255 MT PROSPECT SHELTER

Transcription

1 255 MT PROSPECT SHELTER Mt. Prospect Ave Newark, NJ For more information contact: PROPERTY HIGHLIGHTS Registered Emergency Shelter Class I w/ State of NJ DCA License Twelve (12) Pre-Existing Floor Plan Includes Office/Conference, Kitchen Area, and Finished Basement Additional Benefits - Pre-existing Wet Fire Sprinkler System & Tax Exempt Status On-site Staff Parking Available Phone: (888) Fax: (973) East Mount Pleasant Avenue Livingston, NJ 07039

2 INVESTMENT DETAILS Analysis Analysis Date October 2017 Property Property Property Address Mt. Prospect Ave Newark, NJ Year Built 1900 Purchase Information Property Type Hospitality Purchase Price $399,000 Tenants 5 Total Rentable Sq. Ft. 3,697 Resale Valuation 9.0% (capitalization of noi) Financial Information Down Payment $149,700 Closing Costs $14,970 Federal Tax Rate 28.0% State Tax Rate 7.0% Loans Type Debt Term Amortization Rate Payment LO Costs Fixed $349, years 30 years 4.75% $1,822 $3,493 Income & Expenses Contact Information Page 2

3 PROPERTY DESCRIPTION 255 Mt. Prospect Shelter The Property Introducing 255 Mt. Prospect; an Emergency Shelter Class I facility offering a license capacity of twelve (12) and licensed thru the State of New Jersey DCA; Bureau of Rooming & Boarding House Standards. The freestanding 3-story frame/vinyl/aluminum siding structure offers a pre-existing floor plan comprised of five (5) upper level sleeping quarters w/ one shared restroom facility per floor, kitchen area, common foyer, and private office/conference room. Full finished basement contains several demised rooms ideal for recreational and laundry facility use respectively. Pre-installed wet fire sprinkler system represents the property's primary capital improvement. On-site open space parking in rear paved lot accommodates approximately five (5) vehicles. The premises is enclosed by wroight-iron fencing and topography is sloped. 255 Mt. Prospect Shelter is located on a corner lot in the North Ward section of Newark adjacent to the Lower Broadway & 2nd Ave neighborhoods respectively. Immediate access to public bus transportation into Downtown Newark and close proximity to McCarter Highway (Route 21). Lease to Purchase option under NNN lease terms is available to qualified prospects. Page 3

4 PROPERTY PHOTOS 255 Mt. Prospect Rooming House Property Photos Exterior - Left Property - Rear Parking Lot Common Area - Rear Common Area - Front Page 4

5 AERIAL MAP Page 5

6 SALE COMPARABLES S Mt. Prospect Ave Newark, NJ Sale Price $399,000 Tenants 5 Price/Tenant $79,800 Price/SqFt $ Cap Rate N/A Year Built Sale Date 5/12/2016 Rooming House 265 Hillside Ave Nutley, NJ Sale Price $1,135,000 Tenants 23 Price/Tenant $49,348 Price/SqFt $ Cap Rate N/A Year Built 1888 NOTES Traded in good condition at full stabilization. 2 Sale Date 9/1/2017 Emergency Shelter 11 Webster Pl East Orange, NJ Sale Price $399,000 Tenants 4 Price/Tenant $99,750 Price/SqFt $ Cap Rate N/A Year Built 1900 Page 6

7 PROFESSIONAL BIO Professionally trained commercial real estate advisor offering specialization in the marketing and sale of multi-tenant investment properties with expertise in multifamily (fourplex, lowrise/garden, mid rise), mixed-use (apt/retail-office), & neighborhood retail centers. Acquisition, trade, and disposition of stabilized, distressed/nonperforming, short sale, and bank-owned assets represent successfully completed transaction types. Primary focus on Northern New Jersey investment property assignments throughout Essex/Union/Passaic/Morris counties respectively. Full service repertoire includes needs analysis, market condition insight, site inspections, property valuation, principal pre-screening, and transaction management. Client solution outreach offered for capital funding advisory, unit leasing, broker's opinion of value, vendor relations, and investment consultation. Ancillary services include BOV/BPO reporting, REO/OREO property preservation assistance/dispositions. Broad understanding of property management and tenant leasing complete a credible business platform ideal for superserving multiple private ownership types; buy/hold and rehab/resell. Good-standing membership in several real estate organizations and currently in pursuit of CCIM (Certified Commercial Investment Member) designation. Page 7