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100% Leased Cash Flowing Retail + Residential 651-657 US Highway 22 E 11,800 SF 100% Leased Retail Building Online Auction Sale White House Station, NJ 08889
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Investment Highlights
- Subject is an 11,800-square-foot retail strip center fully occupied by six commercial tenants with rental increases and one residential tenant.
- Stable tenant mix evidenced by the average tenant tenure of 7+ years and value-add window via lease rate momentum.
- Interstate 78, Interstate 287, Newark Liberty International Airport, and the New York City metro are all reachable within an hour’s drive or less.
- Direct frontage along Route 22 boasts a daily traffic count of more than 26,000 vehicles and enables multiple ingress/ egress points.
- In-place net operating income surpasses $180,800, and nearly all commercial tenants have guaranteed increases in the current leasing structure.
Executive Summary
As the exclusive agent, Cushman & Wakefield is pleased to offer a 100% fee interest in 651–657 US Highway 22 E for sale in Northern New Jersey. The asset comprises a 12,000-square-foot strip center, conveniently located on a 1.15-acre parcel with direct frontage along Route 22 East and multiple access points.
The property is 100% occupied by six commercial tenants: the Salt & Pepper Grill, Tailored Consignment, Sporting Life, Toscanella Restaurant, Broadway Salons, and the convenience store, Stop And Buy. There is also one residential tenant in the three-bedroom apartment, which features stainless steel appliances and modern finishes. 651 - 657 US Highway 22 E was initially built in 1960 and underwent a full gut renovation in 2018, including a new roof, HVAC, electrical, and significant façade work. This offering provides an investor with the opportunity to acquire a newly renovated strip center with value-add upside through lease restructuring and re-tenanting in a growing retail corridor along Route 22.
Readington Township (White House Station) boasts a vibrant community nestled within picturesque landscapes. Its accessibility is enhanced by major highways, such as Interstate 78, which facilitate smooth connectivity to neighboring towns and cities. Demographically diverse, the township welcomes a mix of families, professionals, and retirees, contributing to a rich cultural tapestry.
Residents enjoy an array of amenities, including sprawling parks and recreational spaces, top-rated schools, and a bustling downtown. The region's livability is accentuated by a blend of rural charm and modern conveniences, offering a serene environment without compromising on access to essential services. With its excellent schools, robust transportation networks, and abundant leisure activities, Readington Township is an inviting place to call home for individuals seeking a balanced lifestyle in a welcoming community.
The Northern New Jersey Market demonstrates strong fundamentals, proven by the Hunterdon County retail vacancy rate below 4%. The market’s average household income exceeds $201,900, generating a robust consumer spending power of $3.5 billion. Northern New Jersey continues to see steady population growth, along with a limited supply, and anticipates rent growth in early 2026.
The property is 100% occupied by six commercial tenants: the Salt & Pepper Grill, Tailored Consignment, Sporting Life, Toscanella Restaurant, Broadway Salons, and the convenience store, Stop And Buy. There is also one residential tenant in the three-bedroom apartment, which features stainless steel appliances and modern finishes. 651 - 657 US Highway 22 E was initially built in 1960 and underwent a full gut renovation in 2018, including a new roof, HVAC, electrical, and significant façade work. This offering provides an investor with the opportunity to acquire a newly renovated strip center with value-add upside through lease restructuring and re-tenanting in a growing retail corridor along Route 22.
Readington Township (White House Station) boasts a vibrant community nestled within picturesque landscapes. Its accessibility is enhanced by major highways, such as Interstate 78, which facilitate smooth connectivity to neighboring towns and cities. Demographically diverse, the township welcomes a mix of families, professionals, and retirees, contributing to a rich cultural tapestry.
Residents enjoy an array of amenities, including sprawling parks and recreational spaces, top-rated schools, and a bustling downtown. The region's livability is accentuated by a blend of rural charm and modern conveniences, offering a serene environment without compromising on access to essential services. With its excellent schools, robust transportation networks, and abundant leisure activities, Readington Township is an inviting place to call home for individuals seeking a balanced lifestyle in a welcoming community.
The Northern New Jersey Market demonstrates strong fundamentals, proven by the Hunterdon County retail vacancy rate below 4%. The market’s average household income exceeds $201,900, generating a robust consumer spending power of $3.5 billion. Northern New Jersey continues to see steady population growth, along with a limited supply, and anticipates rent growth in early 2026.
