Fee Simple NNN Bank
For Sale
Contact for pricing
Pending
272 US Highway 46, Rockaway, NJ 07866
Fee simple bank asset with an absolute NNN lease and remaining primary term for steady tenant operations.
Property Size4,985 SF
Days on Market95
Property Features for 272 US Highway 46
General Information
Standard status
Pending
Size
4,985 SF
Property subtype
Retail
Lease Type
Absolute Net
Investment Type
Net Lease
Building Details
Year Built
1992
Tenancy
Single
Listing Agency:
JLL Chicago | Americas Headquarters
Listed By:
Alex Sharrin · License #IL 475.170243
Source:
Crexi
Added: Jun 3
Changed: Aug 8
Last Checked: Jul 24 at 10:33AM
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 JLL Chicago | Americas Headquarters
Investment Insights
Based on property information with market context.
This fee simple bank property is occupied by Fulton Bank under a 15-year absolute NNN lease. The lease has approximately 13.0 years remaining in the primary term, includes 2.25% annual rent escalations, and offers three renewal options, each with a five-year term length. The lease structure is described as having zero landlord responsibilities.
The asset is located at 272 US Highway 46 in Rockaway, New Jersey, and is offered for sale on a fee simple basis. The offering includes details provided in the public remarks regarding the lease terms and landlord obligations.
For a buyer seeking a single-tenant, lease-structured investment, the key considerations here are the absolute NNN nature of the lease, the stated remaining primary term of approximately 13.0 years, and the contractual 2.25% annual escalations. The renewal options provide additional extendibility beyond the primary lease period, subject to tenant election under the lease provisions.
The asset is located at 272 US Highway 46 in Rockaway, New Jersey, and is offered for sale on a fee simple basis. The offering includes details provided in the public remarks regarding the lease terms and landlord obligations.
For a buyer seeking a single-tenant, lease-structured investment, the key considerations here are the absolute NNN nature of the lease, the stated remaining primary term of approximately 13.0 years, and the contractual 2.25% annual escalations. The renewal options provide additional extendibility beyond the primary lease period, subject to tenant election under the lease provisions.
Key Highlights
- Fee simple Fulton Bank property at 272 US Highway 46 in Rockaway, New Jersey
- 15‑year absolute NNN lease in place with about 13.0 years of primary term remaining
- 2.25% annual rent escalations under the lease
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$76,235
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.34%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,524,700
$1.5M
Cap Rate 7%
$1,089,071
$1.1M
Cap Rate 9%
$847,056
$847.1K
Market Conditions
NOI Build-Up for 4,985 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$107.7K $21.60/SF
− Vacancy
−$6.0K −$1.21/SF
EGI
$101.6K $20.39/SF
− OpEx
−$25.4K −$5.10/SF
NOI
$76.2K $15.29/SF
Area
Morris County, NJ
Vacancy
5.60%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,524,700
Cap Rate 7%
$1,089,071
Cap Rate 9%
$847,056
Alternative Uses
Best Use
Specialty Retail
$1.09M
$952.9K – $1.27M
NOI $76,235 @ 7.0% cap · market cap 5.34%
Second Best
Retail
$1.02M
$889.4K – $1.19M
NOI $71,152 @ 7.0% cap · market cap 4.98%
Theoretical Best
Office A
$1.30M
$1.14M – $1.52M
NOI $91,118 @ 7.0% cap · market cap 6.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
574
Businesses Nearby
119k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 43%
Groceries 21%
Shops & Services 14%
Home Improvements & Furnishings 14%
McDonald's
Dining
25,419 visits/mo
0.3 miles
Aldi
Groceries
24,857 visits/mo
0.3 miles
Tractor Supply Co.
Home Improvements & Furnishings
15,996 visits/mo
0.2 miles
Dunkin' Donuts
Dining
13,790 visits/mo
0.5 miles
Goodwill
Apparel
8,436 visits/mo
0.3 miles
Demographics for 07866, NJ
22,965
Population
8,863
Households
2.6
Avg Household Size
44
Median Age
50%
College-Educated
97%
High-School Grad
23.0 sq mi
ZIP Area
998
Density / Sq Mi
$123,828
Median Household Income
$70,340
Median Earnings
$1,604
Median Rent
$434,200
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Bank - Fee simple bank asset with an absolute NNN lease and remaining primary term for steady tenant operations.
Where is this bank located?
The property is located at 272 US Highway 46 Rockaway, NJ.
What is the asking price?
The asking price for this property is $1,428,000.
What are key features of this property?
This property features: Fee simple Fulton Bank property at 272 US Highway 46 in Rockaway, New Jersey; 15‑year absolute NNN lease in place with about 13.0 years of primary term remaining; 2.25% annual rent escalations under the lease
