BP (GL)

144 New Jersey 17, Mahwah, NJ 07430

$3,593,000

Cap Rate 6.00%

Views: 152 DOM: 268 Updated: 10.24.24 Posted: 02.27.24 Status: Active

Summary

Price $3,593,000	Built/Renov 1989/2019	Tenant BP (GL)
Cap Rate 6.00%	Lease Type Abs NNN	Guarantor Corp T and Rated
Size/SF 428	Lease Start 09-01-2016	#Units 20,700
Price/SF $8,394.86	Expiration 09-30-2031	Tenant Type Convenience/Gas
NOI $215,604	R. Term 6.10	Ownership Ground Lease
Rent/SF $503.75	Increases 10.0%/2/yrs	Pop 5Mi 105,096
Lot/AC 0.76	Options 4/5yrs/10%	AHHI 5Mi $169,725

Alan Cafiero

Marcus & Millichap

Contact

Lease Highlights

BP has 6+ years remaining on the current ground lease term with 4 (5-year) options to extend
The lease features 10% rental increases every 5 years throughout the initial term and each option period
Absolute NNN lease | Zero landlord responsibilities
Corporate guarantee | Investment grade tenant

Location Description

BP is strategically located on State Highway 17, with access to a high traffic count of 78,442 vehicles passing by daily. The property is positioned just south of the I-287/I-87 interchange, which sees 107,000 vehicles per day. Nearby national tenants in the area include McDonald's, Starbucks, Home Depot, Boston Market, Chick-Fil-A, Pep Boys, Advance Auto Parts, and more. Key establishments in...

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Key Features

Build to suit
High traffic 50M+ VPD
Major thoroughfare
Top 100 MSA
Strong demographics
Absolute NNN
Accelerated depreciation
Traded and rated company
Corporate Guarantee
Investment grade tenant

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Links

BP Wikipedia BP Wikipedia Mahwah, New Jersey Zip Code 07430 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: BP Gas
Guarantor:Corp T and Rated
Company:BP p.l.c
# Units:20,700
Tenant S&P: A-
Moody’s: A2
Stock: NYSE: BP

About Tenant

BP p.l.c. (NYSE: BP) is a British multinational oil and gas company, one of the oil and gas "supermajors" and one of the world's largest companies measured by revenues and profits. Their...

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Demographics

	1 Miles	3 Miles	5 Miles
2028 Total Population :	5,369	45,650	108,283
2023 Total Population :	5,374	46,002	108,510
2023 Employed Civilian Pop :	3,038	24,480	51,049
2023 Total Businesses :	484	2,495	4,783
2023 Average Household Income :	$ 124,858	$ 155,678	$ 175,581
2023 Total Consumer Spending :	$ 205 M	$ 2312 M	$ 5245 M
2023 Median Age :	43	44	41
2023 Total Households :	1,976	17,749	35,864
2023 Pop Age 25+: Bachelor's Degree :	988	10,952	23,687
2023 Average Home Value :	$ 548,588	$ 599,222	$ 710,354

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
State Rte 17	Ramapo Valley Rd	2013	5,042	0.03 mi
	Ramapo Valley Rd	2018	5,544	0.03 mi
State Rte 17	Ramapo Valley Rd	2013	7,537	0.03 mi
	State Hwy17	2018	2,697	0.05 mi
		2018	2,847	0.06 mi
		2013	7,932	0.06 mi
		2013	8,646	0.06 mi
		2018	5,091	0.06 mi
Ramapo Valley Rd	Ave A	2013	12,719	0.20 mi
Ramapo Valley Rd	W Ramapo Ave	2013	30,466	0.21 mi

Listing Broker

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