Ferry Street - Mixed-Use Property
Mixed Use | 7.65% CAP
Marketing description
Marcus & Millichap is pleased to exclusively present 179-183 Ferry Street, Newark, Essex County, New Jersey.
Investment highlights
TENANT(S)
The Children's Place – Publicly traded national retailer with 550+ locations; operating at the property for 22 years
Loco Hot Deals – Regional retailer with 22 locations and expanding footprint
Fully occupied retail and residential building with no vacancy
LEASE(S)
The Children’s Place: NN lease through 1/31/2030 with (1) five-year renewal option
Scheduled annual increases averaging ~1.5% per year through lease term
Loco Hot Deals: Base year reimbursement structure (2024) through 3/31/2029 with (1) five-year renewal option
Scheduled increases averaging ~2.0% in remaining term
Stabilized asset generating $457,137 NOI
BUILDING
11,300 SF mixed-use property constructed in 1940
10 residential units above 2 street-level retail spaces
LOCATION/ MARKET
Located in the Ironbound section of Newark — one of the city’s most established retail corridors
Positioned along Ferry Street with ±13,700 vehicles per day
98 Walk Score – dense, pedestrian-oriented retail environment
5-mile population of 837,690 residents
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