712 Nj-17Paramus, NJ 07652

Property Details for 712 Nj-17

Year built

2022

Lot size

0.28 AC

Property size (Sq ft)

4,000 SF

Property type

Retail properties

Property subtype

Retail space

Description

This exceptional investment opportunity presents a 4,000-square-foot LensCrafters storefront in Paramus, New Jersey, situated on a 0.28-acre lot. The property, fully renovated in 2022, boasts a prime location on Route 17, a major commercial artery with high daily traffic volume (94,127 vehicles per day), and enjoys close proximity to the Garden State Parkway (156,930 vehicles daily). The property benefits from its position as an outparcel to the Fashion Center Paramus, sharing a location with prominent retailers such as Amazon Fresh, Best Buy, and TJ Maxx. This single-tenant, net lease property features a 10-year lease (commencing November 15, 2022, and expiring November 15, 2032) with a corporate guarantee from Luxottica of America, Inc., ensuring financial stability. The lease includes rent bumps and offers a strong net operating income (NOI) of $300,000, resulting in a 5.25% cap rate. The asking price is $5,714,000. The property's 17 dedicated parking spaces provide a convenient 4.25 parking spaces per 1,000 square feet. The high-income demographics within a 3-mile radius ($230,124 average household income) further enhance the investment's appeal. This is a 1031 exchange eligible property. The property is less than 18 miles from Downtown NYC. This is a rare opportunity to acquire a high-performing, low-management retail investment with a strong tenant and excellent location.

Location Insight

City

Paramus

County

Bergen

State

New Jersey

Latitude

40.9688

Longitude

-74.0784

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