Property Details for 5700 Nj-42

Lot size

23.80 lot acres

Property size

98,080 SF

Property type

Lifestyle centers

Property subtype

Power centers

Description

This exceptional investment opportunity presents a 98,080 square foot, 100% occupied, triple-net leased shopping center in Washington Township, NJ. The property boasts three single-story buildings situated on a 23.8-acre lot, featuring a strong tenant mix including Verizon Wireless and At Home. A national fast-casual restaurant is slated to join the lineup soon, further enhancing the property's value. Each building features recently installed or newly installed roofs, with At Home's roof covered by a 20-year warranty (commencing 2019) and Verizon's roof installed in 2017. The new restaurant will also have a new roof prior to opening. The property benefits from a prime location on NJ-42 (79,300 vehicles per day) and proximity to the Atlantic City Expressway (47,800 vehicles per day), ensuring high visibility and accessibility. The surrounding area is densely populated and affluent, with over 183,000 people and 70,000 households within a 5-mile radius, boasting an average household income exceeding $121,000. This location is part of the Turnersville area, situated within the Philadelphia MSA, the 7th largest metro area in the US. Existing leases include 10% rent bumps in option periods. The asking price is $12,582,000, representing a cap rate of 8.50% and a net operating income (NOI) of $1,069,446. This fee-simple ownership opportunity offers significant potential for long-term growth and strong returns. The property's robust tenant base, prime location, and recent building improvements make it an attractive investment for discerning buyers.

Location Insight

City

Washington Township

County

Gloucester

State

New Jersey

Longitude

-75.0476

Latitude

39.7605