SANFORD AVE PORTFOLIO

Transcription

1 OFFERING SUMMARY SANFORD AVE PORTFOLIO Sanford 129 Schofield Street Newark, NJ

2 EXECUTIVE SUMMARY NUMBER OF UNITS UNIT TYPE VITAL DATA Price $4,995,000 CURRENT PRO FORMA Loan Amount $3,746,250 CAP Rate 4.83% 8.69% Loan Type Proposed New GRM Interest Rate / Amortization 4.50% / 30 Years Net Operating Income $241,249 $434,204 Price/Unit $94,245 Net Cash Flow After Debt Service 1.08% / $13, % / $206,424 Price/SF $ Total Return 5.92% / $73, % / $269,636 Number of Units 53 Rentable Square Feet 37,680 Year Built 1950 Lot Size 0.81 acre(s) UNIT MIX 50 apartments retail 667 APPROX. SQUARE FEET OFFERING SUMMARY MAJOR EMPLOYERS EMPLOYER # OF EMPLOYEES Prudential 6,436 Umdnj 5,517 PRUDENTIAL 4,351 County Hall of Records 4,000 University Hospital 3,620 New Jrsey Trnst Bus Operations 3,400 NJ Transit 3,295 Horizon Blue Cross Blue Shld 2,700 Essex County Hospital Center 2,500 County Clerk 2,264 Rab Food Group 2,198 Newark Beth Israel Med Ctr Inc 2,189 DEMOGRAPHICS 53 Total 37,680 1-Miles 3-Miles 5-Miles 2017 Estimate Pop 62, , , Census Pop 61, , , Estimate HH 22, , , Census HH 22, , ,067 Median HH Income $45,645 $42,967 $49,024 Per Capita Income $23,970 $25,274 $28,130 Average HH Income $64,515 $69,264 $77,569 # 2

3 INVESTMENT OVERVIEW OFFERING SUMMARY Marcus & Millichap is proud to offer two adjacent parcels located in the lower Vailsburg section of Newark. This two building, three story, brick portfolio sits on Sanford Avenue, in a leafy residential neighborhood. 129 Schofield is a mixed use building that sits on the corner of Sanford Ave with 3 commercial tenants and 14 residential units. Property is 100% occupied with separate gas and electric meters (tenants pay). Landlord provides heat and hot water. Roof and boiler are new. The retail spaces all front on Sanford Avenue with high visibility Sanford is an attached three building complex with off-street parking and garages. It consists of 36 units and a super's apartment. Gas and electric are separately metered (tenants pay). Landlord supplies heat and hot water. Roof and boiler are new. There are seven parking spaces and seven detached garages All residential units are large (some with high ceilings) in above average condition with full kitchens and hard wood flooring. Both properties are excellently maintained by a long term live in superintendent, who oversees all maintenance, rent collections, etc. The property has been fully occupied for over seven years. All tenants pay their own gas and electric on separate meters.the property has good access to public transportation via New Jersey Transit at the South Orange Station, and numerous bus stops within walking distance of the property. Out of state owner has lapsed in maintaining financial controls over this property and therefore an excellent value add opportunity exists (the best kind which means low/no cost) to start implementing financial management. Current water and gas usage far exceeds market standards and rents are also well below market. INVESTMENT HIGHLIGHTS Two property, 54 unit, brick portfolio in the lower Vailsburg section of Newark Unit mix consists of 3 commercial tenants, 43 one bedroom and 8 two bedroom apts. Both roofs have been replaced in last 2 years. New Boilers Below market rents with upside potential Upgraded kitchens and tiled baths, great residential neighborhood Value add opportunity through simple expense management 3

4 AERIAL PHOTO 4

5 SANFORD AVE PROPERTY PHOTO 5

6 SANFORD AVE PROPERTY PHOTO 6

7 RENT ROLL SUMMARY FINANCIAL ANALYSIS 7

8 PRICING DETAIL FINANCIAL ANALYSIS 8

9 F O R O F F E R I N G M E M O R A N D U M C O N T A C T: Chip Collins Licensed Real Estate Salesperson New Jersey Office Tel: (201) Fax: (201) chip.collins@marcusmillichap.com Licenses: NJ , NY , PA RSR