834 Springfield Ave Irvington, NJ 07111-3616

Property Details for 834 Springfield Ave

Property type

Commercial real estate

APN

09 00135-0000-00031- 01

APU

90013500000003101

Description

This exceptional investment opportunity presents a fee-simple ownership of a thriving Popeyes restaurant in Irvington, New Jersey. The 3,324 square foot property, built in 2016, boasts a 100% occupancy rate with a credit-rated franchisee under a Net Lease (NNN) agreement. The current lease provides a strong net operating income (NOI) of $195,000, translating to a 5.75% cap rate. The property features a drive-thru and enjoys excellent visibility on Springfield Avenue, a high-traffic area with approximately 30,000 vehicles per day. The tenant, a multi-unit franchisee, will execute a new 20-year NNN lease upon sale, eliminating landlord responsibilities. Rent increases are structured with a 10% bump every five years. The location benefits from its proximity to major roadways (Garden State Parkway and I-78), Newark Liberty International Airport, and a dense population with high average household incomes. The property's strong sales history, consistently growing year-over-year and reaching nearly $3.7 million in 2023, positions it in the 77th percentile of all Popeyes locations nationally. The 0.523-acre lot is situated in a vibrant area with numerous complementary businesses and educational institutions, ensuring continued high traffic and strong sales potential. This is a rare opportunity to acquire a high-performing, low-maintenance investment property with significant long-term growth prospects. The asking price is $3,391,000, representing $1,020.16 per square foot.

Location Insight

City

Irvington

County

Essex

State

New Jersey

Longitude

-74.2198

Latitude

40.7288

CBSA code

35620

CBSA name

NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments