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CityMD Urgent Care, Eatontown, NJ

CityMD Urgent Care, Eatontown, NJ


Investment Summary

Price $5,218,000
Cap Rate 5.75%
NOI $300,000
Lease Term 10 years
Lease Type Net lease, with tenant responsible for all taxes, insurance, and maintenance, excluding roof, structure, and parking lot
Rental Increases 2.5% annual rental increases
Year Built 2023
Building Size 3,763 SF
Lot Size 1.39 acres (60,953 SF)
Status Under Contract
Lead Brokers Vincent Aicale
Vice Chairman
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Vice Chairman
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Michael T. Yuras, CCIM
Vice Chairman
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Scott Crowle
Executive Managing Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Investment Highlights

NEW 10-YEAR NET LEASE TO GROWING HEALTHCARE TENANT
» New 10-year net lease to CityMD Urgent Care, a rapidly growing healthcare tenant on the Atlantic seaboard
» Rare 2.5% annual rental increases throughout initial term and option periods, providing a protected long-term investment opportunity
» CityMD has grown from one Manhattan location to over 175 urgent care locations throughout the greater New York area and New Jersey
» New 2023 high-quality construction built to the latest CityMD Urgent Care prototype

PROMINENT LOCATION IN EATONTOWN’S MAIN RETAIL CORRIDOR WITH ACCESS TO OVER 43K VEHICLES
» Conveniently located at the corner of State Route 35 and Wall Street, a high-traffic and easily visible corner in a primary Eatontown corridor (combined 43,871 vehicles per day)
» Prominent location near the confluence of multiple Interstate thoroughfares, including Interstate 287, 95, and 195
» Netflix is purchasing 292 acres three miles from the site at Fort Monmouth, with plans to construct one of their biggest film studios in the world ($55M purchase price)
» Netflix announced it will open multiple blocks of studio spaces, similar to old Hollywood, and will bring 1,500 permanent production jobs and more than 3,500 construction jobs to the region
» Prime retail location directly adjacent to Monmouth Mall, the 6th largest shopping mall in New Jersey (1.5M square feet of retail, 79 stores; plans for redevelopment starting in 2024)
» Surrounded by major national tenants such as Target, Lowe’s, The Home Depot, Dick’s Sporting Goods, T.J. Maxx, Chick-fil-A, and many more
» Near well-attended schools including Ocean Township High School (1,008 students), Shore Regional High School, (606 students), and Ocean Township Elementary School (390 students)

DENSELY POPULATED AND AFFLUENT COMMUNITY WITH ACCESS TO THE LARGE PHILADELPHIA TRADE AREA
» 162,898 residents live within a five-mile radius, providing a large and reliable customer base for the site
» Excellent average annual household income of $139,793 within five miles (projected 12% increase by 2028)
» Gateway to Downtown Philadelphia, the largest city in Pennsylvania and the nation’s 6th-most populous city (1,603,797 population)

Property Description

» This new construction CityMD Urgent Care is a high-visibility and easily accessible location at the corner of State Route 35 and Wall Street (43,871 AADT)
» The site is a trophy location near the confluence of multiple Interstate thoroughfares, including Interstate 287, 95, and 195
» Netflix is purchasing 292 acres three miles from the site at Fort Monmouth, with plans to construct one of their biggest film studios in the world ($55M purchase price)
» Netflix announced it will open multiple blocks of studio spaces, similar to old Hollywood, and will bring 1,500 permanent production jobs and more than 3,500 construction jobs to the region
» The property is a prime retail location directly adjacent to Monmouth Mall, the 6th largest shopping mall in New Jersey, (1.5M square feet of retail, 79 stores; plans for redevelopment in 2024)
» 162,898 residents live within five miles of the property, providing a large and reliable customer base for the site
» Excellent average annual household income of $139,793 within five miles (projected 12% increase by 2028)

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