Marcus & Millichap of Fort Lee.Marcus & Millichap of Fort Lee announced the closing of a retail strip in Teaneck Teaneck (tē`nĕk), residential suburban township (1990 pop. 37,825), Bergen co., NE N.J., near the Hackensack River; settled in the early 1600s, inc. 1895. Porcelain, bulbs and fuses, food seasonings, and textile equipment are among its manufactures., New Jersey. David Haziza acted as exclusive agent for the seller. The property, located on Teaneck Road, a major thoroughfare in Bergen County, is a short distance from Route 4. The fully leased property, consisting of 6,100 square feet and five stores, closed at a capitalization rate Capitalization Rate According to the Appraisal Institute, it is a method used to convert an estimate of a single year's income expectancy into an indication of value in one direct step, by dividing the income estimate by an appropriate rate.Notes: Also known as the cap rate. in excess of 11.6 percent. "After several unsuccessful attempts by local brokers to market the property, we were able to generate multiple offers within thirty days by marketing to a select target audience of most likely buyers," according to Haziza. Moreover, the town's strong demographics, with over 7,700 households and estimated household incomes of $81,238 annually, is a strong and desirable retail market. The area's low vacancies generate high returns for investors. |
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