Property Details for 460 Bloomfield Ave

Year built

1845

Lot size

0.23 lot acres

Property type

Retail properties & Spaces

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