810 Springfield Ave Irvington, NJ 07111

This exceptional investment opportunity presents a fee-simple ground lease with Walgreens, a credit-rated tenant, located at 810 Springfield Avenue, Irvington, New Jersey, 07111. The property boasts a 12,300 square foot building on a 0.915-acre lot, featuring a convenient drive-thru. The lease, commencing June 6, 2017, and expiring June 30, 2042, has a remaining term of approximately 17.6 years, with 10% rent bumps every 10 years. The asking price is $4,991,304, representing a price per square foot of $405.80 and a 5.75% cap rate, generating a net operating income (NOI) of $287,004. This NNN lease structure minimizes landlord responsibilities. The property enjoys a highly visible, easily accessible location at a signaled intersection with nearly 30,000 vehicles per day, offering excellent frontage on Springfield Avenue and Grove Street. Its strategic location within the densely populated New York-New Jersey-Pennsylvania metropolitan statistical area (MSA), just three miles from Newark and fifteen miles from Manhattan, benefits from a strong demographic profile, with over 428,000 residents within a three-mile radius and nearly 850,000 within five miles. Average household incomes within a five-mile radius exceed $92,000. Proximity to major roadways, including the Garden State Parkway and I-78, and Newark Liberty International Airport, enhances accessibility. The property's location near a large apartment complex, schools, a major hospital, and a university, along with numerous national retailers, further strengthens its investment appeal. Walgreens' investment-grade credit rating ("BBB" by Standard & Poor's) provides significant security.