671 Memorial Pkwy Phillipsburg, NJ 08865-2715

Property Details for 671 Memorial Pkwy

Lot size

1.84 lot acres

Zone code

B-2

Property type

Commercial real estate

APN

19 01003-0000-00004

APU

1901003000000004

Description

This exceptional investment opportunity presents a brand-new, 20-year absolute NNN ground lease for a QuickChek convenience store and gas station located at 671 Memorial Pkwy, Phillipsburg, NJ 08865. The 5,670 square foot property sits on a 2.33-acre lot and boasts 16 gas pumps. Built in 2024, the lease commenced August 1, 2024, and expires July 31, 2044, offering a remaining term of approximately 19.7 years. The lease includes 8% rent bumps every five years, providing significant long-term growth potential. The property enjoys a prime location on Memorial Parkway, a major thoroughfare with 51,141 average annual daily traffic, offering excellent visibility and accessibility. This high-traffic area benefits from strong demographics, including an average household income of $109,147 within a 5-mile radius and proximity to major retailers such as Target, Walmart, ALDI, and Stop & Shop. The property's strategic location on the "going to work" side of US Route 22 caters to commuters traveling to Easton and Allentown. The current Net Operating Income (NOI) is $275,000, resulting in a 5.65% cap rate and an asking price of $4,867,000 ($858.38 per square foot). Four five-year lease options are included. This is a truly exceptional opportunity for a passive income investment with minimal landlord responsibilities.