Cedar Lane, Teaneck, New Jersey Teaneck Retail and Commercial Building

Transcription

1 Eastern Consolidated 355 Lexington Avenue New York, NY Telephone Facsimile Real estate investment services Teaneck Retail and Commercial Building Address Location Between Garrison Avenue and Windsor Road Block & Lot 819/11, 13 Lot Size 65 x x 126 Description Built: Full - Two-story plus lower level Private parking lot with 7 parking spaces. Built Cerca 1915 Architecturally attractive two-story plus lower level mixed use office and retail building containing ±14,320 sq. ft. plus rear parking lot of approximately 7 spaces. There are 4 street level retail stores (±5,346 sq. ft. in total), all with upgraded storefronts, one of which is currently vacant, and 13 commercial office spaces, 3 of which are currently vacant. There is an approximately 4,200 sq. ft. private patron parking in the rear of the building, that is exclusively reserved for the lower level NJ Birthing Center tenant with 7 parking spaces. Building is sprinklered. The main entrance to the property is located on Cedar Lane with a secondary entry from the 4,200 sq. ft. rear parking lot. The ±4,350 sq. ft. lower level space that is occupied by NJ Birthing Center was converted to offices in At that time, the following alterations were made: Installation of new windows and side entry, new HVAC system and electrical, new ceiling, lighting and carpeting, new lavatory, alarm system. Separate private entrance to their space is at the rear of the building adjacent to the parking lot. Tenant is eager to extend their existing lease which currently expires April 2022, and has one option to renew, then expiring April Tenant has filed for and received variances and permits to construct and renovate the space further at a cost of approximately $200,000. Space is currently used for consultations, plans are to convert into an actual birthing center. All tenants are responsible for their own electricity and internet costs as well as for cleaning their own spaces. The majority of the tenants currently in occupancy have for the most part moved into the building and remain in occupancy on a month to month basis. Many have been tenants in the building for MANY years.

2 Teaneck Retail and Commercial Building Description (Continued) Recent Property Improvements There are 4 bathrooms in the common area on the second floor, as well as 2 interior bathrooms, one in Regina s bridal and the other in Dr. Bertram Elgart s office. Cedar Lane is Teaneck s 100-year old main retail shopping district. With over 175 business, it features many familyowned businesses that have been in Teaneck for three and four generations. There are many large 5-hour parking lots that remain free to the public, which include lots at: Elm Avenue at Cedar Lane, Beverly Road at Williams Avenue, Cedar Lane from Garrison Avenue to Windsor Road at Beverly Road, American Legion Drive at Alma Terrace to North Street, Chestnut Avenue at the Pedestrian Plaza. There is also on-street 2 hour free parking as well. The following upgrades have been completed to the property: Summer New gas boiler installed as well as new sum pump. Winter (February) All public toilets were replaced with water efficient toilets. November Old roof removed down to the rafters and new roof installed. September Entire building was completely ground out and pointed. Security lights installed prior to New carpeting installed on second floor Building Area 5,346 sq. ft. 4,350 sq. ft. 4,624 sq. ft. 14,320 sq. ft. 4 Retail storefronts and offices - Ground floor Office - Lower level Offices - Second Floor Total Area plus rear parking lot of ±4,200 sf Existing Financing Delivered free and clear Gross Income $185,177 $228,876 Expenses $90,756 $90,756 Net Operating Income $94,421 $137,825 Actual Projected 100% Occupancy as of January 1, 2018 Asking Price $1,695,000 +$118 PSF excluding 4,200 SF parking lot Actual 5.5% Cap Projected 8.1% Cap

3 Income & Expenses Gross Revenue Income from 3 occupied stores $58,446 Income from 9 ccupied upper offices $78,331 Lower level Occupied Office $48,400 Total Occupied Space Income $185,177 Value Vacant Store in 403 $2,500/Month $30,000 Value 3 Vacant upper spaces at $20 PSF $13,404 Total Projected Income $228,581 Operating Expenses Real Estate Taxes (17/18): Building $42,452 Real Estate Taxes (17/18): Parking Lot $4,572 Water and Sewer $4,785 Insurance $7,800 Heat: New Gas Boiler 2017 $7,805 Electric: Common Areas $2,710 Payroll: Non-Union $6,000 Trash Removal $1,882 Cleaning: Common Areas $5,000 Sprinkler Inspection $750 Repairs and Maintenance $7,000 Total Expenses $90,756 Projected Net Operating Income $137,825

