NNN Investment Advisors is pleased to present for sale this extremely high performing and well located, NNN Lease CVS in Totowa, NJ (NYC MSA). Located just 17 miles from Manhattan, this CVS is a top performing location with just under $13 million in annual store sales and an extremely healthy 1.45% rent-to-sales ratio.
Situated on Union Blvd (15,709+ VPD) the building spans the entire block between Boyle Ave and Lincoln Ave (signalized intersection). It’s positioning between these two corners (101′ of frontage on Union Blvd) provide excellent visibility and access to traffic from all directions. The adjacent 0.3 acre parking lot (128 Union Blvd) is used for additional parking, providing 55 customer spaces (total 75 spaces between the two parcels), and is included in the purchase price. The building includes a 2,600 SF basement which is utilized by CVS for distribution to NJ and NYC, making this store particularly valuable to the area.
The subject property is less than one mile from Interstate 80 (274,768 VPD) and US-46 providing convenient access throughout New Jersey and Metro NYC and less than one mile from Totowa’s destination retail hub featuring all major retailers including Home Depot, TJ Maxx, Marshalls, Macys, Aldi, Hobby Lobby, Bed, Bath & Beyond, Staples and many more.
A 10% rent increase is scheduled Jan 31, 2022, with one, 5-year option remaining. Landlord responsibilities are limited to the Structure with the Tenant responsible for Roof, Taxes, CAM & Insurance.
The subject property benefits from an extremely dense and affluent market position, with populations of 21,000+/200,000+/445,000 in the 1/3/5 mile radius, respectively, and over $105,000 household income in the immediate 1 mile area.