460 Bloomfield Ave Montclair, NJ 07042

Property Details for 460 Bloomfield Ave

Year built

1845

Lot size

0.23 lot acres

Property type

Retail properties

Property subtype

Restaurants

Description

This exceptional investment opportunity presents a 3,250 square foot Sweetgreen restaurant located at 460 Bloomfield Avenue in Montclair, New Jersey. The property boasts a strong 5.51% cap rate and a substantial net operating income (NOI) of $210,893. Secured by a single-tenant, net lease with Sweetgreen (NYSE: SG), a nationally recognized brand operating over 240 locations, the lease commenced February 27, 2023, and extends to February 28, 2038, offering a remaining term of 13.3 years. The lease includes attractive 3% annual rent increases, resulting in a projected 6.53% cap rate over the initial lease term. Situated on a 0.23-acre lot in a prime downtown location at a seven-corner intersection, the property benefits from exceptional visibility and access. The three-story building, constructed in 1845, is zoned C1 and enjoys a high-traffic area with a mix of local and national retailers, including Whole Foods, CVS, Dunkin', and Starbucks. The surrounding area boasts strong demographics, with over 60,000 people within a five-mile radius and an average household income exceeding $155,000 within one mile. Convenient access to major highways, including the Garden State Parkway and Interstate 280, further enhances the property's appeal. The asking price is $3,825,000. This is a rare opportunity to acquire a high-performing, net-leased retail investment in a thriving New Jersey market.

Location Insight

City

Montclair

County

Essex

State

New Jersey

Longitude

-74.2176

Latitude

40.8135