4 Rent Roll Stores Location Tenant Approx. Sq. Ft. Monthly Rent P.S.F Lease Terms Move In Comments 401 Cedar Lane Fifth Avenue Haircutters 800 $1, $ /1/19-12/31/19 - $1, Supplies own water, hot water & gas with sepaarte hot water heater. 403 Cedar Lane Vacant 1,850 (Value $2,500.00) $ Cedar Lane Dr. Steven Lavitan 1,496 $2, $ /1/19-12/31/19 - $2, /1/1995 Supplies his own gas 409 Cedar Lane On Point Fitness Studio 1,456 $1, $ /28/2018 If using excessive water (more then normal hygiene) then tenant will be responsible for own water bill Office Office Tenant 1 Core Sound LLC Sublets to a Dr. Goldman, Psychiatrist. Approx. SF Monthly Rent P.S.F. Lease Terms Move In Comments $ /1/19-12/31/19 - $ /1/2008 Supplies own gas and hot water 2 Regina s Bridal and More Inc 720 $ $15.45 Tenant has been in the premises (in one of the retail spaces) since 10/1997 3/31/2018 1/1/19-12/31/19 - $ /1/1997 If using excessive water (more then bathroom use and one small washing machin) then tenant to pay 20% of the building water bill Has own prviate interior 3 piece bathrrom. 3 Dr. Martin Weinberg 240 $ $22.71 Same tenant as office #5 1/1/19-12/31/19 - $ /1/ Shalom Mehler DMD, PC Dentist 385 $1, $ /31/18-11/30/19 - $1, /1/2004 Supplies own gas and hot water 5 Dr. Martin Weinberg Opthamologist 587 $1, $25.27 Same tenant as office #3 1/1/19-12/31/19 - $1, /1/1998 Supplies his own gas 6 Dr. Bertram Elgart Psychiatrist 444 $ $ /1/19-12/31/19 - $ /1/1997 Supplies his own gas Has own private interior bathrrom 7A* Vita Motivatar Co., Inc. 220 $ $18.27 $236 electric 1/1/19-12/31/19 - $ Continued on following page 4/1/1999

5 Rent Roll Office (Continued) Office Tenant SF Monthly Rent P.S.F. Lease Terms Move In Comments 7B* Vacant 220 (Value $367) $ C* Travel Home 220 $ $16.36 June $201 electric Supplies gas and hot water. Landlord supplies water unless tenant is using excessive water, at which point tenant will be responsible for 20% of the building water bill. 8A** Financial Express Services 210 $ $ /31/18 1/1/19-12/31/19 - $ /1/2000 $720 electric 8B** Vacant 220 (Value $375) $20.00 Vacant 8C** Vacant 220 (Value $375) $20.00 Vacant Lower Level NJ Birth LLC 4350 $4, $10.12 Rent Schedule: May 1, April 30, $4, May 1, April 30, $4, May 1, April 30, $4, May 1, April 30, $4, May 1, April 30, $4, Tenant has one 5-year option to renew May 1, 2022-April 30, 2027 May 1, April 30, $4, May 1, April 30, $4, May 1, April 30, $5, May 1, April 30, $5, May 1, April 30, $5, /1/2014 Supplies own hot water, heating, and gas by separate hot water heater. Water is supplied by landlord unless there is excessive use, then water is supplied by tenant. Tenant has filed for and received variances and permits to construct and renovate the space further at a cost of approximately $200,000. Space is currently used for consultations, plans are to convert into an actual birthing center. * Units 7A, 7B & 7C use one electric meter currently. **Offices 8A, 8B, 8C are also on one electric meter This lower level space was converted to offices in 1993 at which time the following alterations were made: Installation of new windows and side entry Installation of new HVAC system and electrical Installation of new ceiling, lighting and carpeting Installation of new lavatory Alarm system installed

6 Map Rear of the Building Rear Parking Lot

7 Storefront Interior Interior of Vacant Store Hallway

8 Lobby Hallway Office 7B

9 Office 8B Office 8B Roof

10 partial List of Retail on Cedar Lane A2Z Moving, Inc. A&S Comics Amazing Savings Angelo s Tailor Judaica House Lark Street Music Manor Shoes Repair Shop & Luggage Marbum Curtain Warehouse B. Dinelli for Hair Marlon by Mishoe Boutique Bettina s Boutique Brier Rose Books Bischoff s Confectionery Carly z Craze Castillo Salon Cedar Lane Furs Cohen Printing & Stationery Couture de Bride Creations Fine Haircutting Inc. CVS Pharmacy Designs by Flora Direct Line Carpets & Flooring Elite Nails Enterprise Liquors Fifth Avenue Haircutters Frame Works Garden State Jewelers Int I Beauty Supply / Salon J & J Pharmacy/Liquors Janet Joyner Photography J.R. Coiffure Max Dollar and Deals Mei Salon Nail Garden New to You Consignment Boutique Rainbow Jewelry & Watches Raven Hair Rocklin s Paper & Cards Sciarra & Company Shear Design Signature Appliances Straight Nappy Stop & Shop Supermarket T-Mobile Teaneck Locksmith Teaneck Nails Threading Station Tiger Lily by Encke UPS Store Verizon/Wireless Depot Walgreens Yosi Unisex Salon Zoldan s Judaica Center Additional Businesses on Cedar Lane Back in Touch Massage Therapy Chonji Academy of Martial Arts Club FIT of New Jersey Dance/ Art Creative Center OnPoint Fitness Studio Pottery, Paint & Love Purple Lily Art Studio Tate Dance Academy Teaneck Cinemas Yarn Dezvous