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Bank of America Ground Lease - 101 S Ave W, Cranford, NJ

Property Details

  • Price :

  • Square Feet :

  • Cap Rate :

  • $4,850,000

  • 4,050

  • 6.00%

  • NOI :

  • Acres :

  • $290,400

  • 0.67

  • Property Type :

  • Property Status :

  • Net Lease

  • Available

Investment Highlights

  • Rare NJ Bank of America Ground Lease located in Cranford, Union County, New Jersey
  • Double drive/thru lane
  • Bank of America has a Standard & Poor's A+ credit rating
  • Approximately 6.5 years of base lease term remaining
  • 10% rent increase on 10/1/2024 - 6.60% Cap Rate
  • Four 5-year renewal options with large 20% rent increases at each option
  • $64M+ deposits at this branch (5.98% year over year increase)
  • Hard corner signalized intersection located on South Avenue and Lincoln Avenue (22,000+ Vehicles/day)
  • Less than ½ mile from Cranford NJ Transit train station
  • Easy access to many local highways including I-95, Garden State Parkway, Route 22, 28, 9, and I-78
  • Infill location with many nearby national retailers including Dunkin' Donuts, Home Depot, ShopRite, McDonald's, Starbucks, Quick Check, Wawa, and Wendy's
  • Excellent demographics with over 415,000 people within a 5-mile radius and an average household income over $159,000/year within 1 mile

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