712 Nj-17 Paramus, NJ 07652
- Retail properties
- 4,000 SF
- 0.28 lot acres
Current Use by Public Records
- Retail properties
Property Details for 712 Nj-17
- Year built
- 2022
- Lot size
- 0.28 lot acres
- Property size
- 4,000 SF
- Property type
- Retail properties
- Property subtype
- Retail space
Description
This exceptional investment opportunity presents a 4,000-square-foot LensCrafters storefront in Paramus, New Jersey, situated on a 0.28-acre lot. The property, fully renovated in 2022, boasts a prime location on Route 17, a major commercial artery with high daily traffic volume (94,127 vehicles per day), and enjoys close proximity to the Garden State Parkway (156,930 vehicles daily). The property benefits from its position as an outparcel to the Fashion Center Paramus, sharing a location with prominent retailers such as Amazon Fresh, Best Buy, and TJ Maxx. This single-tenant, net lease property features a 10-year lease (commencing November 15, 2022, and expiring November 15, 2032) with a corporate guarantee from Luxottica of America, Inc., ensuring financial stability. The lease includes rent bumps and offers a strong net operating income (NOI) of $300,000, resulting in a 5.25% cap rate. The asking price is $5,714,000. The property's 17 dedicated parking spaces provide a convenient 4.25 parking spaces per 1,000 square feet. The high-income demographics within a 3-mile radius ($230,124 average household income) further enhance the investment's appeal. This is a 1031 exchange eligible property. The property is less than 18 miles from Downtown NYC. This is a rare opportunity to acquire a high-performing, low-management retail investment with a strong tenant and excellent location.
Value Estimation
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CAP approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Paramus
- County
- Bergen
- State
- New Jersey
- Longitude
- -74.0784
- Latitude
- 40.9688
