520 Cedar Ln Teaneck, NJ 07666-1713

Property Details for 520 Cedar Ln

Year built

1963

Construction

BRICK

Lot size

0.58 lot acres

Zone code

MX-1

Property type

Commercial real estate

APN

60 00702-0000-00001- 01

APU

600070200000000101

Description

This exceptional investment opportunity presents a 14,737-square-foot Walgreens located at 520 Cedar Ln, Teaneck, NJ 07666, in Bergen County. The property, built and renovated in 2016, boasts a Class A rating and is situated on a prominent corner lot with high visibility. The single-tenant, net-leased property features a corporate guarantee from Walgreens, providing significant financial security. With a remaining lease term of 12 years (expiring December 30, 2036), and eleven 5-year renewal options, this investment offers long-term stability. The current lease commenced December 14, 2016, and the property enjoys 100% occupancy. The asking price is $8,700,000, representing a 6.40% cap rate based on a net operating income (NOI) of $559,587. This prime location benefits from high traffic volume (over 22,000 vehicles per day) and is surrounded by complementary businesses including CVS, IHOP, KFC, Dunkin' Donuts, and Stop & Shop. Convenient access to major transportation arteries such as Interstate Route 80, the NJ Turnpike, and NJ Transit train lines further enhances its appeal. This is a rare opportunity to acquire a strong-performing, triple-net-leased asset in a densely populated, affluent New York Metro suburb with a population exceeding 950,000.