listing office Forged Real Estate

    Listing date Apr 29, 2025

    Source Moodyscre

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of Forged Real Estate

    HighLights

    • Brand new 15‑year lease with Chipotle (NYSE: CMG) featuring 10% rental increases every five years, backed by a corporate guaranty.
    • Features a drive‑thru "Chipotlane" for convenient customer access.
    • Excellent visibility on NJ‑42 with high traffic volume (79,300 VPD).
    • Located near the Atlantic City Expressway (47,800 VPD), providing easy access to Atlantic City.
    • Situated in Turnersville, part of the Philadelphia MSA, with strong demographics: 183,000+ population and $122,000 average household income within a 5‑mile radius.
    • Chipotle is a leading fast‑casual chain with over 3,700 locations and strong financial performance (Q4 2024 revenue: $2.8 billion).

    Overview

    This single-tenant property is leased to Chipotle in Turnersville, New Jersey, part of Washington Township, approximately 20 miles southeast of Philadelphia. Chipotle is expected to open in October 2025 and operates under a newly established 15-year lease, with 10% rental increases every five years. The lease is backed by a corporate guaranty from Chipotle Mexican Grill, Inc. This brand-new Chipotle features a drive-thru 'Chipotlane' for customer access. The current Landlord will be adding a new roof to the property prior to rent commencement. The property benefits from visibility along NJ-42, which sees over 79,300 vehicles per day. It is also near the start of the Atlantic City Expressway, which sees 47,800 vehicles per day and runs directly to Atlantic City. Turnersville is situated within the Philadelphia MSA. The surrounding 5-mile area has a population of over 183,000 and 71,000 households, with an average household income of $122,000. The property size is 2,627 square feet.
    Location Intelligence

    Current Use by Public Records

    Drive through restaurants

    Map

    City
    Washington Township
    County
    Bergen
    State
    New Jersey
    Longitude
    -74.0598
    Latitude
    40.9913

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    FAQs

    What type of property is this?
    Drive through restaurant - Single-tenant Chipotle property with a drive-thru in Turnersville, New Jersey.
    Where is this drive through restaurant located?
    The property is located at 5716 E Black Horse Pike Washington Township, NJ.
    What is the asking price?
    The asking price for this property is $3,143,000.
    What are key features of this property?
    This property features: Brand new 15‑year lease with Chipotle (NYSE: CMG) featuring 10% rental increases every five years, backed by a corporate guaranty.; Features a drive‑thru "Chipotlane" for convenient customer access.; Excellent visibility on NJ‑42 with high traffic volume (79,300 VPD).
    (610) 608-2621 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Marc Mandel
    Marc Mandel
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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