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Views: 63 DOM: 55 Updated: 11.15.24 Posted: 09.27.24 Status: Active

Summary

Price $4,950,000
Built/Renov 2020
Tenant Chipotle Mexican Grill
Cap Rate 4.55%
Lease Type NN+
Guarantor Corp Traded
Size/SF 2,400
Lease Start 06-30-2020
#Units 3,437
Price/SF $2,062.50
Expiration 06-30-2035
Tenant Type Fast Casual/Rest.
NOI $225,000
R. Term 10.7
Ownership Fee Simple
Rent/SF $93.75
Increases 10.0%/1/yrs
Pop 5Mi 399,326
Lot/AC 1.15
Options 3/5yrs/10%
AHHI 5Mi $163,352

Lease Highlights

  • Chipotle Mexican Grill has 10+ years remaining on the current lease term with 3 (5-year) options to extend
  • The lease features 10% rental increases every 5 years throughout the initial term and option periods
  • Favorable NN+ lease with landlord responsible for roof and structure
  • Top 10% Chipotle location w/ 6% rent to sales
  • Corporate guaranteed lease (NYSE: CMG)

Location Description

Chipotle Mexican Grill is strategically located on State Route 17, with access to a substantial daily traffic count of 136,351 vehicles. The property is situated within the Ridgewood school system, which is ranked among the top five in New Jersey, and is less than two miles from nationally recognized institutions such as Paramus Catholic and Bergen Catholic. Additionally, it is an outparcel to...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

About Tenant

Chipotle Mexican Grill, Inc., or “Chipotle”, is an American chain of fast-casual restaurants in the U.S., United Kingdom, Canada, Germany, and France. The Fortune 500 company...


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 6,689 108,189 398,246
2023 Total Population : 6,813 109,627 399,640
2023 Employed Civilian Pop : 3,200 55,958 207,361
2023 Total Businesses : 673 5,096 15,712
2023 Average Household Income : $ 191,443 $ 206,599 $ 162,788
2023 Total Consumer Spending : $ 319 M $ 6397 M $ 19362 M
2023 Median Age : 49 46 43
2023 Total Households : 2,014 37,359 141,967
2023 Pop Age 25+: Bachelor's Degree : 1,608 29,366 90,557
2023 Average Home Value : $ 753,314 $ 680,907 $ 611,408
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
A and S Dr 2019 137,873 0.29 mi
Winters Avenue Mack Center Dr 2018 3,895 0.40 mi
W Midland Ave Columbine Rd 2013 43,650 0.42 mi
Garden State Pkwy Oradell Ave 2014 9,440 0.48 mi
From Road E Midland Ave 2019 8,954 0.49 mi
State Rte 17 Gsp Ramp 2013 6,064 0.50 mi
Gsp Ramp 2018 9,321 0.52 mi
State Rte 17 Nelson Ave 2013 94,127 0.53 mi
Winters Avenue Ridgewood Ave 2018 3,895 0.54 mi
Garden State Pkwy E Midland Ave 2014 71,730 0.55 mi

Listing Broker

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