1200 Nj-35 Middletown Township, NJ 07748
- Retail properties
- 13,567 SF
- 1.91 lot acres
Current Use by Public Records
- Retail properties
Property Details for 1200 Nj-35
- Lot size
- 1.91 lot acres
- Property size
- 13,567 SF
- Property type
- Retail properties
- Property subtype
- Drug stores
Description
This exceptional investment opportunity presents a net-leased CVS Pharmacy located at 1200 NJ-35, Middletown Township, NJ 07748. The property boasts a 13,567 square foot building situated on a 1.91-acre lot at a highly visible corner intersection of Route 35 and New Monmouth Road, benefiting from significant daily traffic counts exceeding 30,000 and 11,000 vehicles respectively. The 2019-constructed building is 100% occupied under a 25.7-year lease with CVS Pharmacy, a tenant with an investment-grade credit rating (BBB+ S&P, Baal Moody's). The current lease, commencing June 3, 2019, and expiring January 31, 2045, has a remaining term of approximately 20.2 years. Eight five-year renewal options are included, each with a 10% rent increase. The asking price is $10,900,000, representing a price per square foot of $803.42 and a 5.40% cap rate based on a net operating income (NOI) of $588,825. The property's location within a thriving retail area, coupled with strong demographics (over 50,000 residents within a 3-mile radius, average household income exceeding $130,000), makes this a compelling investment prospect. This is a single-tenant, net lease investment with a strong, creditworthy tenant and significant remaining lease term.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Middletown Township
- County
- Monmouth
- State
- New Jersey
- Longitude
- -74.1136
- Latitude
- 40.3979
