The Haveson Assemblage Elizabeth, NJ 07208

Transcription

1 The Haveson Assemblage Elizabeth, NJ The Haveson Assemblage, Elizabeth, NJ Page 1

2 As Exclusive Sales Agents We Are Pleased To Present The Sale Of: The Haveson Assemblage Elizabeth, NJ Asking Price: $1,250,000 For Further Information or to Arrange an Inspection Tour of the Properties, Please Contact Exclusive Sales Agent: Landon M. McGaw Managing Director - NJ Massey Knakal Realty Services 301 Route 17 North, 8 th Floor Rutherford, NJ x/2222 (Tel.) (Fax) lmcgaw@masseyknakal.com ( ) The Haveson Assemblage, Elizabeth, NJ Page 2

3 Confidential Brochure Re a lty Se rvic e s This is a confidential brochure intended solely for your limited use and benefit in determining whether you desire to express any further interest in the purchase of The Haveson Assemblage, consisting of Harrison Street Block: 11 Lot: 421, Harrison Street Block: 11 Lot: 422, Union Street Block: 11 Lot: 1710, Westfield Avenue Block: 11 Lot: 1773 and 52 Westfield Avenue Block: 11 Lot: 1774, Elizabeth NJ, (the Properties ). By receiving this, you acknowledge that Agent makes no representations or warranties in regard to any marketing material that we may provide you. All information related to The Haveson Assemblage is for informational purposes only and should be independently verified and confirmed. Prospective Purchasers should understand that neither Agent nor Owner nor any affiliate of Agent or Owner shall have any liability to Prospective Purchaser or any of their representatives or Related Parties resulting from use of or reliance upon the Evaluation Material. Furthermore, Prospective Purchasers shall indemnify, defend and hold harmless Owner and Agent from and against any loss, liability, damages, claims, costs, causes of action or other matters arising out of, caused by or relating to the Prospective Purchaser's use of said material. This brochure was prepared by Massey Knakal Realty Services, ( Massey Knakal ) and has been reviewed by representatives of Ownership. It contains selected information pertaining to the Properties and does not purport to be all-inclusive or to contain all of the information which Prospective Purchasers may desire. It should be noted that all financial projections are provided for general reference purposes only in that they are based on assumptions relating to the general economy, competition, and other factors beyond the control of Massey Knakal or Owner and, therefore, are subject to material variation. Additional information and an opportunity to inspect the Properties and plans will be made available to interested and qualified investors. Neither Owner, Massey Knakal nor any of their respective officers or employees, make any representation or warranty, expressed or implied, as to the accuracy or completeness of this brochure or any of its contents, and no legal commitments or obligations shall arise by reason of this brochure or any of its contents. All square footage measurements must be independently verified. By receipt of this brochure, you agree that this brochure and its contents are of a confidential nature, that you will hold and treat it in the strictest confidence, and that you will not disclose this brochure or any of its contents to any other entity without the prior written authorization of Owner nor will you use this brochure or any of its contents in any fashion or manner detrimental to the interest of Owner or Massey Knakal. The Haveson Assemblage, Elizabeth, NJ Page 3

4 Confidential Brochure Re a lty Se rvic e s It is essential that all parties to real estate transactions be aware of the health, liability and economic impact of environmental factors on real estate. Neither owner nor Massey Knakal has conducted investigations or analysis of environmental matters and, accordingly, urges its clients to retain qualified environmental professionals to determine whether hazardous wastes or substances or other undesirable materials or conditions, are present at the Properties and, if so, whether any health danger or other liability exists. Such substances may have been used in the construction or operation of buildings or may be present as a result of previous activities at the Properties. While this brochure contains physical description information, there are no references to condition. Neither Owner nor Massey Knakal make any representation as to the physical condition of the Properties. Prospective Purchasers should conduct their own independent investigation to verify property condition. In this brochure certain documents are described in summary form. The summaries do not purport to be complete nor, necessarily, accurate descriptions of the full agreements involved, nor do they purport to constitute a legal analysis of the provisions of the documents. Interested parties are expected to review independently all relevant documents. The terms and conditions stated in this section will relate to all of the sections of the brochure as if stated independently therein. If, after reviewing this brochure, you have no further interest in purchasing the Properties at this time, kindly return this brochure to Massey Knakal at your earliest possible convenience. Photocopying or other duplication is not authorized. This brochure shall not be deemed an indication of the state of affairs of Owner, nor constitute an indication that there has been no change in the business or affairs of Owner since the date of preparation of this brochure. The Haveson Assemblage, Elizabeth, NJ Page 4

