Union, NJ - Krystal
$2,870,000
2210 Us 22, Union, NJ 07083
5.75
Cap Rate
165,000
NOI
Details:
Description:
SRS Real Estate Partners-Northeast, LLC is pleased to offer the opportunity to acquire the leased fee interest (land ownership) in an absolute NNN ground leased Krystal located in Union, New Jersey. The tenant, Krystal Restaurants LLC, recently executed a brand new 10-year lease with three (3) additional five-year renewal options, demonstrating long-term commitment to the site. The lease features 10% rental increases every five years throughout the primary term and option periods, delivering consistent NOI growth and a built-in hedge against inflation. Structured as an absolute NNN ground lease, the tenant is responsible for all taxes, insurance, and property maintenance, providing zero landlord responsibilities and making this an ideal, management-free investment for passive or out-of-state investors.
The property is prominently positioned along US Hwy 22 (85,000 VPD), just minutes from the Garden State Pkwy (227,400 VPD), providing excellent visibility and regional connectivity. It is situated within a dense retail corridor anchored by national brands, including Costco, Walmart, and Marshalls, all within one mile of the site. The asset benefits from strong retail synergy, including adjacent high-performing co-tenants such as a nearby Chick-fil-A with 1.0M annual visits (ranking in the 84th percentile nationally, 93rd percentile in New Jersey) and The Home Depot with comparable traffic (1.0M annual visits, ranking 81st percentile nationally, 83rd percentile statewide). This tenant mix drives consistent foot traffic to the area and amplifies cross-shopping potential. The 5-mile trade area includes over 594,000 residents and 198,400 employees, with an average household income of $151,095. The asset lies within the New York–Newark–Jersey City MSA, the largest metropolitan area in the U.S. by population, home to nearly 20 million residents, providing deep-market demographics, labor supply, and long-term real estate fundamentals.
Location
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