442 Elizabeth Ave - Auto Repair FOR SALE


Somerset, NJ 08873
$3,619,048 USD
332-345-4222
442 Elizabeth Ave, Somerset, NJ for Sale
$3,619,048 USD
Auto Repair - FOR SALE
1/2
null | 5.25% Cap Rate

442 Elizabeth Ave
Somerset, NJ 08873


HIGHLIGHTS

  • Long Term 20-Year Lease Triple Net (NNN) Lease with Zero Landlord Responsibilities
  • Approximately 18 Years Remaining
  • Attractive Rental Increases of One-and-a-Half Percent (1.50%) Annually After Year Seven (7)

OVERVIEW

NNN Pro Group is pleased to present the exclusive listing for a Mavis Discount Tire located at 442 Elizabeth Avenue in Somerset, New Jersey. The site consists of roughly 5,269 rentable square feet of building space on estimated 1.02-acre parcel of land. This Mavis Discount Tire is subject to a 20-year absolute triple-net (NNN) lease, which commenced June 17th, 2021. The current annual rent is $190,000 and is scheduled to increase by 1.50% annually starting year 7 and in each of the 6, 5-year renewal options.

FOR SALE DETAILS

PRICE

$3,619,048 USD

PRICE/SF

$687 USD /SF

CAP RATE

5.25%

% LEASED

-

TENANCY

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Mavis Discount Tire

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Auto Repair

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1988

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

1.02 AC

LAND SF

44,431 SF

ZONING

M1

APN/PARCEL ID

08-00523-03-00035-07

ASK ABOUT THIS PROPERTY

Glen KunofskyNNN Pro GroupMore Info
332-345-4222

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Glen KunofskyNNN Pro GroupMore Info
332-345-4222

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.