194 Us-206, Mount Olive, NJ 07836

Property Details for 194 Us-206

Year built

2024

Lot size

6.06 lot acres

Property type

Retail properties & Spaces

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.

Location Insight

City

Mount Olive

County

Morris

State

New Jersey

Longitude

-74.702

Latitude

40.8487