194 Us-206 Mount Olive, NJ 07836
- Retail properties
- 4,736 SF
- 6.06 lot acres
Current Use by Public Records
- Isalis / Gift Shop / Boutique
- Party City / Balloon Store / Candy Store
- Skunk Funk / Wholesaler / Clothing Store
- Carl's Trading Co / Hat Shop
- Bushka's Kitchen LLC / Outdoor Clothing And Equipment Shop
Property Details for 194 Us-206
- Year built
- 2024
- Lot size
- 6.06 lot acres
- Property size
- 4,736 SF
- Property type
- Retail properties
- Property subtype
- Grocery and convenience stores
Description
This exceptional investment opportunity presents a brand-new, fee-simple Wawa convenience store and gas station located at 194 US-206 in Mount Olive, New Jersey (zip code 07836), opening August 1, 2024. The property boasts a 4,736 square foot building situated on a substantial 6.06-acre lot with over 430 feet of frontage along US-206 and Flanders-Nectong Road. This high-traffic location sees approximately 35,000 vehicles daily, benefiting from a newly widened three-lane intersection. The property features ten fueling stations and multiple points of ingress and egress for enhanced traffic flow. The tenant, Wawa, is backed by a corporate guarantee and operates under a 20-year absolute NNN lease with six, five-year renewal options, including a 10% rent increase every five years. The property's strong financials include a current NOI of $315,000 and a pro-forma NOI of $346,500, resulting in a 5.05% cap rate and a pro-forma cap rate of 5.55%. The asking price is $6,238,000, translating to a price per square foot of $1,317.15. The property is zoned commercial and benefits from its proximity to major roadways (including easy access to I-80 and I-78 interchanges), schools, significant employers like Siemens Healthcare, and residential developments. The location within the New York City MSA and the affluent Flanders community, with an average household income of $149,055 and a population of 75,564 within a five-mile radius, further enhances the investment potential. Limited competition in the immediate area ensures strong market dominance for this Wawa location. This is a rare opportunity to acquire a high-performing, low-maintenance investment property with significant long-term growth potential.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Mount Olive
- County
- Morris
- State
- New Jersey
- Longitude
- -74.702
- Latitude
- 40.8487
