18 Virginia AvePenns Grove, NJ 08069

Property Details for 18 Virginia Ave

Year built

1940

Lot size

0.95 AC

Property size (Sq ft)

24,246 SF

Property type

Other commercial real estate

APN

08 00041-0000-00008

APU

800041000000008

Description

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.

• Alternative Use

  Use

  Valuation

  Residential

  $11,860,575

  Hospitality

  $10,864,223

  Educational

  $9,038,906

  Medical

  $9,349,768

  Retail

  $14,060,520

Location Insight

City

Penns Grove

County

Salem

State

New Jersey

Latitude

39.7293

Longitude

-75.4625

CBSA code

37980

CBSA name

PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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