Office, New Jersey, USA

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Office, New Jersey, USA

$7,148,000
$3,676 /m²
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  • Total area
    1,944 m²
  • Yield
    5.6%
  • Built in 
    1974
Details
Property parameters
  • Land area: 28,015 m²
  • 1-floor building
Financial performance
  • Annual income: $344,573
Tenants
  • Fully let

A bank office in the state of New Jersey.

Description

A retail bank building.

Financial performance

The cost of the property is 6,900,000 $.

The absolute annual income is 386,400 $.

The current yield is 5,6%.

Tenants

The tenant is a subdivision of one of the largest financial holdings in Canada, which provides banking, insurance and investment services. The branch has more than 1,200 offices in the US and provides retail banking services to more than 8 million customers.

Type of rent: triple net lease.

NNN lease is the most common type of lease in case of long-term contracts. The owner takes a lease ”in triple size, “ that is, without deduction of tax, insurance and maintenance costs (these costs are contractually borne by the tenant). The triple net lease agreement is aimed at saving the lessor from unnecessary costs, additional work and thereby increase the profitability of real estate.

Location and nearby infrastructure

The property is located in a village with the population less than 20,000 people (Ocean County, New Jersey).

There are shops, a restaurant, a pizzeria, a pharmacy, a pawnshop, a library, an elementary school in close proximity.

The distance to Atlantic City is about 80 km, to Jersey City — about 120 km, to New York — about 140 km.

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