Prime Chipotle Retail Condos – Paramus NJ (NYC METRO)
81 Route 4, Paramus, New Jersey 07652 Map
Three Commercial Condos in Mixed-Use Development Along Major Retail Corridor
Listing Price $6,300,000
| Status | Active |
| Lease Type | NNN |
| Property Type | Mixed-Use |
| CAP Rate | 6.43% |
| GLA (Sq. Ft.) | 8,595 |
| NOI | $405,393 |
| State (BOR) | NJ |
| Broker of Record | John Horowitz |
| License # (BOR) | 2192359 |
Investment Highlights
- Subject Includes Three Retail Condos Totaling 8,595 Square Feet Along High Traffic Route 4, Paramus New Jersey, Located on the First Floor of a Four Story Mixed Use Office Building
- Net Leases With Chipotle and America’s Best, Upside Opportunity With Vacant Third Condo, First Floor Space With 8,595 Square Feet Gross Leasable Average
- Robust, Year-Round Foot Traffic Market | Subject Also Sees Considerable Traffic Counts Along Route 4 (136,191 VPD), New Jersey I-17 (141,271 VPD), and Nearby Garden State Parkway (158,029 VPD) (Source: CoStar, 2022 Estimates)
- Nearby National Tenants Include Gucci, Zara, Burberry, Nordstrom Rack, Blaze Pizza, AT&T, Starbucks, Target, CVS, GameStop, Qdoba, Whole Foods, Old Navy, Burlington, IKEA, Gap, Nike,
Sketchers, GUESS, T-Mobile, Adidas, Red Robin, Abercrombie & Fitch, Macy’s, and Many More - Subject is Located Less Than Three Miles (Five Minutes) From Paramus Park Shopping Mall, Westfield Garden State Plaza, and Bergen Town Center Mall With Over 375 National and Local Retailers Combined
- Subject is 28 Miles Northwest of John F. Kennedy International Airport, The Sixth Busiest Airport in the United States, Serving Over 62 Million Passengers Annually as of 2019 Estimates | 25 Miles North of Newark Liberty International Airport Which Saw 46 Million Passengers in 2019, The Most in it’s History
- Subject is Less Than 15 Miles From Manhattan New York Via Car, a 30 Minute Drive or Via Public Transportation, a 35 Minute Commute with a Metro Population of 18.8 Million | The City’s Population Grew by 629,057 Residents (7.7%) Between 2010 and 2020
- Affluent New York City Metropolitan Area Community with an Average Household Income of Over $161K within One Mile of the Subject Asset, and a Daytime Population of Over 184K People within 5 Miles
- The Area’s Largest Employer, Bergen New Bridge Medical Center, Provides a Comprehensive Set of Quality Services Including Long Term Care, Behavioral Health Care, and Acute Care, Only 4.2 Miles to the North of the Subject, Employing Over 1,746 Workers
- Parks and Recreational Facilities Nearby Include Paramus Golf Course, Arcola Country Club Golf Course, Ridgewood Country Club, Fritz Behnke Historical Museum, Orchard Hills Golf Course, and Hackensack Golf Club With Over 9,333 Acres Of Beautiful Greenways
- Strategically Located in a High Traffic, High Density, Traffic Hub, within 3 Miles of Multiple Highways, Five Amazing Upscale Malls, Interstate 80, and a Robust 5-Mile Daytime Population of 510,000 People
- Approximately 18,303 Pre-K-12 Students Across 52 Public Schools within Three Miles of Subject (Source: PublicSchoolReview.com)
