Address: 190 US-46, Rockaway, New Jersey, United States 07866
Cap Rate: 5.25%
Lease Type: Triple Net (NNN)
Annual Rent: $90,971
Net Operating Income: $90,971
Lease Term Remaining: 14.8 Years
Rental Increases: 8.00% Every Five (5) Years
Options: Four (4), Five (5) Year Option Periods
Rentable Sq/Ft: 2,214 SF
Rent Sq/Ft: $41.09
Price Sq/Ft: $783
Lot Size: 0.65
Marcus & Millichap is pleased to present the exclusive listing for a KFC located at 190 US-46, Rockaway, NJ. The property consists of 2,214 square feet of building space and is situated on approximately 0.65 acres of land. The property is subject to a 20-year triple-net (NNN) lease with 14.8 years remaining. The annual rent is currently $90,971 and will be subject to 8.00%rental increases every five years. The rental increases will continue through the four, five-year tenant renewal options. The tenant on the lease is FQSR, LLC which does business as KBP Foods, a 600+ unit operator with operations in 23 states.
This KFC is located at 190 US-46 in Rockaway, New Jersey. Rockaway is an affluent suburb of New York City and a borough in Morris County. Rockaway is located approximately 40 miles northwest of Manhattan.
This KFC property benefits from its strategic positioning within a dense retail corridor consisting of a variety of national and local tenants. Major national tenants in this corridor include Aldi, Walgreens, McDonald’s, Arby’s, and Advance Auto Parts, among others. Immediately adjacent to the property is a Midas Car Repair and Maintenance, as well as a local car wash. Directly across US-46, there is a strip mall with over a dozen local businesses, a UPS store, and a marine recruitment center. An 88-room Ramada hotel is located less than 1,000 feet away from this KFC property. Morris Knolls High School, which has 1,557 students enrolled, is located just a half mile down the road. Saint Clare’s Denville Hospital, which is a 367-Bed facility, is located just three miles away. Rockaway Townsquare, a super regional shopping mall with over 1,200,000 square feet of retail space, is just four miles away from the subject property. The Picatinny Arsenal military research and manufacturing facility is roughly six miles northwest.
The subject property has approximately 68,292 individuals residing within a three-mile radius and 134,049 individuals residing within a five-mile radius. The KFC property is located on US-46, which experiences an average daily traffic count of 26,515 vehicles. Intersecting with US-46 is Franklin Avenue, which experiences an average daily traffic count of 11,731 vehicles. Additionally, Interstate 80 is brings more than 145,479 vehicles directly past US-46 each day.
Rockaway Township is a thriving community offering one of the best environments in which families and businesses can grow and prosper. Morris County has repeatedly been recognized as one of the “Ten Best” counties to live and raise a family in the United States. The Picatinny Arsenal in Rockaway and Jefferson Township is located on 6,400 acres of land. The Arsenal is the headquarters of the United States Army Armament Research, Development, and Engineering Center. Picatinny has more than 1,010 permanent structures, including 64 laboratories. As one of the largest employers in Morris County, the facility employs approximately 5,000 civilians, 160 military personnel, and 1,000 contractors. Major companies with headquarters or major operations in the surrounding area include B&G foods, Allergan, Kings Food Markets, Lexus, Toyota Financial Services, Wyndham Worldwide, and PNY Technologies.
Broker of Record: Brian Hosey License #1434917