Drug Store
CVS (NYC Covered Land Play)
65 River Rd, Edgewater, NJ 07020
Listing Price: $9,560,000
Investment Overview
The Subject Property is currently leased to CVS on a NNN ground lease basis, with the base term expiring on January 31, 2035. Rent escalates by 25% at the start of the first option period and by 15% at the start of each subsequent option period. The property is located within the Office and Research (OR-1) District, which primarily accommodates office and research uses. However, recent zoning updates and the borough’s Master Plan indicate a strong likelihood of securing a variance for alternative uses.
The Edgewater Master Plan highlights the potential for mixed-use and residential development in districts like OR-1. Past zoning decisions have supported residential variances, aligning with Edgewater’s broader vision for redevelopment. These precedents suggest that a variance application for this property would likely be viewed favorably, making the pursuit of a variance for residential or other uses a viable option
CVS (NYC Covered Land Play)
Investment Highlights
- Along Hudson River Across from New York City
- 10 Years Remaining in the Base Term with Four 5-Year Options Thereafter
- Rent Escalates 25% at the Start of the First Option, Rent Escalates 15% at the Start of Each Option Thereafter
- Immediately Surrounded by The View West, The View South, The View @ Edgewater, The Pearl & The Oyster Combining for 280 Residential Units and Ground Floor Retail Tenanting a Mix of Local, Regional, and National Tenants
- Shadow Anchored by HomeGoods
- Steps From 115 River Rd, A Massive Current Development of 4 Buildings Ranging From 595 to 714 Feet Tall, Housing 1,919 Residential Units
- Dense and Affluent Area with Over 50,000 People Living Within a Mile Radius of the Property Making an Average Household Income of Over $128,000
Exclusively Listed By
Broker of Record
-
John Horowitz
Senior Vice President/Division Manager
Listing Price: $9,560,000
Investment Highlights
- Along Hudson River Across from New York City
- 10 Years Remaining in the Base Term with Four 5-Year Options Thereafter
- Rent Escalates 25% at the Start of the First Option, Rent Escalates 15% at the Start of Each Option Thereafter
- Immediately Surrounded by The View West, The View South, The View @ Edgewater, The Pearl & The Oyster Combining for 280 Residential Units and Ground Floor Retail Tenanting a Mix of Local, Regional, and National Tenants
- Shadow Anchored by HomeGoods
- Steps From 115 River Rd, A Massive Current Development of 4 Buildings Ranging From 595 to 714 Feet Tall, Housing 1,919 Residential Units
- Dense and Affluent Area with Over 50,000 People Living Within a Mile Radius of the Property Making an Average Household Income of Over $128,000
Investment Overview
The Subject Property is currently leased to CVS on a NNN ground lease basis, with the base term expiring on January 31, 2035. Rent escalates by 25% at the start of the first option period and by 15% at the start of each subsequent option period. The property is located within the Office and Research (OR-1) District, which primarily accommodates office and research uses. However, recent zoning updates and the borough’s Master Plan indicate a strong likelihood of securing a variance for alternative uses. The Edgewater Master Plan highlights the potential for mixed-use and residential development in districts like OR-1. Past zoning decisions have supported residential variances, aligning with Edgewater’s broader vision for redevelopment. These precedents suggest that a variance application for this property would likely be viewed favorably, making the pursuit of a variance for residential or other uses a viable option
Exclusively Listed By
Broker of Record
-
John Horowitz
Senior Vice President/Division Manager
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