Description
Marcus & Millichap, on behalf of ownership, is pleased to exclusively offer for sale of 101 N Main Street, a value add strip center opportunity (the “”Property””) located along the covenanted North Main Street in Pleasantville, New Jersey.
The Property consists of a single-story, ±8,725 SF retail center situated on four parcels totaling ±0.83 Acres. It features 3 access points, ±238′ of frontage on Main Street, and ±50 parking spaces. The Property is currently ±77.1% occupied by five tenants on short term leases with below market rents: Dollar Plus (±27.8% GLA), Classic Barber Shop (±17.2% GLA), Rama’ Hair Salon (±7.4% GLA), Trac Phone (±8% GLA), and Yannahsolais Food Catering (±16.6% GLA).
101 N Main Street is located between 2 Opportunity Zones, further propelling the growth of the Pleasantville community. Sitting between the Atlantic City Expressway and Route 40 (W Black Horse Pike), the strip center is perfectly positioned for repositioning or development. The Property is in an Urban Enterprise Zone, and in addition to other benefits to encourage employment within the Zone, shoppers at eligible merchants can take advantage of a reduced ±3.4375% sales tax rate, half of the ±6.875% rate charged statewide.
