274 Washington Ave Nutley, NJ 07110-1924

Property Details for 274 Washington Ave

Lot size

1.00 lot acres

Zone code

R-1

Property type

Commercial real estate

APN

16 03905-0000-00004

APU

1603905000000004

Description

This exceptional investment opportunity presents a fee-simple 4,701 square foot veterinary office building located at 274 Washington Ave, Nutley, NJ 07110. The property boasts a 100% occupancy rate with a Net Operating Income (NOI) of $105,459, yielding a 7.03% cap rate. The asking price is $1,500,000, translating to $319.08 per square foot. The single-story building is currently leased to National Veterinary Associates, a leading veterinary services company with over 1,400 locations nationwide, under a Net Net (NN) lease expiring November 30, 2028. This represents a remaining lease term of approximately 4.7 years. The lease includes scheduled annual CPI increases, providing protection against inflation and future cash flow growth. The tenant recently exercised an option to extend the lease, demonstrating a strong commitment to the location. The property benefits from its location in Nutley, NJ, a town consistently ranked among the safest and most livable in New Jersey, with easy access to major highways and public transportation, including a convenient commute to New York City (12.5 miles away). The asset serves a large, affluent population exceeding 238,000 residents within a 5-mile radius, boasting an average household income over $105,000. This presents a stable, low-maintenance investment with minimal landlord responsibilities, making it ideal for both local and national investors. The robust growth projected for the veterinary services industry further enhances the long-term value of this property.