7408 Tonnele Ave North Bergen, NJ 07047

Property Details for 7408 Tonnele Ave

Year built

2022

Lot size

1.33 lot acres

Property size

5,051 SF

Property type

Retail properties

Property subtype

Retail space

Description

This exceptional investment opportunity presents a brand-new, 5,051 square-foot Wawa convenience store and gas station in North Bergen, New Jersey. Located at 7408 Tonnele Ave, 07047, this Class A property boasts a strong 5.00% cap rate and a substantial net operating income (NOI) of $524,503. The property sits on a 1.33-acre lot and features 12 multi-product fuel dispensors, ensuring high traffic and revenue generation. Built in 2022, the property benefits from a long-term, 17.4-year NNN ground lease with a corporate guarantee from Wawa, one of the largest convenience store chains in the US. The lease includes significant rent bumps: 15.24% in 2032 and 10% every five years thereafter. This prime location enjoys exceptional visibility and accessibility, situated along a major retail and traffic corridor with over 35,000 vehicles daily. The area is densely populated and affluent, with over 1.66 million people within a 5-mile radius and an average household income exceeding $134,000 within a 3-mile radius. The property's strategic location near MetLife Stadium, The Home Depot, and numerous national retailers like Walmart, Target, and Lowe's, further enhances its investment potential. Its proximity to Teterboro Airport adds another layer of appeal. The asking price is $10,490,060, representing a price per square foot of $2,076.83. This is a rare opportunity to acquire a high-performing, established asset in a highly desirable market.