619 Somerset St - Medical FOR SALE


Somerset, NJ 08873
$4,583,000 USD
310-919-5839
619 Somerset St, Somerset, NJ for Sale
$4,583,000 USD
Medical - FOR SALE
1/6
null | 6% Cap Rate

619 Somerset St
Somerset, NJ 08873


HIGHLIGHTS

  • Absolute NNN Lease - CityMD offers a rare Absolute NNN lease with 2.50% annual rental increases throughout the term.
  • Corporate Guarantee - CityMD received an increase in the size of their guarantee in Nov. 2022 when they were acquired by VillageMD for $8.9 billion.
  • Affluent Market - This asset caters to more than 250,000 residents making an average household income of $119K within a 5-mile radius of the site.
  • Multi-Billion Dollar Industry - Urgent Care Centers Market size was valued at around $75.1 billion in 2023 and is expected to grow at a CAGR of 7.5%.
  • High Traffic Counts - excellent access and visibility along Somerset St and sees over (~22,000 VPD) in front of the subject property.
  • NYC MSA - The subject property is located in the New York MSA which containing roughly 19.9 million people as of 2024

OVERVIEW

Founded in 2010, CityMD is the largest urgent care provider in the New York metro area providing services for injuries and illness, pediatric care, physical exams, rapid lab tests and screenings, vaccinations, women’s needs, x-rays, on-the-job-injuries, and more. CityMD currently operates 180+ locations throughout the two states. The subject property is strategically located 1-mile from Robert Wood Johnson University Hospital campuses in New Brunswick; a 620-bed hospital with Level 1 Trauma Center. RWJ New Brunswick is the flagship cancer hospital of the Rutgers Cancer Institute of New Jersey and the principal hospital of Rutgers University's Robert Wood Johnson Medical School. It was the first pediatric trauma center in New Jersey and has received national acclaim for its ground-breaking approach to emergency preparedness. The asset is located in a dense, affluent market with a 5-mile population exceeding 250,000 people with income levels exceeding $119,000. It sits directly in front of a newly constructed CubeSmart Storage facility and adjacent to Wawa and McDonalds. The subject asset is also surrounded by many other national tenants that include AutoZone, Burger King, ALDI, Dunkin Donuts, Advance Auto Parts and more. Per the Urgent Care Association, it took one hour less for around 97% of patients to meet providers or medical practitioners in Urgent Care Centers; significantly lower compared to primary care physicians. Unlike many urgent care centers, every CityMD location is staffed with board-certified physicians ensuring that patients will receive the top-quality medical care they deserve. All their clinics are open 7-days a week, 365 days a year with no appointment needed.

FOR SALE DETAILS

PRICE

$4,583,000 USD

PRICE/SF

$1,309 USD /SF

CAP RATE

6%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Abs NNN | 2.5% Annual Bumps | 2025 Const

PROPERTY TYPE

Office

PROPERTY SUBTYPE

Medical

TOTAL BUILDING SIZE

-

STORIES

1

BUILDING CLASS

B

YEAR BUILT

2025

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.44 AC

LAND SF

19,235 SF

ZONING

-

APN/PARCEL ID

08-00163-0000-00016

ASK ABOUT THIS PROPERTY

Josh CordrayMatthews Real Estate Investment ServicesMore Info
310-919-5839

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Josh CordrayMatthews Real Estate Investment ServicesMore Info
310-919-5839

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.