Clinton Place. Retail/Apartments. Newark, New Jersey. Six Apartments + Five Stores Asking Price $650,000. For more information : For Sale

Transcription

1 For Sale Retail/Apartments Newark, New Jersey Six Apartments + Five Stores Asking Price $650,000 For more information : Enn Kunnapas x140 ekunnapas@naihanson.com 235 Moore Street Hackensack, NJ naihanson.com 1140 Parsippany Blvd Parsippany, NJ THE INFORMATION CONTAINED HEREIN HAS BEEN OBTAINED FROM SOURCES CONSIDERED TO BE RELIABLE, BUT NO GUARANTEE OF ITS ACCURACY IS MADE BY NAI JAMES E. HANSON.

2 1. Brief History of Newark 2. Property Overview 3. Income and Expenses 4. Rent Roll 5. Aerial 6. Photos 7. Tax Map & Information

3 History of Newark Weequahic (pronounced wih-qway-ik, though many locals say WEEK-way) is a residential neighborhood in Newark, New Jersey s South Ward. It is separated from Clinton Hill by Hawthorne Avenue on the north, and bordered by Hillside Township and the city of Irvington on the west, Newark Liberty International Airport and Dayton on the east, and the city of Elizabeth on the south. The name Weequahic is from the Lenni-Lenape Native American for head of the cove. The area was farmland until the late nineteenth century when it was developed into a middle-class, non-industrial neighborhood of detached single-family homes oriented around Weequahic Park. Later a few residential modernist highrises were built. Weequahic was largely a middle class Jewish neighborhood prior to the 1960s, home to many synagogues, yeshivas, and Jewish restaurants. Newark Beth Israel Medical Center (in Weequahic), the largest hospital in Newark, was built under auspices of the Jewish community. Author Philip Roth grew up in Weequahic, graduated from Weequahic High School in 1950, and many of his novels (such as American Pastoral, Nemesis) are set there. Heart of Stone, a documentary by Beth Toni Kruvant, focuses on Weequahic High School s decline from 1950 s when it graduated more PhDs than any other high school in the country to one of s most crime ridden schools. Former principal Ron Stone wore a bulletproof vest and inspired the students, including gang members to graduate and go to college. He partners with the Jewish and African alumni association to help the current students. The only remaining connection to the Jewish community is Bragman s Delicatessen and Restaurant at 393 Hawthorne Avenue. The post-world War II growth of suburbs and Second Great Migration of African Americans altered the demographic make-up of Newark in general and the Weequahic section in particular. The neighborhood might have stayed middle class if not for the devastating effects of real estate blockbusting and the construction of Interstate 78. I-78 tore Weequahic s fragile urban fabric and separated the neighborhood from the rest of Newark. The 1967 Newark riots were also devastating to the district. The Weequahic district also experienced white flight, though the focal point of the riots was in the Central Ward. The jewel of the neighborhood is the 311 acre Olmsted Brothers-designed Weequahic Park. This lovely park has a 2.2-mile rubberized jogging path around its 80 acre lake, and the oldest public golf course in the United States. Part of the Weequahic neighborhood has been designated a historic district. The neighborhood s major streets are Lyons Avenue, Bergen Street, and Chancellor Avenue.

4 Property Overview The subject property is a two story mixed use apartment building containing six (6) apartments plus five (5) commercial stores. Key Facts Address: Property Type: Mixed-use Year Built: 1920 Number of Buildings: One Number of Units: Eleven (11) Unit Mix: 6 - one bedroom apartments 5 - commercial stores Utilities: Landlord pays heat and hot water and hallway electric Tenants pay own gas & electric Highlights Weequahic Park Section Close to Beth Israel Hospital Flat rubber roof Brand new gas boiler

5 Income & Expenses Annual Income Apartment Rents $ 54,720 Store Rent (Vacant) $ 65,400 Gross Income $120,120 Less Vacancy $ 12,000 Effective Income $108,120 Annual Expenses Taxes $ 22,724 Insurance $ 8,000 Water/Sewer $ 4,200 Heat - Gas $ 6,000 Electric $ 2,400 Supt ($300/mo) $ 3,600 Repairs & Maintenance $ 6,000 Management $ 6,000 Total Expenses $ 58,924 Net Operating Income $ 49,196 Asking Price $650,000 Cap Rate 7.5%

6 Rent Roll APARTMENT Apt# Size Rent 1 1 B/R $ B/R $ B/R $ B/R $ B/R $ B/R $ 765 Total Apartment Rents $4,560 COMMERCIAL Store # Size sf $1, sf $1, sf $1, sf $1, ,200 sf $1,350 Total Store Rents $5,450

7 Aerial

8 Photos

9 Tax Information Block: 3714 Prop Loc: CLINTON PL. Owner: INGE, BRUCE & VIVIAN Square Ft: 0 Lot: 27 District: 0714 NEWARK Street: 378 CLINTON PL. Year Built: 0000 Qual: Class: 4A City State: NEWARK, NJ Style: Additional Information Prior Block: Acct Num: Addl Lots: EPL Code: Prior Lot: Mtg Acct: Land Desc: 100X63.6 Statute: Prior Qual: Bank Code: 0 Bldg Desc: 2SB Initial: Further: Updated: 03/11/13 Tax Codes: Class4Cd: 0 Desc: Zone: Map Page: 108 Acreage: Taxes: / 0.00 Sale Information Sale Date: 05/25/99 Book: 5618 Page: 360 Price: 0 NU#: 0 Sr1a Date Book Page Price NU# Ratio Grantee More Info 05/25/ INGE, BRUCE T. & VIVIAN E. TAX-LIST-HISTORY Year Owner Information Land/Imp/Tot Exemption Assessed Property Class 2014 INGE, BRUCE & VIVIAN A 378 CLINTON PL NEWARK, NJ INGE, BRUCE & VIVIAN A 378 CLINTON PL NEWARK, NJ INGE, BRUCE & VIVIAN A 378 CLINTON PL NEWARK, NJ INGE, BRUCE & VIVIAN A 378 CLINTON PL NEWARK, NJ