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Journal Square Portfolio Jersey City, Nj Asking Price: $7,100,000 | 2 Buildings | 40 Units | $177,500 Per Unit Journal Square Portfolio

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Journal Square Portfolio Jersey City, Nj Asking Price: $7,100,000 | 2 Buildings | 40 Units | $177,500 Per Unit Journal Square Portfolio OPPORTUNITYZONE 112-118 TONNELLE AVE 16 BROADWAY JOURNAL SQUARE PORTFOLIO JERSEY CITY, NJ ASKING PRICE: $7,100,000 | 2 BUILDINGS | 40 UNITS | $177,500 PER UNIT JOURNAL SQUARE PORTFOLIO EXCLUSIVELY LISTED BY FAHRI OZTURK First Vice President Investments NEW JERSEY OFFICE Tel: (201) 742.6170 [email protected] RICHARD GATTO National Multi Housing Group NEW JERSEY OFFICE Tel: (201) 742.6137 [email protected] MICHAEL MEISNER Associate Investments NEW JERSEY OFFICE Tel: (201) 742.6129 [email protected] 01 INVESTMENT OVERVIEW Executive Summary Investment Highlights Location Overview Demographics 02 PROPERTY MAPS & PHOTOS Property Maps Exterior Photos Interior Photos 03 FINANCIAL ANALYSIS Income Statement Rent Roll Rent Roll Analysis Property Descriptions JOURNAL SQUARE PORTFOLIO TABLE OF CONTENTS JOURNAL SQUARE PORTFOLIO EXECUTIVE SUMMARY S E C T I O N 01 40 2 NUMBER OF UNITS NUMBER OF BUILDINGS This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap EXECUTIVE SUMMARY $7,100,000 VITAL DATA CURRENT PRO FORMA OFFERING PRICE Price $7,100,000 Cap Rate 4.08% 8.90% Down Payment $3,905,000 GRM 14.19 8.09 Loan Amount $3,195,000 Cash-on-Cash 2.67% 11.28% $289,360 Amortization 30 Years Net Operating Income $289,360 $631,934 CURRENT NOI Interest Rate 4.01% Net Cash Flow After Debt Service $106,098 $448,672 Number of Units 40 Price/Unit $177,500 4.08% Number of Buildings 2 CURRENT CAP RATE SUBJECTPROPERTIES ADDRESSES UNITS APPROX. SQ. FT. 112-118 Tonnelle Ave 31 24,344 8.90% 16 Broadway 9 6,579 PRO FORMA CAP RATE TOTAL 40 30,923 UNIT MIX UNIT TYPE NUMBER OF UNITS AVERAGE UPSIDE 1 Bed/1 Bath 21 69% 14.19 2 Bed/1 Bath 8 98% GROSS RENT MULTIPLIER 3 Bed/1 Bath 7 81% Commercial 4 14% EXECUTIVE SUMMARY 6 PROPERTY – 112-118 Tonnelle Ave Block & Lot 9405 / 13,14,15 Total Lot Size 10,947 Property Taxes $45,480 Stories 4 Gross Building Size (Approx.) 24,344 Number of Apartments 27 Number of Commercial Units 4 Average Unit Size 741 Sq. Ft. Zoning Journal Square 2060 Zone Opportunity Zone Occupancy 97% Tenant Utilities Responsibility Heat, Electric & Gas Landlord Utilities Responsibility Water & Sewer PROPERTY – 16 Broadway Block & Lot 9301 / 11 Total Lot Size 3,288 Property Taxes $15,160 Stories 3 Gross Building Size (Approx.) 6,579 Number of Apartments 9 Average Unit Size 700 Sq. Ft. Zone R3 Occupancy 89% Tenant Utilities Responsibility Heat, Electric & Gas Landlord Utilities Responsibility Water & Sewer EXECUTIVE SUMMARY 7 INVESTMENT HIGHLIGHTS VALUE ADD OPPORTUNITY CLEAR PATH TO RENTAL GROWTH • The subject property is operating at below market rents with 80% • Jersey City’s rent control laws give owners the opportunity to easily upside in rents. raise rents through a capital improvements program. (See Pg. 10) • The property has a pro