For Sale
$8,700,000

520 Cedar LnTeaneck, NJ 07666

High-yield NNN Walgreens, NJ

Overview

Added:
Dec 11, 2024
Days on market:
117
This exceptional investment opportunity presents a 14,737-square-foot Walgreens located at 520 Cedar Ln, Teaneck, NJ 07666, in Bergen County. The property, built and renovated in 2016, boasts a Class A rating and is situated on a prominent corner lot with high visibility. The single-tenant, net-leased property features a corporate guarantee from Walgreens, providing significant financial security. With a remaining lease term of 12 years (expiring December 30, 2036), and eleven 5-year renewal options, this investment offers long-term stability. The current lease commenced December 14, 2016, and the property enjoys 100% occupancy. The asking price is $8,700,000, representing a 6.40% cap rate based on a net operating income (NOI) of $559,587. This prime location benefits from high traffic volume (over 22,000 vehicles per day) and is surrounded by complementary businesses including CVS, IHOP, KFC, Dunkin' Donuts, and Stop & Shop. Convenient access to major transportation arteries such as Interstate Route 80, the NJ Turnpike, and NJ Transit train lines further enhances its appeal. This is a rare opportunity to acquire a strong-performing, triple-net-leased asset in a densely populated, affluent New York Metro suburb with a population exceeding 950,000.

Highlights

  • Triple-net (NNN) lease with zero landlord responsibilities.
  • 14,737 SF Walgreens built in 2016, located on a prominent corner lot in Teaneck, NJ.
  • Investment-grade tenant (Walgreens, BBB rating) with a long-term lease (12+ years remaining, eleven 5-year options).
  • High-traffic location (22,000+ VPD) in a dense retail corridor with strong demographics, near other national retailers.
  • Excellent access to major transportation arteries (I-80, NJ Turnpike, NJ Transit).

Property Details for 520 Cedar Ln

Property type
Retail properties, Drug stores
Square Feet
14,737 SF
Class
A
Year Built/Renovated
2016/2016
Buildings
1
Stories
1

Location Insight

City
Teaneck
County
Bergen
State
New Jersey
Latitude
40.8897583
Longitude
-74.0239583
520 Cedar Ln, Teaneck, New Jersey

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520 Cedar Ln
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