Brand New NNN Walgreens – 680K People in Five Mile Radius

175 Washington Ave, Belleville, NJ 07109, USA
$10,262,857

Description

Marcus & Millichap is pleased to present for sale this Absolute NNN (zero landlord responsibilities) Walgreens located in Belleville, New Jersey. The subject property consists of a freestanding building comprised of 14,400 square feet of retail space on a 0.81-acre parcel.
Strategically located at the signalized intersection of Washington Avenue and Rutgers Street with a combined traffic counts exceeding 31,592 vehicles per day. The immediate trade area benefits from an estimated 680,519 full-time residents with an average household income exceeding $85,745 annually.
There are more than 14 years remaining on the original 15-year lease, including 12 five-year option periods.
Belleville is optimally located five miles north of Newark, New Jersey and only twelve miles from New York City. Belleville benefits from the many nearby amenities such as the Newark Liberty International Airport, which serviced over 46 million passengers in 2018. Also, nearby is Seton Hall University, the oldest diocesan university in the United States which has around 6,000 students. There are many other universities in the area, including the New Jersey Institute of Technology, Rutgers University Newark Campus, and Bloomfield College.
There are numerous national and regional retailers in the surrounding area including Bank of America, Enterprise, K-Mart, The UPS Store, Popeyes, McDonald’s, Dollar Tree and Dunkin’ Donuts among many others.
Walgreens (NYSE: WBA) is a publicly traded company with an S&P Credit Rating of BBB and is ranked #17 in the Fortune 500 (2019). Some financial highlights include 2018 Revenues of $131.537 billion and 2018 Net Profits of $5.024 billion. Walgreen Co. operates over 8,200 stores in all 50 states, the District of Columbia, Puerto Rico and Guam. The company also operated worksite health centers, home care facilities, and specialty and mail service pharmacies.

    • Walgreens Corporate Guarantee (NYSE: WBA) | Investment Grade Tenant (S&P: BBB)
    • Absolute NNN | Zero Landlord Responsibility
    • Brand-New Construction | 2019 Construction
    • 14+ Year Lease with Twelve, Five-Year Options
    • Strong Demographics | Over 680,519 People Within 5-Mile Radius with an Average Household Income Above $85,745
    • High Barrier to Entry | Five Miles from Newark, NJ | Ten Miles from Hoboken, NJ | Twelve Miles from New York City
    • Strategic Location | Signalized Hard Corner with Daily Traffic Count Exceeding 31,500 Vehicle per Day
    • Low Vacancy Market | Retail Vacancy is 4.2% and Single-Tenant Retail Vacancy is 2.4% within a One-Mile Radius
    • Dense Infill Location | 1.6 Million Square Feet of Retail and Six Million Square Feet of Commercial Space within a One-Mile Radius
    • Easily Accessible | Less Than One-Mile from Entrance to McCarter Highway (NJ-21) with Over 53,000 Vehicles Per Day

Property Documents

  • Walgreens-Belleville-NJ-om-ib
  • State/county: New Jersey
  • Zip/Postal Code: 07109
  • Country: United States

Detail

  • Price: $10,262,857
  • Year Built: 2019

Additional details

  • CAP RATE: 5.25%
  • NOI: $538,800

Features