597 Piermont Rd, Closter, NJ 07624

This commercial property at 597 Piermont Road in Closter, NJ, presents a single-tenant investment opportunity with an absolute NNN lease structure, meaning the tenant assumes all landlord responsibilities, including taxes, insurance, maintenance, and capital expenditures. The building, spanning 11,000 square feet, is fully occupied by Everbrook Academy. This arrangement provides a hands-off investment for the owner, with no ongoing operational duties.

The investment benefits from built-in rent growth, with increases of 10% occurring every five years. The current annual rent is set to step up from $375,000 to $412,500 in February 2027. Long-term income visibility is established through a 15-year initial lease term extending through January 2037, complemented by three subsequent 5-year renewal options, offering potential income through 2052.

The property is a purpose-built daycare facility situated on 1.43 acres. It features dual 200-foot frontages along Piermont Road, facilitating easy drop-off and pick-up access for the academy's operations. The site includes 40 parking spaces, equating to 3.64 spaces per 1,000 square feet of leased space. The building, constructed in 1900, is a single-story structure.

Located in an affluent Bergen County area, the property is positioned within a submarket characterized by a median household income of $185,730 within a one-mile radius and a low submarket vacancy rate of just 1.7%. Piermont Road experiences significant traffic flow, with 20,789 vehicles per day passing near the site, contributing to its visibility. The current rental rate, approximately $2.84 per square foot per month, is positioned at the upper end of the submarket range, reflecting the strength of this location.