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22 Ferry Street Newark Flyer 10.21.19

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22 Ferry Street Newark Flyer 10.21.19 22 Ferry Street Newark, New Jersey Retail for Sale - Contact Jason Pierson Ryan Starkman Ph. 732-707-6900 x1 Ph. 732-707-6900 x5 [email protected] [email protected] 79 Route 520, Suite 202 • Englishtown, NJ 07726 • www.piersonre.com • Licensed Real Estate Broker 22 Ferry Street Newark, New Jersey Property Summary Demographics The Offering Total • Property: 22 Ferry Street Employee Median Radius Population Daytime • Price: $2,050,000 Population Age Population Vital Data • Net Operating Income: $113,222 .5 Mile 12,895 32,017 35.7 37,875 Market Activators 1 Mile 58,330 96,187 34.4 127,038 • Prudential Center in cooperation with Madison Square Garden • City Hall • NJ Transit • PSE&G 2 Mile 159,714 161,729 33.2 256,581 • Essex County Courthouse • NJIT • River Front Park • Gateway Center • Panasonic • Rutgers University • NJ PAC • Prudential • Seton Hall Law 3 Mile 297,289 192,580 33.3 373,421 Site Description • 3-story mixed use building for sale in the heart of the Ironbound section of Newark • 100% occupied stabilized asset consisting of 4 residential units and 2 commercial tenants with upside in below market residential rents • Strategically situated less than 400 ft. from Newark Penn Station and the PATH Train. Ideal walking distance for commuters into NYC with less than 20 minutes door-to-door to NY Penn Station. Easy access to public transportation via bus system at the corner, light rail, Penn Station and Newark Liberty International Airport (6-minute train ride) • Directly across the street from the new Peter Francisco Park and surrounded by new commercial, residential and mixed-use developments including a new River Front Park within walking distance • Tremendous nightlife in the area including, Prudential Center, iconic restaurants, bars and markets 22 Ferry Street Newark, New Jersey Financial Analysis - Tenant Summary Residential Unit Size Unit Number Lease Commencement Lease Expire Annual Rent Additional Charges 1 Bedroom 3L Jun-15 m/m $12 ,448.80 N/A 1 Bedroom 2L Oct-19 Oct-20 $15 ,600.00 $1,200 .00 2 Bedroom 2R Oct-19 Oct-20 $16,800.00 $1,200 .00 2 Bedroom 3R Oct-19 Oct-20 $15 ,115.44 N/A Commerical Tenant Unit Number Lease Commencement Lease Expire Annual Rent Changes On Changes To Taxe Reimburse. Insurance Reimburse. Water Reimburse. Vinny's Restaurant and Pizzeria 1R 8/4/16 7/31/21 $30 ,596.35 8/1/20 $31,594 .24 $5,785 .00 $1,527.5 0 75% Martin C. Liu & Associates, PLLC 1L 9/1/19 8/31/24 $45 ,000.00 9/1/20 $47,250.00 $4,628 .00 $1,222.0 0 - Annual Rent Taxe Reimburse. Insurance Reimburse. Vancancy 0% Total Leased 100% Total $135,560.59 $10,413 .00 $2,749.5 0 22 Ferry Street Newark, New Jersey Financial Analysis - Expenses & Annualized Operating Data Annualized Expenses Annualized Operating Statement Real Estate Taxes $ 23,140.00 Occupied Space $ 135,560.59 Insurance $ 6,110.00 Vacant Space 0% CAM Expense Reimbursements Utiliites $ 5,005.32 Real Estate Taxes $ 10,413.00 Repairs & Maintenance $ 3,500.00 Insurance $ 2,749.50 Total CAM $ 8,505.32 Utilities $ 5,255.09 Total Expenses $ 37,755.32 Total Reimbursements $ 18,417.59 Effective Gross Income $ 153,978.18 Total Expenses $ 37,755.32 Net Operating Income $ 116,222.86 Reserves/Replacements $ 3,000.00 Net Cash Flow Before Debt Service $ 113,222.86 22 Ferry Street Newark, New Jersey Market Overview • Located in the largest city within the state of New Jersey, with a living population of nearly 300,000 people, ranking it one of the most populous municipalities in the country • The market consists of a large office population with over 14.5 million square feet of office space in the downtown central business district and is home to several major corporations including Prudential, Mars Wrigley Confectionary, Panasonic, Audible.com (an Amazon company), IDT, Horizon and many more to make up the 200,000+ work force that lives and commutes to the city • 4 Major Universities including Rutgers, NJIT, Seton Hall and Essex Community College totaling 60,000 students and faculty • Prudential Area, an 18,000-seat arena that is home of the NJ Devils hockey team and over 200 events per year, is located only 7-minutes walking distance from the site • Transportation • Newark Penn Station is one of the New York metropolitan area’s major transportation hubs serviced by multiple rail and bus carriers making it the 7th busiest rail station in North America • New Liberty International Air Port, located 3 miles from Downtown Newark, is the 6th busiest airport in the country and 3rd largest hub with over 50 carriers supporting the airport 22 Ferry Street Newark, New Jersey Market Aerial BROAD STREET UNIVERSITY HEIGHTS HALSEY STREET 21 CENTRAL BUSINESS BROAD STREET DISTRICT SETON HALL UNIVERSITY SCHOOL OF LAW 22 FERRY STREET GATEWAY CENTER RAYMOND BOULEVARD2.6MM SF Office Park National Headquarters SPRINGFIELD- NEWARK PENN BELMONT BROAD STREET MARKET STREET STATION Coming NJ TRANSIT / AMTRAK Soon TO & FROM NYC EDISON PLACE IRONSIDE SUBJECT RIVER FRONT NEWARK PARK NORTH MULBERRY STREET SITE IRONBOUND 21 FERRY STREET PRUDENTIAL Headquarters Fornos of CENTER PROPOSED “Home of the Devils” PETER FRANCISCO Spain PARK MIXED-USE DEVELOPMENT SOUTH BROAD STREET NEWARK CITY HALL MULBERRY COMMONS Iberia Peninsula SOUTH 3 Acre State of the Art PROPOSED Park & Public Space MIXED-USE IRONBOUND DEVELOPMENT MARTIN LUTHER KING BUILDING & U.S. COURTHOUSE 22 Ferry Street Newark, New Jersey Survey 22 Ferry Street Newark, New Jersey Contact Information Retail for Sale - Contact Jason Pierson Ryan Starkman Ph. 732-707-6900 x1 Ph. 732-707-6900 x5 [email protected] [email protected] © 2019 Pierson Commercial Real Estate, LLC. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any renderings, projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance or final design of the property. 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..
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