Current Use by Public Records
- A2Z Dental Care / Dental Office
- Martin & Sons Roofing / Roofing Company / General Contractor
- Smoke-Stock VFD / Furniture & Home Goods / Home Decor Store
- Dr. Gabriel Lerman / Dental Office
- Dr. Gregory Golder / Dental Office
Property Details for 255 Main St
- Property type
- Lifestyle centers
- Property subtype
- Power centers
Description
This exceptional investment opportunity presents a 7,000 square foot, Class B shopping center in Manville, New Jersey. The property boasts a 100% occupancy rate with three tenants, generating a strong net operating income (NOI) of approximately $74,000 annually, resulting in a compelling 5.92% capitalization rate. The building, situated on a lot ranging from 16,000 to 18,000 square feet, underwent a complete renovation in 2019 and features a full basement. The property is offered for sale with a leaseback agreement. The current owner, one of the three tenants, will lease back a portion of the space for five years, with options to extend. The remaining two units are occupied by retail tenants, all under leases with annual rent escalations. Conveniently located near Routes 22 and 287, and just minutes from Hillsborough, this property benefits from excellent visibility and accessibility. On-site parking is available, and tenants share responsibility for parking lot maintenance and snow removal. This stabilized investment offers a secure and attractive return, making it an ideal addition to any portfolio. The asking price is $1,250,000.
Value Estimations
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Manville
- County
- Somerset
- State
- New Jersey
- Longitude
- -74.5865
- Latitude
- 40.547
