Listed by CBRE - Atlanta, CBRE Atlanta, CBRE - Stamford
$5,341,640
Cracker Barrel: Clinton, NJ
Details
Property Type Retail
Sub Type Restaurant
Square Footage 9,696
Cap Rate 6.1%
NOI $325,840
Occupancy 100%
Tenancy Single
Brand/Tenant Cracker Barrel
Lease Type Absolute NNN
Lease Term 20
Lease Expiration 07/31/2040
Remaining Term 14.2
Rent Bumps Yes
Lease Options Ten, 5-Year Options
Year Built 1998
Buildings 1
Stories 1
Acreage 2.420
Parking Spaces 132 spaces
Parking Per SqFt 13.61
Investment Type Net Lease
Lease Commencement 08/04/2020
Retail | 6.10% CAP | 9,696 SqFt
Marketing description
The CBRE Net Lease Property Group is pleased to offer for sale the 9,696-square-foot Cracker Barrel Old Country Store positioned on 2.42 acres in Clinton, New Jersey — part of the New York-Newark-Jersey City, NY-NJ-PA MSA (MSA Population: 20.0M+). Cracker Barrel's absolute NNN lease features ±14.3 years of primary term remaining with 1% annual rent increases throughout the remainder of the term and in each of the ten, 5-year renewal options (six fixed renewal terms, followed by four FMV renewal terms).
Investment highlights
- Absolute NNN Lease with Annual Rent Increases: Cracker Barrel's absolute NNN lease features ±14.3 years of primary term remaining with 1% annual rent increases throughout the remainder of the term and in each of the ten, 5-year renewal options (six fixed renewal terms, followed by four FMV renewal terms).
- Strong Performance: This Clinton location is an excellent performer with strong sales.
- Excellent Interstate Access & Visibility: Cracker Barrel is located with excellent access and visibility off of the frontage road to Interstate 78 (114,489 VPD), which provides direct access to Newark (43.3 miles northeast) and New York City (53 miles northeast).
- Strategic Location: The property is located next to a 129-room Hampton Inn hotel and is across from a retail node boasting tenants like Walmart, ShopRite, TJ Maxx, Verizon, Orangetheory Fitness, The UPS Store, Wendy's, Jersey Mike's Subs and Great Clips, among many others.
Listing Contacts
Listed by CBRE - Atlanta, CBRE Atlanta, CBRE - Stamford
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$325,840.00
$27,153.33/mo
Valuation Metrics
0
DSCR
6.1%
Cap Rate
6.1%
ROI
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