forma effective gross income of $877,200 representing a 8.90% cap rate at asking price and equaling an 11.28% leveraged cash-on-cash return PATH TRAIN – DIRECT ACCESS TO NYC OPPORTUNITY ZONE • The Jersey City properties are located approximately 10-minute • 112- 118 Tonnelle is located in a federal Opportunity Zone walk from the Journal Square Transportation Center which offers a 15-minute ride to the World Trade Center and a 25-minute ride to Manhattan CENTRAL LOCATION • Easy access Route 1 & 9, Interstate 95, I-78 and more • Newark International Approx. 15-minute drive to Newark International Airport INVESTMENT HIGHLIGHTS 8 INVESTMENT OVERVIEW Marcus & Millichap has been selected to exclusively market for sale the Journal Square Portfolio, a 40-unit mixed use portfolio in Jersey City, New Jersey. The portfolio consists of two buildings which are currently 95% occupied. The deal represents a unique opportunity to acquire a sizable collection of assets with substantial upside. Journal Square has excellent accessible public transportation. The buildings are about a 10-minute walk to Journal Square PATH Station with a 15-minute ride to the World Trade Center and a 25-minute ride to Manhattan and located under 10 miles to Newark International Airport. The property is conveniently located near Route 1 & 9, Interstate 95, I-78 and Newark International Airport. Journal Square historically has been the center of commerce for the state’s second largest city, a retail center to which people have flocked for decades. PROPERTY SUMMARY Price $7,100,000 Number of Buildings 2 Number of Units 40 Unit Type 36 Apartments / 4 Commercial Approx. Sq. Ft. 30,923 Year Built 1910 Occupancy 95% Real Estate Taxes $60,641 EXECUTIVE SUMMARY 9 JERSEY CITY RENT CONTROL o There is a specific formula in the rent control law which the landlord must use to calculate the allowable rent increase for a capital improvement. o The amount your landlord can raise your rent is determined by the Consumer Price Index, and it is capped at 4% per year. It is usually less than 4%. o Your landlord can only raise your rent once per year PATH TO GROWTH RAISING RENT BY: APPROXIMATE REHAB REQUIRED: $200 ~$11,000 $300 ~$17,500 $400 ~$25,000 $500 ~$31,000 EXECUTIVE SUMMARY 10 JERSEY CITY DEMOGRAPHICS 5- MILE RADIUS DEMOGRAPHICS POPULATION 1 - MILE 3 - MILES 5 - MILES 2023 Projection 78,629 393,046 1,289,446 2018 Population 78,928 375,103 1,243,695 2010 Population 77,007 320,346 1,081,487 $129,625 AVERAGE HOUSEHOLD INCOME HOUSEHOLDS 1 - MILE 3 - MILES 5 - MILES 2023 Households 30,972 163,726 599,196 2018 Households 30,437 152,908 569,519 2010 Households 28,208 139,153 482,316 1,243,695 TOTAL POPULATION INCOME 1 - MILE 3 - MILES 5 - MILES 2018 Average Household Income $73,153 $116,144 $129,625 2018 Median Household Income $48,494 $74,651 $78,570 2018 Per Capita Income $28,509 $47,618 $59,862 569,519 TOTAL HOUSEHOLDS DEMOGRAPHICS 11 JOUURNAL SQUARE LOCATION OVERVIEW JERSEY CITY, NEW JERSEY Jersey City is comprised of six neighborhoods: Downtown, Journal Square, The Heights, McGinley Square, Bergen Lafayette, and Greenville. Jersey City