3115 State Route 35
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3115 State Route 35
3,229 SF Retail Building Hazlet, NJ 07730 $1,600,000 ($496/SF) 6% Cap Rate
Investment Highlights
- Highway exposure. Great access. Across from McDonalds and Shop-rite, Wawa and Panera Bread. Easy ingress/egress
- Nice outdoor patio area, plenty of parking
- New Roof and HVAC, updated bathrooms, complete renovation
- Major transformation going on in the market, major new retailers opened in the last 2-3 years!
Executive Summary
Excellent property on highway NNN leased to a financially strong Mexican Restaurant operator who will be opening soon. Tenant improvements underway. Lease personally guaranteed by the owners. Across from Shop-rite and McDonalds. Nearby retailers include Starbucks, Panera Bread, Lidl, Aldi, Dunkin Dounts, Verizon, T Mobile, Costco and various other national tenants. Explosive growth in the area with national retailers moving in the last 2 years! New roof, brand new HVAC system, completely renovated! The location has undergone major transformation in the last few years and has become a busy commecial center.
Property Facts
Sale Type
Investment
Sale Condition
1031 Exchange
Property Type
Retail
Property Subtype
Building Size
3,229 SF
Building Class
C
Year Built/Renovated
1935/2000
Price
$1,600,000
Price Per SF
$496
Cap Rate
6%
NOI
$96,000
Tenancy
Single
Building Height
1 Story
Building FAR
0.12
Land Acres
0.64 AC
Zoning
BH - Highway commercial, wide range of uses permitted. Pretty much anything that exists along the highway can be permitted. However, check with Township.
Parking
24 Spaces (7.43 Spaces per 1,000 SF Leased)
Frontage
100 FT on State Route 35
Amenities
- Drive Thru
- Storage Space
- Air Conditioning
Walk Score ®
Very Walkable (78)
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 18-00182-0000-00010 | Improvements Assessment | $160,000 |
| Land Assessment | $551,900 | Total Assessment | $711,900 |
PROPERTY TAXES
Parcel Number
18-00182-0000-00010
Land Assessment
$551,900
Improvements Assessment
$160,000
Total Assessment
$711,900
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3115 State Route 35
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