402 Broad Avenue

About this home

Ideally positioned on the corner of the town’s main commercial corridor with exceptional foot and vehicular traffic, this well maintained Broad Avenue mixed use building offers a rare investment opportunity. The property is anchored by a Banner Deli & Liquors, a long standing ground floor commercial tenant with over 50 years of continuous operating history (business also available for purchase), providing stable income and strong visibility. The street level commercial space features a full kitchen, customer bathroom, dinning area, retail space and a full basement with dedicated office space, dry and cold storage. (Fixtures/appliances are the property of the tenant). The second floor of the building includes two, 2 bedroom residential apartments with separate entrances. Additional income generation opportunity comes from two static billboard advertising placements, with upside potential through conversion to a digital billboard (subject to municipal approvals and permits). In a cash scenario the property delivers a 6.98% cap rate, with a current monthly rent roll of approximately $12,800, annual gross income of $153,000 and an annual NOI of approximately $139,600 per year. Please note: Seller is retiring and intends to sell the building and comm. business located on the ground level of the property (NJ MLS #26002004) as a package or sell the business prior to closing on the building if separately sold.