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Offering Memorandum Click Here to Access
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- Offering Memorandum
- Operating and Financials
- Purchase Agreement
Market Analytics Click Here to Access
Property Facts
Sale Type
Investment
Sale Condition
Auction Sale
Type of Ownership
Fee Simple
Property Type
Retail
Property Subtype
Freestanding
Building Size
11,800 SF
Building Class
C
Year Built/Renovated
1960/2018
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.24
Lot Size
1.15 AC
Parcel Number
22-00036-0000-00059
Zoning
PO - Professional Office
Parking
42 Spaces (3.56 Spaces per 1,000 SF Leased)
Frontage
161’ on E Us-22
Amenities
- Freeway Visibility
Demographics
Demographics
1 mile
3 mile
5 mile
2024 Population
2,180
11,977
37,720
2020 Population
2,079
11,649
37,638
2029 Population
2,222
12,121
37,864
2024-2029 Projected Population Growth
1.9%
1.2%
0.4%
Daytime Employees
1,322
10,654
20,131
Total Businesses
161
1,070
2,048
Average Household Income
$129,233
$145,612
$168,669
Median Household Income
$98,255
$122,185
$144,787
Total Consumer Spending
$36.5M
$205.2M
$656.3M
Median Age
52.9
50.2
47.1
2024 Households
940
4,918
14,318
Percent College Degree or Above
30%
30%
31%
Average Home Value
$520,163
$545,277
$574,197
$ values in USD
Nearby Major Retailers
Sale Advisors
Sale Advisors
Andrew Schwartz, Managing Director
Andrew J. Schwartz is a Senior Director in the Metropolitan Area Capital Markets Group. He is located in Cushman & Wakefield’s Morristown, New Jersey office and specializes in middle markets transactions in the $2 million to $20 million range in the suburban New York Metropolitan area.
Since joining the Capital Markets Group, Andrew has been involved in more than $500 million of property sales comprising over 5.7 million square feet. Prior to that, he worked on Wall Street for 20 years serving institutional clients at Abel Noser and Morgan Stanley. Previous to that, he was with Cushman & Wakefield as an office and industrial leasing broker.
Since joining the Capital Markets Group, Andrew has been involved in more than $500 million of property sales comprising over 5.7 million square feet. Prior to that, he worked on Wall Street for 20 years serving institutional clients at Abel Noser and Morgan Stanley. Previous to that, he was with Cushman & Wakefield as an office and industrial leasing broker.
Andre Balthazard, Sr. Associate
Andres’s team specializes in middle-market transactions in the Northern New Jersey and Suburban New York markets. Prior to joining the Capital Markets team, André interned with Cushman & Wakefield in the Sacramento, California, office, where he worked with teams that represented office and industrial tenants and landlords.
Jordan Sobel, Director
Jordan is located in Cushman & Wakefield’s Morristown, New Jersey office and specializes in middle markets transactions in the $2 million to $50 million range in the suburban New York Metropolitan area.
Since joining the Private Client Group, Jordan has been involved in more than $1 billion of property sales comprising over 4 million square feet. Jordan’s tenacity and work ethic has consistently delivered superior results for his clients.
Prior to joining the Capital Markets Group, Jordan was a Land Acquisition Analyst at K. Hovnanian Homes. There he assisted the Acquisition team with the evaluation on current and potential acquisitions.
Since joining the Private Client Group, Jordan has been involved in more than $1 billion of property sales comprising over 4 million square feet. Jordan’s tenacity and work ethic has consistently delivered superior results for his clients.
Prior to joining the Capital Markets Group, Jordan was a Land Acquisition Analyst at K. Hovnanian Homes. There he assisted the Acquisition team with the evaluation on current and potential acquisitions.
Daniel Bottiglieri, Senior Associate - Capital Markets
Daniel J. Bottiglieri is an Associate in the Metropolitan Area Capital Markets Group. He is located in Cushman & Wakefield’s Morristown, New Jersey office and specializes in middle market dispositions ranging from $2 million to $30 million with a specific focus on retail sales.
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Contacts
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Andre Balthazard -
Jordan Sobel -
Daniel Bottiglieri -
Cushman & Wakefield
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3% Transaction Fee
Based on Winning Bid Amount
Minimum Transaction Fee
$20,000 USD
Maximum Transaction Fee
$300,000 USD
Example Calculation
Winning Bid Amount
$5,000,000 USD
Transaction Fee
$150,000 USD (3%)
Total Purchase Price
$5,150,000 USD
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100% Leased Cash Flowing Retail + Residential | 651-657 US Highway 22 E
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100% Leased Cash Flowing Retail + Residential | 651-657 US Highway 22 E
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