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, operating as a drive-thru ATM facility. Bank of America has maintained its presence at this location since 2019, operating under a lease agreement that includes two five-year renewal options. Each renewal option features a 10% rent increase, contributing to a stable and escalating income stream.

The lease structure is a triple net (NNN) lease, where the tenant assumes responsibility for all property expenses, including 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 a highly creditworthy institution, holding investment-grade ratings from major agencies: A- by S&P Global Ratings, AA- by Fitch, and A1 by Moody’s. This financial strength provides a significant layer of security for the investment.

Beyond its current function as a stable, cash-flowing asset, the property benefits from its strategic zoning designation of HCC-2 (Highway Commercial). This zoning classification offers long-term redevelopment optionality, allowing for potential future uses beyond the current banking operation. The property's location on Route 17 places it within a prominent retail trade area in Paramus, a region known for its strong consumer draw and proximity to other top-rated retailers, as indicated by surrounding Placer.AI data.

The building, constructed in 2024, is a single-story structure with a building class of B. While specific details regarding lot size and frontage are not provided, the property's primary appeal lies in its secure, net-leased structure and its prime location. The cap rate for this investment opportunity is listed at 6.40%. Interested parties are encouraged to contact the exclusive brokers for further details and to explore this unique investment prospect.