124 Bloomfield St Hoboken, NJ

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Harold Dalton
5 years ago
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1 124 Bloomfield St Hoboken, NJ

2 Executive Summary LOCATION: NUMBER OF UNITS: 124 Bloomfield Street between 1st Street and 2nd Street, Hoboken, NJ Block # / Lot# One (1) Approx 1,300 Sq Ft 1 Bedroom Garden Duplex One (1) Studio Three (3) 2 Bedroom LOT SIZE: PROPERTY CLASS: x 95 APARTMENT - 4C, Zoned R-1 NUMBER OF STORIES: BUILDING SQUARE FOOTAGE: 4 4,923 Incredible opportunity in a phenomenal Hoboken location. This updated four story, five unit residential building is easily leasable with upside or a prime candidate for condo conversion at a substantial profit margin. Located blocks from the Light Rail/PATH Station, with easy access to local shopping, dining, nightlife and more - this location is at the center of a hub of current and future development, in an area that continues to improve and rents continue to increase. Several units do not currently utilize surcharges, taxes can be appealed, and there is an upside on ALL current rents for added value that is easy to see and achieve. Recent Red Bridge Homes luxury construction next door at 126 Bloomfield brings value to the neighborhood and creates opportunity for high priced sales. UTILITIES: Separate electric, gas, hot water for all units. Owner pays building water/sewer. CONDITION: Well maintained and easily rentable as-is, with upside to all rents plus condo conversion option. ASKING PRICE: $2,700,000 The condo conversion option has already been thoroughly researched and mapped out. With the value established all that is left is to execute a winning plan at a substantial gain. This incredible opportunity is located in an area poised for growth, with nearby construction indicating an impending surge in both residential and commercial development.

3 Multi-Service Community Center Hoboken University Medical Center 124

4 Condo Conversion HIGHLIGHTS: Several Units Already Vacant Several Units Already Renovated Ideal Location for High Listing/Sales Prices on Condos Minimal Renovation Budget Required Feasibility Study Already Conducted Developing Area Rare Opportunity New Condos without New Construction The Case for Conversion: Increased luxury construction in the area has driven comparable sales prices ever higher, to record PSF numbers. Short-term, high yield project that saves the hassle of holding and renting individually over time. Able to achieve a higher sales price versus renovating and selling the building as a whole. PRO FORMA ANALYSIS Price Per Door $540, Price Per Sq Ft $ Renovation Budget $280, Adjusted Basis $2,980, Sellout at $850 PSF $4,184, Profit $1,204, Profit % 40.42% (Cash on Cash)

7 Building Financials Income Expenses Unit Beds Approx Sq Ft Occupancy Current* Monthly Rent Pro Forma Rent Duplex 1 Bed 1,279 Leased $ 2, $2, R Studio 589 Vacant - $2, PSE&G $ 1, Bed 1,127 Leased $ 2, $2, Water $ Bed 1,128 Vacant - $3, Sewer $ 1, Bed 800 Leased $ 1, $2, Building Insurance $ 6, Total Monthly Total $6, $11, Taxes $ 25, ,923 Annual Total $73, $136, Super $ 2, TOTAL EXPENSES $ 37, Asking Price Yearly $2,700,000 Current Potential Gross Annual Income $ 73, $ 136, Total Annual Expenses $ 37, $ 37, NOI $ 35, $ 99, * Reflects ACTUAL current income and expense for the building, including lost rent on units warehoused in anticipation of condo conversion. Pro Forma numbers show option to maintain as a rental property.

Contact Information Cell: 201.780.7884 Office: 201.398.9898 Fax: 201.490.3980 Zohar@ZamirRealtor.

9 Contact Information Cell: Office: Fax: ZOHAR ZACK ZAMIR Broker Associate, Founder The Zamir Group - Keller Williams Town Life 94 River St Hoboken, NJ Fair Lawn Ave Fair Lawn, NJ Washington St Tenafly, NJ 07670

236 Lexington Avenue Jersey City, NJ

236 Lexington Avenue Jersey City, NJ 07304 201.780.7884 Executive Summary LOCATION: BUILDING/ UNITS: 236 Lexington Ave between Mallory Ave and Marcy Ave, Jersey City, NJ 07304 Six (6) Apartments PROPERTY