1 Virginia AvePenns Grove, NJ 08069

Property Details for 1 Virginia Ave

Year built

1960

Construction

CONCRETE BLOCKS

Lot size

2.91 AC

Property size (Sq ft)

19,883 SF

Property type

Other commercial real estate

APN

08 00035-0000-00017

APU

800035000000017

Description

This exceptional investment opportunity presents a newly constructed Wawa convenience store located at 1 N Virginia Ave, Penns Grove, NJ 08069. The property boasts a 5,061 square foot building on a 1.98-acre lot, featuring 56 parking spaces and excellent visibility on North Virginia Avenue, with two points of ingress and egress. The property benefits from a 20-year net lease (NNN) with a corporate guarantee from Wawa, Inc., commencing August 14, 2024, and expiring August 30, 2044. The lease includes 10% rent bumps every five years, providing significant long-term growth potential. The property is zoned H-C/I (Highway Commercial/Industrial) and enjoys high traffic counts, approximately 25,000 vehicles daily (2022 data). The strong demographics, with 81,143 people within a 5-mile radius, further enhance the investment's appeal. The asking price is $5,238,095, representing a 5.25% cap rate with a current Net Operating Income (NOI) of $275,000. This is a rare opportunity to acquire a high-performing, long-term net lease investment anchored by a financially strong, nationally recognized brand. The property's strategic location and favorable lease terms make it an attractive addition to any investment portfolio. Year built: 2024.

• Alternative Use

  Use

  Valuation

  Residential

  $9,726,298

  Hospitality

  $8,909,236

  Educational

  $7,412,380

  Medical

  $7,667,303

  Retail

  $11,530,369

Location Insight

City

Penns Grove

County

Salem

State

New Jersey

Latitude

39.7262

Longitude

-75.4632

CBSA code

37980

CBSA name

PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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