3231 Route 27
Retail | 6.50% CAP | 3,500 SqFt
Marketing description
Franklin Park is a Suburban Community That Benefits Greatly From Its Strategic Location. It is Conveniently Positioned Near Key Transportation Routes, Including Route 27 and Interstate 287, Which Significantly Enhances Accessibility and Connectivity for Residents and Businesses. Route 27, Also Known as Lincoln Highway, is a Major Highway That Runs North to South and Connects Franklin Park to Important Neighboring Towns and Cities. It Provides a Direct Route to New Brunswick and Princeton.
Interstate 287, a Critical Regional Highway, Runs in a Circular Route Around the Metropolitan Area, Linking Franklin Park to Various Parts of New Jersey and Beyond. This Highway Facilitates Easy Travel to Other Major Cities Within the Region, Including Edison and Morristown, as Well as Connections to Interstate 95, Which Extends Towards New York City and Philadelphia. the Proximity to These Highways Not Only Offers Residents Straightforward Commuting Options but Also Makes Franklin Park a Well-positioned Hub for Accessing Broader Regional Opportunities, Whether for Business, Education or Leisure.
Somerset County, Centrally Located in New Jersey, Spans Approximately 304 Square Miles, and Features a Mix of Suburban Neighborhoods and Urban Centers. Strategically Positioned With Major Highways Including Interstate 287, Route 202 and Route 27, the County Offers Connectivity to Neighboring Areas New York City and Philadelphia. Somerset County is Home to Educational Institutions Including Raritan Valley Community College and Sections of Rutgers University.
Somerset County is Home to Several Major Pharmaceutical Companies With Significant Operations Within the Region. Daiichi Sankyo Has Its U.s. Headquarters in Basking Ridge, Where It Focuses on Research and Development of Innovative Medicines. Mylan, Now Part of Viatris, Operates Substantial Facilities in the Bridgewater Area, Specializing in Generic and Specialty Pharmaceuticals. Bristol Myers Squibb, While Headquartered in New York City, Maintains Significant Research and Development Operations in Somerset County. the Local Economy is Diverse, With Significant Sectors in Pharmaceuticals, Biotechnology and Technology, Supported by a Range of Shopping Centers, Dining Options, and Local Businesses.
Investment highlights
- +/- 3,500 sf cannabis dispensary on +/- 1.48 acres
- Located within a dense market with a daytime and residential population of Approximately 97,800 and 117,000 respectively within 5 miles
- Strong vehicular traffic along route 27 with over 24,000 vehicles per day connecting to major towns princeton, new brunswick and edison amongst others
- Located along route 27, a prominent retail corridor with strong market co-tenancy including wawa, stop and shop, cvs and dunkin donuts amongst other National and local retailers
- +/- 1.48-acre vacant lot with a variety of permitted uses available for Purchase alongside the dispensary
- Ability to purchase both properties at $4,200,000
- Franklin park has seen tremendous household median income growth with An 11.5% increase from $95,000 to $106,000
- Strong tenancy with the cannabis market in new jersey rapidly expanding, With recreational sales reaching $201 million in q1 2024 - a 38% increase From 2023
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