5 Table of Contents I. Executive Summary Page 6 Property Overview Historical Description Neighborhood Description II. Financials.Page 10 Income and Expense Overview Rent Roll III. Property Photos..Page 16 Tax Map Zoning Map Aerial Photo Neighborhood Road Map City Road Map Union County Road Map IV Neighborhood Information.. Page 20 Demographic Data The Haveson Assemblage, Elizabeth, NJ Page 5

6 Executive Summary Re a lty Se rvic e s Seal of the City of Elizabeth City Hall Introduction Massey Knakal Realty Services ( Massey Knakal ) has been retained on an exclusive basis to arrange for the sale of the The Haveson Assemblage in Elizabeth, NJ. The properties will be delivered as are with clean titles. Investment Information The subject properties are warehouse and office buildings and a vacant lot occupying the southeast and southwest corners of Westfield Avenue and Harrison Street in Elizabeth City, Union County, NJ. Adjacent to the subject property is an 8+ acre vacant site the city has assembled for a mixed use, transitorient redevelopment. The site falls within the NJ Urban Transit Hub Tax Credit Program and qualifies for up to $75 million dollars in tax credits for approved development. The City of Elizabeth The City of Elizabeth was founded in 1665 and became the first capital of the State of New Jersey. Elizabeth's diverse population represents more than 50 countries and 37 language groups. With its close proximity to Newark Liberty International Airport, the New Jersey Turnpike, the Garden State Parkway, Routes 1 & 9, and Manhattan, the City has become a reqional hub for the East Coast. Elizabeth has two NJ Transit train stations that connect to New York City and the rest of the State. Plans are also currently underway for a new Lightrail link as well as a ferry service to New York. The Port Newark/Elizabeth's 2,000-acre marina terminal hosts over 150,000 jobs and is the World's largest containership port and the largest Foreign Trade Zone in the United States. The Haveson Assemblage, Elizabeth, NJ Page 6

7 Executive Summary Re a lty Se rvic e s Clock Tower Neighborhood Description Elizabeth is a larger medium-sized coastal city (ie. on the ocean or tidally-influenced rivers) located in the state of New Jersey. With a population of 120,568 people and 23 constituent neighborhoods, Elizabeth is the fourth largest community in New Jersey. Because occupations involving physical labor dominate the local economy, Elizabeth is generally considered to be a blue-collar town. 38.0% of the Elizabeth workforce is employed in blue-collar occupations, compared to the national average of 24.7%. Overall, Elizabeth is a city of sales and office workers, service providers, and production and manufacturing workers. There are especially a lot of people living in Elizabeth who work in office and administrative support jobs (17.07%), sales jobs (8.85%), and building maintenance and grounds keeping (5.36%). One of the nice things about Elizabeth is that is it nautical, meaning that parts of the city are somewhat historic and on the ocean, or touch tidal bodies of water, such as inlets and tidal rivers. Because of this, visitors and locals will often go to these areas to take in the scenery or to enjoy waterfront activities. For the size of the city, public transportation in Elizabeth is quite heavily used. Mostly, people who use it for their daily commute are taking the bus. For Elizabeth, the benefits are reduced air pollution and congestion on the highways. Demographics Elizabeth is an extremely ethnically-diverse city. The people who call Elizabeth home come from a variety of different races and ancestries. The most prevalent race in Elizabeth is White, followed by African- American. Elizabeth also has a sizeable Hispanic population (people of Hispanic origin can be of any race). People of Hispanic or Latino origin account The Haveson Assemblage, Elizabeth, NJ Page 7

8 Executive Summary Re a lty Se rvic e s Main Library Demographics (continued) for 49.55% of the city's residents. Important ancestries of people in Elizabeth include Portuguese, Italian, Polish, Haitian, and Irish. Elizabeth also has a high percentage of its population that was born in another country: 43.94%. The most common language spoken in Elizabeth is Spanish. Other important languages spoken here include English and Portuguese. Conclusion The availability of a distinguished site such as this is an ideal opportunity in today s market. The tremendous economic conversion potential of the subject properties makes this an appealing investment. When combined with the sheer uniqueness and strategic location of the property in Elizabeth, the Haveson Assemblage provides investors with an opportunity to make a promising real estate investment in this emerging market. Union County Court House The Haveson Assemblage, Elizabeth, NJ Page 8

