628 Cedar Ln Teaneck, NJ 07666-1704

Property Details for 628 Cedar Ln

Year built

1950

Construction

BRICK

Lot size

0.34 lot acres

Property size

500,311 SF

Zone code

MX-1

Property type

Commercial real estate

APN

60 00203-0000-00005

APU

6000203000000005

Description

This exceptional investment opportunity presents a 9,268 square foot, single-tenant medical office building located at 628 and 580 Cedar Lane, Teaneck, NJ 07666. The property boasts a recently renewed 10.3-year Net Lease (NNN) with a corporate guarantee, providing a stable income stream with 2.5% annual rent increases. The lease commenced September 1, 2023, and expires December 31, 2033, offering a remaining term of 9.1 years. The building, constructed in 1962, features a single story and comprises 9,268 net rentable square feet on a 21,800 square foot lot, zoned B-1. Ample parking is available with 33 spaces across two non-contiguous lots. The property offers excellent visibility and access in Teaneck's business district. The tenant, a major Ophthalmology practice, has occupied the building for over 30 years, demonstrating long-term commitment. The building includes reception, back office space, an employee kitchen, private physician offices, and patient rooms. The asking price is $2,900,000, representing a 6.06% cap rate and a price per square foot of $312.90. The lease includes two five-year renewal options. The owner is responsible for roof and structure maintenance

Location Insight

City

Teaneck

County

Bergen

State

New Jersey

Longitude

-74.0279

Latitude

40.8908

CBSA code

35620

CBSA name

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

Property Tax & Assessments