For Sale
$3,750,000

18 Virginia AvePenns Grove, NJ 08069

27,000 SF, 8% Cap Rate, NNN Lease

Overview

Added:
Dec 11, 2024
Days on market:
115
This exceptional investment opportunity presents a 27,000-square-foot, single-tenant, Class B refrigerated/cold storage facility located at 18 N Virginia Ave, Penns Grove, NJ 08069. The property, fully renovated in 2023, boasts a 100% occupancy rate with a credit-rated tenant under a triple-net (NNN) lease. The building features three loading docks (three dock-high doors), 16-19 foot ceiling heights, and a modern design incorporating a commercial kitchen, freezer space, cold storage space, and dry storage space, along with approximately 800 square feet of office space. Recent upgrades include a new reflective roof, HVAC systems, electrical systems, LED lighting, and restrooms/lockers. The property is zoned H-C/I (Highway Commercial/Industrial) and benefits from its strategic location in southern New Jersey, providing easy access to major roadways including Route 130, Route 295, the NJ Turnpike, Philadelphia, and Delaware. The asking price is $3,750,000, representing a compelling 8.00% cap rate. Rent bumps are included in the lease agreement. This sale-leaseback opportunity offers a strong return on investment with a stable, credit-rated tenant. The property is currently used as a food processing, manufacturing, and distribution facility.

Highlights

  • $3,750,000 asking price for a 27,000 SF refrigerated/cold storage facility.
  • Sale-leaseback opportunity with a credit-rated tenant under a NNN lease.
  • Class B industrial building, 100% occupied, renovated in 2023, offering an 8.00% cap rate.
  • Features include 3 loading docks, 3 dock-high doors, 16-19' ceiling height, and built-in commercial kitchen.
  • Located at 18 N Virginia Ave, Penns Grove, NJ 08069, with easy access to major highways and Philadelphia.

Property Details for 18 Virginia Ave

Property type
Refrigeration & cold storage, Industrial properties
Square Feet
27,000 SF
Class
B
Year Renovated
2023
Buildings
1
Stories
1

Location Insight

City
Penns Grove
County
Salem
State
New Jersey
Latitude
39.7291881
Longitude
-75.4624198
18 Virginia Ave, Penns Grove, New Jersey

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18 Virginia Ave
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