33 Munsonhurst Rd Franklin, NJ 07416-1802
- Turn key restaurants
- 3,528 SF
- 1.11 lot acres
Current Use by Public Records
- Turn key restaurants
Property Details for 33 Munsonhurst Rd
- Year built
- 1900
- Lot size
- 1.11 lot acres
- Property size
- 3,528 SF
- Zone code
- HC-2
- Property type
- Turn key restaurants
- APN
- 06 02402-0000-00004
- APU
- 602402000000004
Description
This exceptional investment opportunity presents a 3,528 square foot Class B creative office building in Franklin, New Jersey, situated on a 1.11-acre lot. The property is currently 100% occupied under a triple-net (NNN) lease with Ascend Wellness Holdings Inc., a corporate guaranteed tenant, with a remaining lease term of approximately 11.9 years (expiring 09/29/2036). The lease commenced on September 30, 2022, and includes three 5-year renewal options. The annual rent escalates by 3%, providing a hedge against inflation. The property boasts a strong 8.00% cap rate and a Net Operating Income (NOI) of $159,135, with a price per square foot of $563.83. Built in 1900 and renovated in 2022, this single-story building features 38 parking spaces and is zoned HC-1. The property is strategically located at 33 Munsonhurst Rd, Franklin, NJ 07416, offering excellent visibility and proximity to major retailers such as T-Mobile, Dollar Tree, Starbucks, Mattress Firm, Wendy's, and Walmart. This is a mission-critical building for Ascend Wellness Holdings, complementing their nearby larger facility. The property offers a secure, long-term investment with significant upside potential in a growing market.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $1,125,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $1,265,000
- 6.5%
- $1,215,000
- 7%
- $1,065,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $1,045,000
- Geo Method
- $1,050,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $1,295,000
- Retail
- $1,415,000
- Mixed-Use
- $1,305,000
- Hospitality
- $1,385,000
- Educational
- $1,180,000
- Residential Income
- $1,190,000
- Energy
- $1,260,000
- Income-Based Land
- $1,190,000
- Food Service
- $1,320,000
Location Insight
- Map
- Local Demand
- City
- Franklin
- County
- Sussex
- State
- New Jersey
- Longitude
- -74.5794
- Latitude
- 41.1011
- CBSA code
- 35620
- CBSA name
- NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA
