0 Virginia AvePenns Grove, NJ 08069

Property Details for 0 Virginia Ave

Year built

2024

Property size (Sq ft)

3,838 SF

Property type

Retail properties

Property subtype

Other retail properties

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.

Location Insight

City

Penns Grove

County

Salem

State

New Jersey

Latitude

39.7268

Longitude

-75.4636

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