Allendale Veterinary Hospital
Allendale, New Jersey
The Wine Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a NNN leased, Allendale Veterinary Hospital investment property located in Allendale, New Jersey (Newark MSA). The tenant will sign a brand new 10-year lease at the close of escrow with 2 (5-year) options to extend, demonstrating their commitment to the site. The lease features 2% annual rental increases throughout the initial term and option periods, steadily growing NOI and hedging against inflation.. The lease is NNN with landlord responsibilities limited to roof and structure, making it an ideal, low-management investment opportunity for a passive investor.
The subject property is strategically located along Myrtle Avenue, a major retail and commuter thoroughfare averaging 26,200 vehicles passing by daily. The site benefits from nearby direct on/off ramp access to State Highway 17 (99,400 vehicles per day), the primary north/south commuter freeway traveling throughout Allendale. Additionally, the asset is ideally situated adjacent to Allendale Town Center, a newly renovated, 90,000 square foot neighborhood center featuring more than 20 stores including ACME Markets, TD Bank, Great Clips, and more, increasing consumer draw to the immediate trade area. Moreover, the veterinary clinic is strategically positioned within walking distance of Allendale Recreation Park, a popular scenic attraction with a large grass area perfect for pet owners to walk/run their dogs. The 5-mile trade area is supported by more than 180,500 residents and 103,000 daytime employees. Residents within 1 mile of the subject property feature an affluent average household income of $232,869.