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112 Washington Place in Passaic, New Jersey

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112 Washington Place in Passaic, New Jersey CONFIDENTIAL OFFERING MEMORANDUM FFORMERORMER CCHURCHHURCH FFACILITYACILITY FFOROR SSALEALE CAPITAL MARKETS 111212 WWashingtonashington Place,Place, Passaic,Passaic, NJNJ INVESTMENT PROPERTIES AFFILIATED BUSINESS DISCLOSURE AND CONFIDENTIALITY AGREEMENT CBRE, Inc. operates within a global family of companies This Memorandum contains selected information shall arise by reason of your receipt of this Memorandum with many subsidiaries and/or related entities (each an pertaining to the Property and does not purport to be or use of its contents; and you are to rely solely on your “Affi liate”) engaging in a broad range of commercial real a representation of the state of affairs of the Property investigations and inspections of the Property in evaluating estate businesses including, but not limited to, brokerage or the owner of the Property (the “Owner”), to be all- a possible purchase of the real property. services, property and facilities management, valuation, inclusive or to contain all or part of the information investment fund management and development. At times which prospective investors may require to evaluate The Owner expressly reserved the right, at its sole different Affi liates may represent various clients with a purchase of real property. All fi nancial projections discretion, to reject any or all expressions of interest competing interests in the same transaction. For example, and information are provided for general reference or offers to purchase the Property, and/or to terminate this Memorandum may be received by our Affi liates, purposes only and are based on assumptions relating discussions with any entity at any time with or without including CBRE Investors, Inc. or Trammell Crow Company. to the general economy, market conditions, competition notice which may arise as a result of review of this Those, or other, Affi liates may express an interest in the and other factors beyond the control of the Owner and Memorandum. The Owner shall have no legal commitment property described in this Memorandum (the “Property”) CBRE, Inc. Therefore, all projections, assumptions and or obligation to any entity reviewing this Memorandum may submit an offer to purchase the Property and may other information provided and made herein are subject or making an offer to purchase the Property unless and be the successful bidder for the Property. You hereby to material variation. All references to acreages, square until written agreement(s) for the purchase of the Property acknowledge that possibility and agree that neither CBRE, footages, and other measurements are approximations. have been fully executed, delivered and approved by the Inc. nor any involved Affi liate will have any obligation to Additional information and an opportunity to inspect Owner and any conditions to the Owner’s obligations disclose to you the involvement of any Affi liate in the sale or the Property will be made available to interested and therein have been satisfi ed or waived. purchase of the Property. In all instances, however, CBRE, qualifi ed prospective purchasers. In this Memorandum, Inc. will act in the best interest of the client(s) it represents certain documents, including leases and other materials, By receipt of this Memorandum, you agree that this in the transaction described in this Memorandum and will are described in summary form. These summaries do Memorandum and its contents are of a confi dential nature, not act in concert with or otherwise conduct its business not purport to be complete nor necessarily accurate that you will hold and treat it in the strictest confi dence in a way that benefi ts any Affi liate to the detriment of descriptions of the full agreements referenced. Interested and that you will not disclose this Memorandum or any any other offeror or prospective offeror, but rather will parties are expected to review all such summaries and of its contents to any other entity without the prior written conduct its business in a manner consistent with the law other documents of whatever nature independently and authorization of the Owner or CBRE, Inc. You also agree and any fi duciary duties owed to the client(s) it represents not rely on the contents of this Memorandum in any that you will not use this Memorandum or any of its in the transaction described in this Memorandum. manner. contents in any manner detrimental to the interest of the Owner or CBRE, Inc. This is a confi dential Memorandum intended solely for Neither the Owner or CBRE, Inc, nor any of their respective your limited use and benefi t in determining whether you directors, offi cers, Affi liates or representatives make