Property Details for 471 Dr Martin Luther King Jr Blvd

Lot size

0.66 lot acres

Property size

651 SF

Property type

Retail properties & Spaces

Property subtype

Gas stations

Description

This exceptional investment opportunity presents a fee-simple, absolute NNN ground lease for a BP gas station located at 471 Dr Martin Luther King Jr Blvd, East Orange, NJ 07018. The property boasts a 651 square foot building situated on a 0.66-acre lot, enjoying 100% occupancy under a 10-year lease (commencing August 31, 2018, expiring August 31, 2028), with approximately 3.8 years remaining. The lease includes three five-year renewal options and features attractive 15% rent increases every five years, ensuring consistent income growth. The current annual net operating income (NOI) is $96,120, yielding a 4.85% cap rate on the asking price of $1,981,855. This investment benefits from a corporate guaranty from BP Corp. (S&P A-), eliminating landlord responsibilities. The property enjoys excellent visibility and signage along a main street with high traffic counts exceeding 207,900 vehicles near the I-280 exit ramp and along the Garden State Parkway. Its strategic location, just eight miles from Newark Liberty International Airport, 24 miles from LaGuardia Airport, and 32 miles from John F. Kennedy International Airport, further enhances its appeal. The surrounding area is densely populated, with over 419,000 people within a three-mile radius, and an estimated population growth of 6% projected within the next five years. This presents a compelling investment opportunity with strong potential for long-term returns.

Location Insight

City

East Orange

County

Essex

State

New Jersey

Longitude

-74.2162

Latitude

40.7654