- Listing ID: cx_212536
- Broker Name: Fahri Ozturk
- Broker License: NJ 1430421,
- Phone Number: 201.742.6170
- Square Feet: 14,000
Marcus & Millichap has been selected to exclusively market for sale 25-29 Broad Street, a 14,000 square foot retail building located between Bloomfield Avenue and Franklin Street. The current tenant, Joyce Leslie, has a triple net lease and generates a strong net operating income representing an 8.12% cap rate. The property has future multifamily development opportunity.
25-29 Broad Street has direct access to the Garden State Parkway, Route 3, and Route 21. The property is a 5 minute walk to the Bloomfield Train Station, which offers a direct 30 minute route to Manhattan and is approximately 5 minutes to the Glenwood Ave Bus Stop. Additionally, the property is located approximately 14 miles from Newark Liberty Airport and 25 miles from Manhattan.
Bloomfield has been at the forefront of the development-boom in Northern New Jersey, featuring numerous new residential complexes and a revitalized downtown.
- Units: 1
- Stories: 2
- Zoning: Bloomfield Center Redevelopment Plan
- Occupancy: 85.7%
- Cap Rate: 8.12%
- Price / SqFt: $114.29
- Lease Type: Gross
- Tenancy: Single
- Investment Highlights:
- The subject property can be developed or converted with a variance to build apartments with retail.
- Five minute walk from the Bloomfield Train Station which offers a direct 30 minute route to New York.
- Glenwood Ave Bus Stop has convenient routes to Manhattan.
- Easy access to the Garden State Parkway, Route 21, and Route 3
- Approx. 14 miles to Newark International Airport
- Approx. 25 miles to NYC
- Bloomfield Ave is home to many national retailers. The property is in close proximity to CVS, 7 Eleven, KFC, Family Dollar, Dunkin Donuts and many more retailers
- The Bloomfield Center Redevelopment Plan builds upon the identity to reposition the downtown as the thriving center of Bloomfield.