Overview
RIPCO Real Estate has been exclusively retained to arrange the sale of 357 Route 17, a single-tenant, net-leased investment opportunity, 100% occupied by Bank of America (NYSE: BAC), operating as a drive-thru ATM location in Paramus, NJ.
Bank of America has operated at the property since 2019 under a lease with two (2) five-year renewal options carrying 10% rent increases. Under the NNN lease, the tenant is responsible for real estate taxes, insurance, and maintenance, providing a passive, management-free investment secured by an investment-grade credit tenant rated A- (S&P Global Ratings), AA- (Fitch), and A1 (Moody’s).
The ~21,800 SF lot sits along Route 17, one of Bergen County’s primary retail and commercial corridors, benefiting from excellent visibility and traffic counts of approximately 147,000 vehicles per day (AADT).
In addition to the stable, cash-flowing investment opportunity, the property is zoned HCC-2, allowing for long-term redevelopment optionality beyond its current use.
Contact the exclusive brokers for additional information.
Investment Highlights
NET LEASED - BANK OF AMERICA INVESTMENT OPPORTUNITY
Bank of America fully occupies this location, operating as a drive-thru ATM since 2019. They hold two five-year lease options with 10% rent increases.
INVESTMENT-GRADE CREDIT TENANT
Backed by Bank of America (NYSE: BAC), one of the largest and most creditworthy financial institutions in the country, valued at A- (S&P Global Rating), AA- (Fitch) and A1 (Moody’s).
PREMIER ROUTE 17 LOCATION IN THE PARAMUS RETAIL TRADE AREA
Situated along a key retail corridor in Bergen County, the property benefits from high visibility with ~147,000 vehicles in AADT. Paramus is a dense, affluent market, and is among the top retail markets in NJ by sales volume, featuring major national retailers like Starbucks, HomeGoods, and the Container Store.
FAVORABLE SURROUNDING PLACER.AI DATA
Surrounded by top-rated retailers, reflecting strong consumer draw across the trade area. Prominent nearby retailers include IKEA, located within a 3 min drive; it is the top-visited IKEA location in New Jersey, generating approximately 1.1M visits per year. The neighboring Container Store location ranks #1 in New Jersey and in the top 9% of locations nationwide by visits.
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