580 Us Highway 1 Edison, NJ 08817

Property Details for 580 Us Highway 1

Year built

2021

Lot size

1.99 lot acres

Property size

4,736 SF

Property type

Retail properties

Property subtype

Grocery and convenience stores

Description

This exceptional investment opportunity presents a fee simple interest in a 4,736 square foot Wawa convenience store and gas station located at 580 US-1, Edison, NJ 08817. The property sits on a 1.99-acre lot and boasts a strong 5.00% cap rate with a Net Operating Income (NOI) of $335,000. The property benefits from a long-term, absolute NNN ground lease with a credit-rated tenant, Wawa, extending until August 31, 2041 (16.8 years remaining). The lease includes attractive 10% rent bumps every five years and six five-year renewal options. This single-tenant, 100% occupied property is situated in a high-traffic area with excellent visibility, benefiting from its location on US-1 (94,800 vehicles per day) and proximity to major interstates I-95 and I-287 (combined 376,900 vehicles per day). The surrounding area demonstrates strong retail performance, with nearby national retailers including Walmart, Sam's Club, and Wendy's achieving top percentile rankings nationally. The property is also conveniently located near Rutgers University, further enhancing its appeal. The affluent 5-mile radius boasts a population exceeding 295,000, over 100,000 households, and an average household income of $130,000. This is a rare opportunity to acquire a passive investment with significant upside potential in a highly desirable location within the New York City Metropolitan Statistical Area. The property was built in 2021 and is a single-story building.