Valley National Bank - Harrison, NJ

433 Harrison Avenue, Harrison, NJ, 07029, US

Description

JLL presents for sale the single-tenant Valley National Bank property at 433-439 Harrison Ave, Harrison, NJ. The property features a 15-year absolute NNN lease (2019) with 2.00% annual escalations, 8.8 years remaining, and five 5-year renewal options. This branch holds $295MM in deposits, up 153% from five years ago. Valley National Bank, established 1927, operates 260+ branches across six states with $62.9B in assets.

Located under 2 miles from Newark and 8 miles from NYC with excellent interstate access, the property serves a growing area with 331,000+ residents within 3 miles (32% growth since 2010). Hudson County has seen $6B+ in development since 2016. This investment offers secure income backed by an investment-grade institution in a strategically positioned, transit-oriented location.

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Attributes

Building area net

7,500 sf

Year built

1940

Asking price

$3,649,000

Cap rate

6.25%

Lease type

Absolute Triple Net

NOI

$229,000

Remaining lease term

8.7 years

Media

Investment highlights

Proximity to Newark and New York City with a dense, 2.9M+ consumer base
Strong population growth of 32% since 2010 within 1-mile radius
Strong average household income of $105K+ within 1-mile radius
Population of 852,000 within five-mile radius
Situated in a strong education center adjacent to several public and private schools
Valley National Bancorp (Nasdaq: VLY) with total assets of $62.5 billion and S&P rating: BBB (stable outlook)
Deposits at this location exceeded $295MM in 2024
Absolute NNN lease with 2% rent growth annually