Virginia Ave Penns Grove, NJ 08069
- Retail properties
- 3,838 SF
Current Use by Public Records
- Retail properties
Property Details for 0 Virginia Ave
- Year built
- 2024
- Property size
- 3,838 SF
- Property type
- Retail properties
- Property subtype
- Grocery and convenience stores
Description
This exceptional investment opportunity presents two brand-new, free-standing retail buildings in Penns Grove, New Jersey, leased to Wawa and McDonald's. Located on North Virginia Avenue, this high-visibility site boasts convenient access with two points of ingress and egress. The property consists of approximately 3,838 to 5,061 square feet, encompassing both tenants. Both Wawa and McDonald's are operating under 20-year triple-net (NNN) leases, providing long-term stability and minimal landlord responsibilities. These leases are backed by corporate guarantees, with McDonald's holding an "A" rating from S&P. Wawa, a privately held company with over 1,000 East Coast locations, also provides a strong financial backing. The combined asking price is $7,113,095, yielding a blended cap rate of 4.92%. The property is zoned H-C/I (Highway Commercial/Industrial) and sits on a ground lease. Wawa's building was completed in August 2024, while McDonald's is slated for completion in Q1 2025. This condominium ownership offers a secure and lucrative investment in a thriving retail market. The property's strong tenant mix, long-term leases, and prime location make it an ideal addition to any portfolio. The substantial net operating income (NOI) of $350,000 further underscores the investment potential.
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
- Penns Grove
- County
- Salem
- State
- New Jersey
- Longitude
- -75.4636
- Latitude
- 39.7268