any If after reviewing this Memorandum, you have no further desire to express further interest in the acquisition of the representation or warranty, expressed or implied, as to interest in purchasing the Property, kindly return this Property. the accuracy or completeness of this Memorandum or any Memorandum to CBRE, Inc. of its contents, and no legal commitment or obligation CBRE © 2018 CBRE, Inc. The information contained in this document has been obtained from sources believed reliable. While CBRE, Inc. does not doubt its accuracy, CBRE, Inc. has not verifi ed it and makes no guarantee, warranty or representation about it. It is your responsibility to independently confi rm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, fi nancial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. Photos herein are the property of their respective owners and use of these images without the express written consent of the owner is prohibited. CBRE and the CBRE logo are service marks of CBRE, Inc. and/or its affi liated or related companies in the United States and other countries. All other marks displayed on this document are the property of their respective owners. T H E A S CONTACTS S E FOR MORE INFORMATION, PLEASE CONTACT: T SAMUEL BERNHAUT Vice President F T +1 201 712 5884 [email protected] I N NICOLE NANNOLA A Associate T +1 201 712 5821 N [email protected] C I CHARLES BERGER First Vice President A T +1 201 712 5846 L [email protected] S T H E M CBRE Capital Markets | Investment Properties A Park 80 West, Plaza II R 250 Pehle Avenue, Suite 600 K Saddle Brook, NJ 07663 E T THE ASSET FOR SALE THE INVESTMENT CBRE has been retained as the exclusive advisor for the sale of 112 Washington Place in Passaic, New Jersey. The asset, a two- story, 12,790± SF house of worship, was originally built in 1927 as a synagogue but now houses the First Presbyterian Church. The beautifully ornate building can occupy up to 400 parishioners in the main sanctuary and balcony. The basement contains additional meeting rooms and offices as well as an industrial kitchen. Grandfathered with tax exempt status, the property is ideal for other religious facilities or non-for-profits. Located in the heart of the vibrant city of Passaic, the property is located directly off of Route 21 and is easily accessible from Routes 3, 46 and I-80. PROPERTY SPECIFICS THE HIGHLIGHTS ADDRESS: 112 Washington Place, Passaic, NJ • Grandfathered tax-exempt religious facility COUNTY: Passaic • Beautiful, ornate, column free building, circa 1927 TENANCY: Single • Excellent access and visibility PROPERTY TYPE: Church/Religious Facility • Extremely dense demographics within trade area - over TOTAL BUILDING SF: 12,790± SF 183,000 people within a 2 mile radius LOT SIZE: 5,201± SF (or 0.12± acres) • Within blocks of multiple bus lines offering easy access to the surrounding areas as well the entire NYC metropolitan area BLOCK / LOT: 1085 / 23 YEAR BUILT: c. 1927 • Within walking distance of the Passaic NJ Transit train station PARKING: Street only • Located two blocks from Main Avenue, Passaic’s main commercial thoroughfare ZONING: R-3 2017 PROPERTY TAXES: Exempt OFFERED FOR SALE AT $1,375,000 * SPECIFIC PROPERTY INFORMATION SOURCED FROM REALQUEST * PAGE 2 112 WASHINGTON PLACE | OFFERING PACKAGE FOR SALE 112 WASHINGTON PLACE CBRE CAPITAL MARKETS | TRI-STATE INVESTMENT PROPERTIES PAGE 3 FOR SALE PROPERTY PHOTOGRAPHY SSPACIOUSPACIOUS AAPARTMENTSPARTMENTS PAGE 4 112 WASHINGTON PLACE | OFFERING PACKAGE FOR SALE PROPERTY PHOTOGRAPHY CBRE CAPITAL MARKETS | TRI-STATE INVESTMENT PROPERTIES PAGE 5 FOR SALE ZONING R-3 DISTRICT: RESIDENCE DISTRICT § 317-15 GENERAL REQUIREMENTS. A. This article sets forth the standards which shall be used by the Planning Board in reviewing applications for conditional uses. The uses to be considered conditional uses in each zoning district are set forth in this article and in the Schedule of Regulations in Article IV.[1] § 317-19 R-3 ZONE The following conditional uses shall be permitted in the R-3 Zone: A. Nursery schools. (1) Minimum lot area: 5,000 square feet. (2) Other bulk requirements: as per requirements of the R-1 Zone for one-family dwellings. (3) Compliance with all state requirements for nursery schools. B. Nursing homes. (1) Minimum lot area: 10,000 square feet. (2) Minimum lot width: 75 feet. (3) Minimum lot depth: 100 feet. (4) Minimum front yard: 1/3 building height but not less than 15 feet. (5) Minimum side yard: 1/3 building height but not less than 10 feet. (6) Rear yard: 25 feet. (7) Maximum coverage: 30% by principal buildings, plus 30% by accessory building. C. Any multifamily use of 50 or more dwelling units. (1) Bulk requirements as per the requirements of this zone. (2) The use shall comply with the general standards of this article.
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