Kearny Bank

• List price of $2,050,000 yielding an attractive 6.50% cap rate.
• ±6.00 years remain on the lease, featuring 2.5% annual rental increases. The tenant recently exercised an extension early through 6/30/2032, signaling a strong long-term commitment to the site.
• Structured as an absolute NNN condo lease, an ideal investment for an investor seeking a passive stream of income.
• There is an additional $3,545 management fee paid to the landlord increasing investor yield by about 20 basis points.
• This lease is backed by a corporate guarantee from Kearny Bank (NASDAQ: KRNY), a well-established financial institution that expanded its presence through its acquisition of Clifton Savings Bank. With a history dating back to 1884 and a strong footprint throughout New Jersey, Kearny Bank provides investors with the security and stability of a longstanding regional banking institution.
• Kearny Bank occupies a total of ±6,301 square feet across unit A, comprised of a ±1,600-square-foot main level and an additional ±4,701 square feet of basement and attic space. The bank has depended on the basement and attic space and has used it for overflow storage for other nearby branches.
• The ±0.64 acre site features 22 parking spaces and a double covered drive through. Other tenants within the building include a Law Firm and a Physical Therapy Clinic.