357 NJ-17 Rt, Paramus, NJ 07652

RIPCO Real Estate presents an exclusive offering for the sale of 357 Route 17, a single-tenant, net-leased commercial property located in Paramus, New Jersey. This property is fully occupied by Bank of America, functioning as a drive-thru ATM location. Bank of America has maintained operations at this site since 2019, operating under a lease agreement that includes two five-year renewal options. Each renewal option features a 10% rent increase, contributing to the long-term income potential of this investment.

The lease structure is a triple net (NNN) lease, where the tenant assumes responsibility for real estate taxes, insurance, and maintenance. This arrangement positions the property as a passive, management-free investment. The tenant, Bank of America (NYSE: BAC), is an investment-grade credit tenant, with ratings including A- from S&P Global Ratings, AA- from Fitch, and A1 from Moody’s. This financial strength provides a significant layer of security for the investment.

Beyond its current stable cash flow, the property benefits from its strategic location and zoning. Situated on Route 17 in the Paramus retail trade area, the property boasts 231 feet of frontage along this major thoroughfare. The zoning designation is HCC-2 (Highway Commercial), which allows for long-term redevelopment optionality. This zoning classification provides flexibility for future use or development beyond the current banking operation, adding another dimension to the property's value proposition.

The surrounding area is characterized by a strong retail presence, with top-rated retailers nearby, as indicated by Placer.AI data. This indicates a robust consumer draw within the trade area, supporting the viability of commercial operations. The building, constructed in 2024, is a single-story structure with a total area of 21,800 square feet. The property's capitalization rate is 6.40%, reflecting the current market valuation of the income stream and asset.