34 Leonardville Road
Retail | 7.31% Cap Rate | 4,780 SqFt
Marketing description
Horvath & Tremblay is pleased to present the exclusive opportunity to purchase a multi-tenant retail center located at 34 Leonardville Road in Middletown Township, New Jersey (the “Property”). The well-maintained plaza was constructed in 1980 and is improved by a 4,669 square foot building on 0.88-acres of land spread over two parcels. The retail center is 100% leased to seven (7) tenants that cater to the needs of the area residents. The Property offers a stable and secure asset with established tenants.
The Property is strategically positioned along Leonardville Road, offering strong frontage and visibility just moments from the commercial node at the intersection with Main Street. Situated between NJ Route 35 and NJ Route 36, two of the area’s primary commercial and commuter corridors, the Property benefits from excellent accessibility within an established trade area.
The surrounding area includes densely populated residential neighborhoods and nearby schools, supporting a consistent built-in customer base, along with a mix of national retailers and restaurants that generate steady traffic. The Property is also conveniently located near Sandy Hook Bay, with quick access to Sandy Hook and the Atlantic shoreline, enhancing its appeal.
In addition, the site offers strong regional connectivity via NJ Route 35, NJ Route 36, the Garden State Parkway, Middletown Train Station, and the Seastreak Ferry Terminal, providing efficient access throughout the region and to New York City, approximately 25 miles to the north.
Investment highlights
THE ASSET: The Property is improved by a single-story 4,669 square foot retail center on a combined 0.88-acres of land spread over two adjacent parcels. The Property offers outstanding frontage and visibility and is well parked. The retail center is 100% occupied and is home to three (3) of the tenants; the remaining four (4) tenants utilize the back half of the Property (the unimproved land). Two of the three tenants occupying the retail center have been at this location since 2010 and the third has been at the center since 2018, demonstrating commitment to the site and the market.
STRATEGIC RETAIL LOCATION: The Property is well-located along Leonardville Road, positioned between NJ Route 35 and NJ Route 36, the area’s primary commercial and commuter corridors. The Property offers quick access to NJ Routes 35 and 36, the Garden State Parkway, Middletown Train Station and Seastreak Ferry Terminal, all of which provide outstanding access and regional connectivity to the broader New Jersey Market and New York City, approximately 25 miles north. The Property is also close to AT&T Labs (large office campus), HMH Bayshore Medical Center (Hospital) and HMH Riverview Medical Center (Hospital).
GATEWAY TO THE JERSEY SHORE: Middletown township is well-connected via major transportation routes such as Garden State Parkway and NJ Route 35, as well as commuter rail service on the NJ Transit North Jersey Coast Line, which provides direct access to Manhattan (2-miles). Additionally, ferry service from the nearby Seastreak Ferry Terminal in Belford (2-miles) offers an alternative commute into New York City, further enhancing regional connectivity. NJ Route 36 is one of the primary roadways traveling along Sandy Hook Bay to access the New Jersey Shoreline. The Property is 0.6 miles from NJ Route 36 and approximately 7 miles from South Beach and the Atlantic Ocean.
TRADE AREA: Additional businesses, retailers and attractions driving traffic to the trade include Target, Stop & Shop, ShopRite, Trader Joe’s, Kohl’s, TJ Maxx, Staples, Tractor Supply Co, Petco, CVS, Walgreens, AutoZone, Firestone, Mr. Tire, Mavis, Applebee’s, Outback, Panera, Starbucks, McDonald’s, Burger King, Wendy’s, Nothing Bundt Cakes, Dominos, Dunkin’, QuickChek, and 7-Eleven.
TRAFFIC COUNTS: On average more than 13,600 vehicles per day pass by the Property on Leonardville Road.
EXCEPTIONAL DEMOGRAPHICS: Approximately 9,400 people live within 1-mile of the Property with an average household income of $182,471. Over 56,800 people live within 3-miles of the Property with an average household income of $183,093. Additionally, the population in the area swells in the summer months as vacationers from the area and throughout the Mid-Atlantic descend on the Jersey Shore.
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