Existing Investment & Development Property Silk City Lofts & 105 Fair Street Silk City Lofts Fully renovated five story former mill converted into 48 expansive condominium style apts almost fully rented plus One (1) acre with approval for Drawing for approved 200 +/- Apartment/Condo 200 +/- new apartment/condo units package Offered at $5,600,000 For more information : Anthony J. Cassano - Vice President 201 488 5800 x146 acassano@naihanson.com Louis Tapia - Sales Associate 201 488 5800 x131 ltapia@naihanson.com Pablo Castro - Sales Associate 235 Moore Street Hackensack, NJ 07601 201 488 5800 naihanson.com 1140 Parsippany Blvd Parsippany, NJ 07054 973 463 1011 201 488 5800 x161 pcastro@naihanson.com THE INFORMATION CONTAINED HEREIN HAS BEEN OBTAINED FROM SOURCES CONSIDERED TO BE RELIABLE, BUT NO GUARANTEE OF ITS ACCURACY IS MADE BY NAI JAMES E. HANSON.
Property Description Silk City Lofts is a five story former silk mill converted into 48 expansive condominium apartment units and one commercial unit. The unit interiors have dramatic high-end luxury finishes with granite counters, 20' ceilings and stainless steel appliances. The subject property is comprised of 27 one bedroom, nine (9) two bedroom, nine (9) one bedroom duplex lofts and three (3) two bedroom duplex loft units. Unit sizes range from 717 SF one bedroom units to 1,996 SF two bedroom lofts. A 9,500 SF commercial condominium occupies the ground floor. The amenities at Silk City Lofts include on-site parking, a private fitness facility, on-site laundry room, state-of-the art intercom monitoring and private storage rooms. Currently seven of the 48 apartment units have been sold. The remaining 41 apartments, the commercial unit, and adjacent paved parking lot and additional lot are included in this offering. The seller has recently deployed a lease up strategy and several of the remaining units are currently occupied as rentals, while the retail remains available for lease up. Silk City Lofts is a unique value add opportunity for an investor to acquire a one of a kind Class A quality construction at a fraction of replacement cost, stabilize and benefit from the considerable upside.
Property Overview High end luxury finishes On site parking and laundry Expansive layouts 20 ceiling heights Huge potiential upside with condo sell out On site fitness facility Property Summary Name: Silk City Lofts Address: 07505 County: Passaic Number of Units: 42 Rentable SF: 48,535 Lot Size: 19,166 SF Parking: On site
Property Taxes Five Year Tax Abatement in Place Until November 2015 (Ordinance Supplied Upon Request) New taxes are approximately $225,000 +/- Taxes are under appeal Area Demographics Demographics 1 mile 3 miles 5 miles Population 57,614 241,351 484,004 Average HHI $44,553 $44,342 $55,705
Income & Expenses Rental Units Actual Projected Unit 202 Vacant 1150 Unit 203 $1,000.00 Unit 206 $1,450.00 Unit 207 $1,500.00 Unit 208 $1,180.00 Unit 209 $1,100.00 Unit 210 $1,100.00 Unit 211 $1,100.00 Unit 212 $1,350.00 Unit 302 $1,000.00 Unit 303 $1,000.00 Unit 304 $1,000.00 Unit 305 $1,000.00 Unit 306 $1,450.00 Unit 307 $1,500.00 Unit 308 $1,100.00 Unit 309 $1,100.00 Unit 310 $1,100.00 Unit 312 $1,400.00 Unit 401 $1,125.00 Unit 402 Vacant 1150 Unit 403 $1100.00 Unit 404 $1,000.00 Unit 405 $1,150.00 Unit 406 $1,400.00 Unit 407 $1,350.00 Unit 408 $1,200.00 Unit 409 $1,150.00 Unit 410 $1,100.00 Unit 411 $1,140.00 Unit 501 $1,400.00 Unit 502 $1,250.00 Unit 503 Vacant 1300 Unit 504 $1,300.00 Unit 505 Vacant 1700 Unit 506 $1,700.00 Unit 507 $1,650.00 Unit 509 $1,300.00 Unit 510 $1,250.00 Unit 511 $1,400.00 Unit 512 $1,550.00 Total $45945.00 $5300.00 Expenses Annual Budgeted Condo Association Rental Units Total Management Fees $16,704.00 $7,500.00 $24,204.00 Payroll $51,168.00 $0.00 $51,168.00 Payroll Taxes $5,116.80 $0.00 $5,116.80 Office Expense $1,500.00 $0.00 $1,500.00 Telephone $4,000.00 $0.00 $4,000.00 Maintenance&Repair $18,000.00 $12,000.00 $30,000.00 Janitorial $0.00 $20,000.00 $20,000.00 Elevator $3,800.00 $0.00 $3,800.00 Fire/Elevator Monitoring $3,600.00 $0.00 $3,600.00 Snow Removal $7,900.00 $0.00 $7,900.00 Exterminating $2,400.00 $0.00 $2,400.00 HVAC Service $5,100.00 $0.00 $5,100.00 Electricity $13,500.00 $0.00 $13,500.00 Water-Fire Line $1,700.00 $0.00 $1,700.00 Water & Sewer $7,500.00 $0.00 $7,500.00 Legal Fees $1,200.00 $0.00 $1,200.00 Acct $1,200.00 $0.00 $1,200.00 Fees & Permits $600.00 $0.00 $600.00 Taxes $0.00 $225,000.00 $225,000.00 Insurance $33,070.00 $0.00 $33,070.00 Contingency $3,000.00 $0.00 $3,000.00 Total $181,058.80 $264,500.00 $445,558.80 Maintenance From Sold Units Unit 201 $186.67 Unit 204 $166.83 Unit 205 $166.83 Unit 301 $208.83 Unit 311 $193.67 Unit 412 $317.33 Unit 508 $289.33 $1,529.50 Total Income $47474.50 $5300.00 Projected Income Commercial Unit 9500 Sq Ft @ $12/Sq Ft $9,500.00 Total Current & Projected Rent $47474.50 $14800.00 $62274.50 Annual Current & Projected Rent $747,294.00 NOI $301,735.20
Property Survey
Tax Map
Aerial View
Proposed Storefront
Property Photos