442 Elizabeth AveFranklin Township, NJ 08873

Property Details for 442 Elizabeth Ave

Lot size

1.02 AC

Property size (Sq ft)

6,000 SF

Zone code

M1

Property type

Commercial real estate

APN

08 00523- 03-00035- 07

APU

800523030003507

Description

This exceptional investment opportunity presents a single-tenant, 5,269 square foot Mavis Discount Tire located at 442 Elizabeth Ave, Franklin Township, NJ 08873. The property sits on a 1.02-acre lot and is subject to a 20-year absolute triple-net (NNN) lease, commenced June 16, 2021, and expiring June 29, 2041, leaving approximately 16.6 years remaining. The current annual net operating income (NOI) is $190,000, representing a 5.25% cap rate and a price per square foot of $686.86. The lease includes attractive rental increases of 1.50% annually, beginning in year seven and continuing through six, five-year renewal options. This presents a low-maintenance, high-return investment with minimal landlord responsibilities, secured by a nationally recognized brand in the automotive tire services industry. The property boasts 100% occupancy and a strong financial performance history. This is an ideal opportunity for investors seeking a stable, long-term, passive income stream with significant upside potential. The building is a single-story structure.

• Alternative Use

  Use

  Valuation

  Residential

  $1,135,435

  Hospitality

  $1,040,052

  Educational

  $865,311

  Medical

  $895,070

  Retail

  $1,346,040

Location Insight

City

Somerset

County

Somerset

State

New Jersey

Latitude

40.5317

Longitude

-74.5397

CBSA code

35620

CBSA name

NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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