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Multi-Tenant: TD Bank & Vacancy
Value Add Property currently occupied by TD Bank
Listing Contacts
See All (3)
License: PA RS335869
License: PA RM050201A
Active
Asking Price: $1,500,000
Address
34 E Somerset street, Raritan, NJ 08869
Show on MapDate Added
Jun 27, 2024
Days on Market
261 days
Time Since Last Update
64 days
Details
Property TypeRetail
SubtypeBank
Investment TypeValue Add
Lease TypeGross
TenancyMulti
Brand/TenantTD Bank
Number of Tenants1
Lease Term20 years
Lease Commencement12/28/2009
Lease Expiration12/31/2029
Remaining Term5 years
Square Footage4,868
Net Rentable (sq ft)2,738
Price/Sq Ft$308.13
Occupancy50%
Units2
Year Built1985
Buildings1
Stories1
ZoningB-1 - Central Business District
Lot Size (acres)0.52
Parking (spaces)31
Rent Bumps2% Annually
Lease OptionsOne 5-year Option
OwnershipFee Simple
Marketing Description
Equity Retail Brokers is pleased to exclusively offer for sale or lease, a value add property currently occupied by TD Bank, who has recently extended the lease. TD Bank has operated at this location for nearly 15 years and has recorded $300 M+ in deposits in each of the last 4 years. The building comes with an additional ±2,738 SF of vacant space formerly occupied by a medical office on the first floor and ±4,000 SF of vacant space on the lower level. The property is equipped with two drive-thru lanes and ample off-street parking.
The Subject Property is on Somerset Street (Route 626), just off Route 206 and the Somerville Circle, a major retail corridor and commuter thruway. The property benefits from its location in the market and visibility, making it a strong retail or office location.
Investment Highlights
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2024 Deposits: $339,493,000 (Top 10% performer system-wide)
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2% Annual Rental Increases
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Commitment to Location: TD Bank has just exercised its next option to renew and has operated at this location since 2009 with one (1) 5-year option remaining
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TD Bank ( NYSE: TD) has a top tier credit rating: Rated “AA-” by S&P & Rated “A1” by Moody’s
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Property History
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Due Diligence
Listing Contacts
See All (3)- License: PA RS335869
- License: PA RM050201A
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