250 Riv St Hackensack, NJ 07601-7514

Property Details for 250 Riv St

Year built

1986

Construction

CONCRETE BLOCKS

Lot size

0.38 lot acres

Property size

5,500 SF

Property type

Commercial real estate

APN

23 00308- 02-00023- 01

APU

2300308020002301

Description

This fee-simple, single-tenant retail property in Hackensack, NJ, offers a compelling investment opportunity. The 6,428 square foot building, constructed in 1986 and renovated in 2014, is currently 100% occupied by Professional Physical Therapy under a net lease agreement. The lease commenced November 2, 2016, and expires November 1, 2026, with a remaining term of approximately 1.9 years and a 5-year renewal option. The annual rent includes a 2% increase, providing a hedge against inflation. The property boasts a 7.77% cap rate and a strong NOI of $186,444. Situated on a 0.27-acre lot, the building features a basement and a second-floor mezzanine with a training classroom. Its prime location on River Street in downtown Hackensack offers excellent visibility and accessibility, with two points of access and proximity to Main Street, the Anderson Street Train Station (Pascack Valley Line), Hackensack Hospital, Interstates 80 and 95, and Foschini Park. The property benefits from high traffic counts (over 28,900 vehicles daily) and strong demographics, with over 40,100 people within a 1-mile radius and over 209,000 within a 3-mile radius, boasting an average household income of $143,755. The tenant, Professional Physical Therapy, is a well-established and award-winning provider of physical therapy services with a significant presence in the Northeast. This investment presents a rare opportunity to acquire a stable, high-performing asset in a desirable location with significant growth potential. The asking price is $2,400,000.