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Views: 86 DOM: 223 Updated: 07.02.24 Posted: 02.06.24 Status: Contract

Summary

Price $3,400,000
Built/Renov 1963
Tenant Summit Medical Group (Summit Health)
Cap Rate 6.18%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 8,400
Lease Start 09-01-2018
#Units 200
Price/SF $404.76
Expiration 08-31-2028
Tenant Type Medical/Health
NOI $210,000
R. Term 3.11
Ownership Fee Simple
Rent/SF $25.00
Increases 2.5%/1/yrs
Pop 5Mi 609,022
Lot/AC 0.69
Options 1/5yrs
AHHI 5Mi $115,360

Lease Highlights

  • Summit Medical Group has 4+ years remaining on the current lease term with 1 (5-year) option to extend
  • The lease features 2.5% annual rental increases throughout the initial term and the remaining option period
  • Absolute NNN | Zero landlord responsibilities
  • Corporate guaranteed lease

Location Description

Summit Medical Group (Summit Health) is strategically located on South Fullerton Avenue, right off Bloomfield Avenue, with access to 24,349 vehicles passing by daily. The property benefits from its convenient location, situated just two blocks from the Summit Health Montclair HUB and a mere three blocks from the lively downtown hub of Montclair, where Bloomfield Avenue intersects with Church...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

About Tenant

Summit Medical Group (SMG) is the largest and oldest private medical group in New Jersey. Established in 1919, SMG employs more than 700 practitioners and 3,000 employees who support more than 80...


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 23,387 213,838 634,361
2023 Total Population : 23,530 211,610 633,110
2023 Employed Civilian Pop : 13,510 112,076 315,609
2023 Total Businesses : 1,448 6,635 16,872
2023 Average Household Income : $ 180,581 $ 147,188 $ 128,169
2023 Total Consumer Spending : $ 1565 M $ 10422 M $ 25879 M
2023 Median Age : 40 41 39
2023 Total Households : 10,274 83,628 237,099
2023 Pop Age 25+: Bachelor's Degree : 6,065 43,700 106,669
2023 Average Home Value : $ 737,306 $ 582,035 $ 556,565
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Union Street 2018 5,447 0.03 mi
Bloomfield Ave Seymour St 2001 20,070 0.19 mi
Bloomfield Ave Gates Ave 2001 21,769 0.21 mi
Orange Rd Cross St 2013 5,032 0.22 mi
Glen Ridge Ave Forest St 2001 1,310 0.23 mi
Glenridge Avenue Forest St 2018 6,884 0.23 mi
Elm St Union St 2013 10,155 0.26 mi
Orange Road Myrtle Ave 2017 6,794 0.27 mi
Elm St Elmwood Ave 2018 10,727 0.30 mi
Grove St Bloomfield Ave 2009 10,110 0.32 mi

Listing Broker

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