345 Essex StHackensack, NJ 07601

Property Details for 345 Essex St

Year built

1952

Construction

CONCRETE BLOCKS

Lot size

0.34 AC

Property size (Sq ft)

4,000 SF

Property type

Other commercial real estate

APN

23 00128-0000-00037

APU

2300128000000037

Description

This exceptional investment opportunity presents a fee-simple, 4,000 square foot retail property located at 345 Essex St, Hackensack, NJ 07601. The property boasts a 5.50% cap rate and a strong net operating income (NOI) of $198,490. Currently 100% occupied by two tenants, Popeyes and InfiniHealth Medical Group, this multi-tenant retail center offers a diversified income stream. The property features a triple-net (NNN) lease structure, meaning tenants are responsible for property taxes, insurance, and common area maintenance (CAM) expenses, minimizing landlord responsibilities. Built in 1986, this 0.34-acre lot is strategically located on a hard signalized corner in a vibrant retail corridor, benefiting from high visibility and accessibility. The property benefits from built-in rent increases, with Popeyes' rent increasing by 2% annually and InfiniHealth Medical Group's rent increasing by 3% annually, providing a hedge against inflation. The location is highly desirable, situated approximately 12 miles from Manhattan, within a densely populated area with an average household income of approximately $113,000 within a 3-mile radius. The property's proximity to Hackensack University Medical Center and easy access to public transportation further enhance its appeal. This is a rare opportunity to acquire a well-performing, multi-tenant retail property in a prime Hackensack location.

• Alternative Use

  Use

  Valuation

  Residential

  $756,956

  Hospitality

  $693,368

  Educational

  $576,874

  Medical

  $596,714

  Retail

  $897,360

Location Insight

City

Hackensack

County

Bergen

State

New Jersey

Latitude

40.883

Longitude

-74.0582

CBSA code

35620

CBSA name

NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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