9 Executive Summary Property Overview Combined Property Information Address: Harrison Street Harrison Street Union Street Westfield Avenue 52 Westfield Avenue Elizabeth, NJ Location: The subject properties are located on the southeast and southwest corners of Westfield Avenue and Harrison Street. Subject Properties 8+ Acre Adjacent Vacant Lot Block_Lots: 11_421, 422, 1710, 1773, 1774 NJ Transit - Combined Lot Size: 34,000 sq. ft. (approx.) Elizabeth Gross Building Size: 46,092 sq. ft. Above Grade (approx.) Buildable Square Feet: 66,000 sq. ft. office space (approx.) Zoning: C2 (Community Commercial Zone) Permitted Uses: Single/Multi-Family, Retail, Commercial Neighborhood Aerial Commercial Units: 1 Assessment (08/09): $ 185,000 (approx.) Taxes (08/09): $ 18,149 (approx.) Property Highlights -Tremendous tax credit development opportunity -The Urban Transit Hub Tax Credit Program provides tax credits for 80 to 100 percent of qualified capital investments made in a project within an eight-year period -Zoning provides for numerous development opportunities including but not limited to single/multi-family, retail, and commercial office space -Two and a half block walk to NJ Transit which provides 31 minute service to New York Penn Station -Less than 5 minutes from New Jersey Turnpike and I-78 -One mile to Newark Liberty International Airport The Haveson Assemblage, Elizabeth, NJ Page 9

10 Financial Summary Overview Gross Monthly Income (ACTUAL): $ 14,404 Gross Annual Income (ACTUAL): $ 172,845 EXPENSES ESTIMATED Real Estate Taxes (08/09) Paid by Tennant Water & Sewer Charges Paid by Tennant Insurance (@ $0.50 P.S.F.) $ 23,046 Electricity Paid by Tennant Fuel Paid by Tennant Cleaning & Maintenance (5%) $ 8,642 Repairs (10%) $ 17,285 Vacancy & Collection (2.5%) $ 4,321 Management (2.5%) $ 4,321 Total: $ 57,615 Gross Annual Income: $ 172,845 Less Expenses: $ 57,615 Net Operating Income: $ 115,230 The Haveson Assemblage, Elizabeth, NJ Page 10

11 Unit Transit Hub Tax Credit Program Elizabeth, New Jersey The Urban Transit Hub Tax Credit Program provides tax credits equal to from 80 percent to 100 percent of qualified capital investments made in a project within an eight-year period. Projects must be located within one-half mile of New Jersey Transit, Port Authority Transit Corporation (PATCO) or Port Authority Transit Hudson (PATH) stations in nine urban municipalities Camden, East Orange, Elizabeth, Hoboken, Jersey City, Newark, New Brunswick, Paterson and Trenton. Entities receiving tax credits may apply 10 percent of the total credit amount per year over a 10-year period against their corporate business tax, insurance premiums tax or gross income tax liability. To qualify for this tax credit program, businesses must make a minimum $75-million capital investment in a single business facility where no less than 250 employees must work full-time. Tenants also may qualify if they occupy space that represents at least $25 million of the capital investment in the facility and employ at least 250 full-time workers at that location. Permitted Uses: 1. Corporate business and professional offices. 2. Research laboratories. 3. Large scale retail uses such as supermarkets and community shopping centers containing permitted retail and service uses in the C-2 Zone. 4. Light manufacturing, including the manufacture, assembly, packing or treatment of articles or merchandise from previously prepared material subject to performance standards of Section , including, but not limited to pharmaceuticals and cosmetics, food products, electrical and electronic equipment, precision equipment, textiles and apparel. 5. General commercial uses, such as wholesale business uses, office supplies and services, photo processing plants, lithograph, typesetting ruling and binding establishments, electrical sales and contracting, plumbing sales and contracting. 6. Indoor amusement facilities, including theaters, bowling alleys and skating rinks, and full service restaurants, other than drivein, drive-thru and/or fast food establishments. a. Accessory Uses. Customary and incidental accessory uses pursuant to Section (A) inclusive of bars and cocktail lounges without live entertainment or dancing as part of indoor amusement facilities. b. Conditional Uses. None. c. Permitted Signage. Signs permitted in the C-3 and C-4 Districts. (Prior code Schedule ID The Haveson Assemblage, Elizabeth, NJ Page 11

12 Tax Map The Haveson Assemblage Harrison St Harrison St Union St Westfield Ave. 52 Westfield Ave. Elizabeth, NJ Block 11 Lot 421 Block 11 Lot 422 Block 11 Lot 1710 Block 11 Lot 1773 Block 11 Lot 1774 Subject Properties The Haveson Assemblage, Elizabeth, NJ Page 12

13 Zoning Map The subject properties are zoned C-2, which are designated as community commercial zones. The Haveson Assemblage, Elizabeth, NJ Page 13

14 Zoning Permitted Uses The Haveson Assemblage, Elizabeth, NJ Page 14

15 Neighborhood Road Map Subject Properties The Haveson Assemblage, Elizabeth, NJ Page 15

16 City Road Map Subject Properties The Haveson Assemblage, Elizabeth, NJ Page 16

17 Union County Map Subject Properties The Haveson Assemblage, Elizabeth, NJ Page 17

18 Demographics Elizabeth, NJ The Haveson Assemblage, Elizabeth, NJ Page 18