Current Use by Public Records
- Retail properties & Spaces
Property Details for 500 County Rd
- Year built
- 2014
- Property type
- Retail properties & Spaces
- Property subtype
- Drug stores
Description
This exceptional investment opportunity presents a 14,490-square-foot, single-tenant retail building in Manchester Township, New Jersey, occupied by Walgreens under an absolute NNN lease. The property, built in 2014, boasts a 7.75% cap rate and a substantial net operating income (NOI) of $521,697. The lease, commencing February 1, 2014, extends to January 31, 2084, providing a remaining term of approximately 59.2 years. This long-term lease, with built-in rent bumps (see rent schedule), offers significant financial security and minimal landlord responsibilities. Located at 500 County Rd 530, Whiting, NJ 08759, this property benefits from its prime location in Ocean County, a thriving market. The $6,730,000 asking price translates to a price per square foot of $464.46. The property's 100% occupancy since its opening in February 2014 demonstrates the strength and stability of this investment. This is an ideal passive investment opportunity for cash flow-driven investors seeking a management-free, corporate-guaranteed asset with a proven track record and substantial long-term growth potential. The lease is guaranteed by Walgreens corporate, mitigating risk and ensuring consistent rental income.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Manchester Township
- County
- Ocean
- State
- New Jersey
- Longitude
- -74.3537
- Latitude
- 39.9462
