For Sale
$1,989,188

33 Munsonhurst RdFranklin, NJ 07416

High-yield NNN lease, strong tenant.

Overview

Added:
Dec 11, 2024
Days on market:
116
This exceptional investment opportunity presents a 3,528 square foot Class B creative office building in Franklin, New Jersey, situated on a 1.11-acre lot. The property is currently 100% occupied under a triple-net (NNN) lease with Ascend Wellness Holdings Inc., a corporate guaranteed tenant, with a remaining lease term of approximately 11.9 years (expiring 09/29/2036). The lease commenced on September 30, 2022, and includes three 5-year renewal options. The annual rent escalates by 3%, providing a hedge against inflation. The property boasts a strong 8.00% cap rate and a Net Operating Income (NOI) of $159,135, with a price per square foot of $563.83. Built in 1900 and renovated in 2022, this single-story building features 38 parking spaces and is zoned HC-1. The property is strategically located at 33 Munsonhurst Rd, Franklin, NJ 07416, offering excellent visibility and proximity to major retailers such as T-Mobile, Dollar Tree, Starbucks, Mattress Firm, Wendy's, and Walmart. This is a mission-critical building for Ascend Wellness Holdings, complementing their nearby larger facility. The property offers a secure, long-term investment with significant upside potential in a growing market.

Highlights

  • Absolute NNN lease with built-in rent increases.
  • 3% annual rent escalations.
  • Tenanted by a major publicly traded cannabis company.
  • Strong growth potential in the cannabis sector.
  • Excellent financial performance and consistent growth.
  • High visibility location on Route 23.

Property Details for 33 Munsonhurst Rd

Property type
Office properties, Office space
Square Feet
3,528 SF
Class
B
Year Built/Renovated
1900/2022
Buildings
1
Stories
1
Lot Size (sq. ft)
48,352 SF
Units
1

Location Insight

City
Franklin
County
Sussex
State
New Jersey
Latitude
41.10065065
Longitude
-74.57933331
33 Munsonhurst Rd, Franklin, New Jersey

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33 Munsonhurst Rd
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