is the second-most populous city in the New Jersey after Newark. Being the largest municipality in Hudson County, it rests as the seat of Northern New Jersey and the center of many attractions. The city is bound on the east by the Hudson River and offers numerous transportation options for its residents to both Manhattan and other surrounding areas. The city offers an abundance of local choices from restaurants, shops, and entertainment. Main commercial corridors, including Newark Avenue Downtown, and Central Avenue in the Heights, boost an array of commercial options. Pedestrian-friendly communities encourage foot-traffic and public transportation. Hudson County, and specifically Jersey City, has seen a massive influx in development and capital investors. The first tower constructed off the Gold Coast in over a decade was constructed in Journal Square by The Kushner Companies and the City has approved multiple over large projects. LOCATION OVERVIEW 12 JOURNAL SQUARE TRANSPORTATION CENTER JERSEY CITY Journal Square Transportation Center holds a stop along the Port Authority Trans-Hudson (PATH) transit system. The PATH transit system services Newark, Harrison, Jersey City, Hoboken, and Lower / Midtown Manhattan. The rail system offers 24/7 rapid transit to these area at a convenient price and pace. From the Journal Square Station, riders can reach the World Trade Center in Lower Manhattan in approx. 30 minutes. 0.50 Miles Walk to Journal Square PATH Station LOCATION OVERVIEW 13 JOURNAL SQUARE PORTFOLIO PROPERTY MAPS & PHOTOS S E C T I O N 02 OPPORTUNITYZONE 112-118 TONNELLE AVE 16 BROADWAY PROPERTY PHOTOS 15 IN CLOSE PROXIMITY Approx. Miles Port Authority Bus Terminal 7 New York Penn Station 7.5 Newark Liberty Airport 9 16 Broadway 7 minute walk Journal Square Transportation Center 112-118 Tonnelle Ave 15 Min. Ride to World Trade 25 Min. Ride to Midtown PROPERTY MAP 16 IN CLOSE PROXIMITY TO Miles Newark 6 Brooklyn 9 Manhattan 10 Midtown 112-118 Tonnelle Ave 8 miles to Midtown 16 Broadway Brooklyn PROPERTY MAP 17 JOURNAL SQUARE PORTFOLIO FINANCIAL ANALYSIS S E C T I O N 03 RENT ROLL 112-118 Tonnelle Ave Commercial Tenant Expiration SF (approx) Actual $/PSF Pro Forma $/PSF 112 Tonnelle Liquor Store 12/31/2019 900 $1,644 $22 $2,600 $35 112 Tonnelle Hairdresser 6/30/2022 1,800 $2,452 $16 $2,600 $17 116 Tonnelle Grocery Store 12/31/2024 1,800 $2,300 $15 $2,600 $21 118 Tonnelle Restaurant 12/31/2024 900 $1,750 $23 $2,600 $35 Total Commercial $8,146 $19 $10,400 $27 Residential Unit # Bedrooms SF (approx) Actual $/PSF Pro Forma $/PSF 112 Tonnelle Ave 1 1 Bed/1 Bath 600 $900 $18 $1,600 $32 2 1 Bed/1 Bath 600 $875 $18 $1,600 $32 3 1 Bed/1 Bath 600 $760 $15 $1,600 $32 4 3 Bed/1 Bath 850 $527 $7 $2,100 $30 5 2 Bed/1 Bath 700 $1,300 $22 $1,800 $31 6 1 Bed/1 Bath 600 $900 $18 $1,600 $32 7 3 Bed/1 Bath 850 $530 $7 $2,100 $30 8 2 Bed/1 Bath 700 $1,550 $27 $1,800 $31 9 1 Bed/1 Bath 600 $582 $12 $1,600 $32 116 Tonnelle Ave 1 1 Bed/1 Bath 600 $500 $10 $1,600 $32 2 1 Bed/1 Bath 600 $1,500 $30 $1,600 $32 3 1 Bed/1 Bath 600 $800 $16 $1,600 $32 4 3 Bed/1
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