810 Springfield Ave Irvington, NJ 07111

Property Details for 810 Springfield Ave

Lot size

0.92 lot acres

Property size

12,300 SF

Property type

Retail properties

Property subtype

Drug stores

Description

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.

Location Insight

City

Irvington

County

Essex

State

New Jersey

Longitude

-74.2191

Latitude

40.7285