Superb nnn LEASE investment. outstanding location.
696 US 46 West offers a rare opportunity to own a NNN lease office building investment in a high traffic location. The property is adjacent to Amazon’s fulfillment center and across the street from Teterboro Landing and Teterboro Airport.
investment
highlights
Price: $3,090,000
Cap rate on current NOI: 7.0%
Base lease term ends: December 31, 2024
Renewal Option: Tenant has one 5 year renewal option
Rental increases: 3% annual bumps during base lease & renewal option
Renewal Notice: at least 90 days prior to expiration of base term
Triple Net Lease: Lease stipulates this is a NNN lease (Para 28).
Zoning: Light Industrial & Distribution Zone
Rent Schedule: As follows:
Term Monthly Monthly Base Rent Annualized Base Rent
January 1, 2021 – December 31, 2021 $18,025.00 $216,300.00
January 1, 2022 – December 31, 2022 $18,565.75 $222,789.00
January 1, 2023 – December 31, 2023 $19,122.72 $229,472.64
January 1, 2024 – December 31, 2024 $19,696.40 $236,356.80
*January 1, 2025 – December 31, 2025 $20,287.29 $243,447.48
*January 1, 2026 – December 31, 2026 $20,895.90 $250,750.80
*January 1, 2027 – December 31, 2027 $21,522.78 $258,273.36
*January 1, 2028 – December 31, 2028 $22,168.47 $266,021.64
*January 1, 2029 – December 31, 2029 $22,833.52 $274,002.24
*Extension Option rent
Features at a Glance
36 Parking Spaces
Ample on-site parking for cars and 1 handicap parking spot.
Low Tax Teterboro
Teterboro's low tax rate as a buoy for base rent on NNN leases, as tenant's capitalize on less total operating expenses.
NNN term Thru 12.31.2024
Rare, fully NNN with a strong tenant through 12,31 2024 with 3% annual increases and a 5 year renewal option.
Strong Local Labor
Deep local talent pool and public transportation id plentiful.
High Visibility
Visible from Route 17. Monument Signage available.
Best Location
Located at the intersection of Routes 46 and 17 in affluent Bergen County, minutes from Manhattan through the Lincoln Tunnel, GWB or via public transport.
+
Location, Quality
696 RT 46 West is ideally located on 0.604 acres in very desirable, high exposure, low tax Teterboro, NJ. This 12,000SF, two-story, elevator office building is at the NW corner of Route 46 and Hollister Road, across from Teterboro airport. Approx. 3-1/2 years left on triple net lease with multi-million dollar computer consulting company, Computer Design & Integration (CDI). Tenant pays all operating expenses, repairs, taxes, insurance– triple net to Investor.
Contact:
John Belitsky
917.783.2244
Contact:
Mitchell Marcus
201.342.3900 x 1011
Tour 696 US 46 WEST
Additional Materials
Interior + Site Plan
Schedule A Tour
Fill out the simple form below to discuss your objectives and learn how we can assist you.