32 Magnolia Ave
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32 MAGNOLIA AVE MULTI-FAMILY BUILDING FOR SALE New to market 13U multi-family CORE asset located in the heart of The Hilltop section of Journal Square—two blocks PATH Station. This pre-war four story brick building has been completely rebuilt from the inside out featuring brand new mechanicals, sprinkler and security systems, Italian kitch- ens and quartz countertops/backsplash, gym, rooftop with 360º unobstructed views of NYC and most importantly, a completely turn key, low maintenance, cash flowing piece of Jersey City History. 1 LIMITING CONDITIONS This Offering Memorandum prepared in February 28, 2020 by GRID Real Estate, LLC (“GRID” or “Advisor”) and is solely for the use of prospective buyers, (each a “Buyer”) of the real property commonly known as 32 Magnolia Avenue, in Jersey City, NJ, (the “Property” or “32M”). Neither GRID nor the owner of the Property (“Owner”) makes any representation or warranty, express or implied, as to the completeness or the accuracy of the material contained in the Offering Memorandum. Prospective Buyers of the Property are advised that changes may have occurred in the physical or financial condition of the Property since the time this Offering Memorandum or any financial statement therein was prepared. Prospective Buyers of the Property are advised and encouraged to conduct their own comprehensive review and analysis of the Property. The Offering Memorandum is a solicitation of interest only and is not an offer to purchase the Property. Owner expressly reserves the right, at its sole and absolute discretion, to reject any or all expressions of interest or offers to purchase the Property and expressly reserves the right, at its sole and absolute discretion, to terminate discussions with any potential Buyers at any time with or without notice. Owner shall have no legal commitment or obligation to any party reviewing the Offering Memorandum or making an offer to buy the Property unless and until a written real estate purchase and sale agreement is execut- ed by Owner and Buyer. This Offering Memorandum is confidential. As a condition to receiving this Offering Memorandum, Buyer has execut- ed the “32 Magnolia ” Confidentiality Agreement. 2 CONFIDENTIAL INVESTMENT OFFERING Grid Real Estate 201 Marin Blvd #106 Jersey City NJ 07302 THIS CONFIDENTIAL INVESTMENT OFFERING (the “Investment Offering”) is being furnished to the recipient (the “Recipient”) solely for the Recipient’s own limited use in considering whether to provide all or a Gregory D. Edgell portion of an investment (the “Investment”). Licensed Sales Associate GRID Real Estate, LLC (“GRID”), has prepared this confidential Investment (973) 610 5145 Offering, which contains brief, selected information pertaining to the [email protected] business and affairs of the Property. This confidential information does not purport to be all-inclusive nor does it purport to contain all the information, which a prospective lender may desire. Neither the Owner, Bobby Antonicello, Jr nor GRID nor any of their respective partners, officers, employees, or Licensed Sales Broker agents makes any representation or warranty, expressed or implied, as (551) 795 2836 to the accuracy or completeness of this Investment Offering or any of its [email protected] contents and no legal liability is assumed or shall be implied with respect thereto. The Recipient agrees that (a) the Investment Offering and its contents are Confidential Information, except for such information contained in the Investment Offering, which is a matter of public record, (b) the Recipient, the Recipient’s employees, agents and consultants (collectively, the “need to know parties”) will hold and treat it in the strictest of confidence, and the Recipient and the need to know parties will not, directly or indirectly, disclose or permit anyone else to disclose its contents to any other person, firm, or entity without the prior written authorization of GRID and our client, and (c) the Recipient and the need to know parties will not use or permit to be used this Investment Offering or its contents in any fashion or manner detrimental to the interest of the Owner or GRID or for any purpose other than use in considering whether to provide all or a portion of the investment. The Recipient and the need to know parties agree to keep this Investment Offering and all Confidential Information contained herein permanently confidential and further agree to use this Investment Offering Submission for the purpose set forth above. PHOTOCOPYING OR OTHER DUPLICATION IS STRICTLY PROHIBITED. OUR CLIENT EXPRESSLY RESERVES THE RIGHT, AT ITS SOLE DISCRETION, TO REJECT ANY OR ALL PROPOSALS OR EXPRESSIONS OF INTEREST IN THE PROPOSED INVESTMENT AND TO TERMINATE DISCUSSIONS WITH ANY PARTY, AT ANY TIME, WITH OR WITHOUT NOTICE. THE CONFIDENTIAL INVESTMENT OFFERING SHALL NOT BE DEEMED TO BE A REPRESENTATION OF THE STATE OF AFFAIRS OF THE PROPERTY OR CONSTITUTE AN INDICATION THAT THERE HAS BEEN NO CHANGE IN THE BUSINESS OR AFFAIRS OF THE PROPERTY SINCE THE DATE OF PREPARATION OF THIS INVESTMENT OFFERING. If either party does not wish to pursue negotiations leading to the placement of the investment, or if in the future, the Investor discontinues such negotiations, you agree to return this Confidential Investment Offering to GRID. 3 BASICS Location View on Google View Leasing Website Price $4,950,000.00 In Place Cap Rate 5.3% Block/Lot 9705/45 Lot Size 2,500SF Description 4S-B-13U Zoning R-1 Market Hilltop Journal Square Taxes (2019) $29,795.65 Unit Mix 4 - Studios 6 - 1 Bedrooms 3 - 2 Bedrooms UEZ/OZ No/No Median HH Income $65,931 Popuplation (1mi) 88,765 4 INTERIORS 5 QUARTZ COUNTERTOP & BACKSPLASH ITALIAN KITCHEN CABINETRY PANELED DISH WASHER IN UNIT WASHER & DRYER 8’ SOLID WOOD DOORS EMTEK DOOR HANDLES 3” HARD WOOD FLOORS MULTI-ZONE DUCTLESS HVAC DUAL LED SPOTLIGHTS 6 7 SPRINKLER ROOM ELECTRIC ROOM GAS ROOM 8 ROOFTOP WITH 360º VIEWS EXTERIOR LIGHTING REPOINTED MASONRY NAVIEN COMBI BOILERS WET SPRINKLER SYSTEM TRASH ROOM GAS METER ROOM ELECTRIC METER & SECURITY ROOM OUTDOOR PYLON MAILBOX 9 BOILER ROOM REFUSE ROOM SECURITY ROOM 10 EXTERIOR 11 NEIGHBORHOOD THE HILLTOP, JOURNAL SQUARE The asset sits amongst low density brownstones on a tree lined block tucked away from the activity of Journal Square and Newark Avenue respectively. Positioned in the Hilltop section of the city, minutes from both the PATH station and Downtown’s bustling restaurant and entertainment district tenants get the best of both worlds. From the private rooftop you can see full 360º unobstructed views of the entire gold coast region. 12 13 14 T Y O F N O R T H B E R G E N BROKERS ADVISORS BROKERS ADVISORS BROKERS ADVISORS BROKERS ADVISORS BROKERS ADVISORS BROKERS ADVISORS BROKERS ADVISORS BROKERS ADVISORS BROKERS ADVISORS BROKERS ADVISORS Creek rn CITY OF o h n e P TRENDS MAP S U C U A U C NIO N E CI S TY F O L e eo JERSEY CITY N n u ar W d S n tree Hag O e t ue T S v tree BROKERS ADVISORS A t e le u e L n n eo d na r e n rd H S a v ag o tre ue et v A S T tr e e DEVELOPMENT TRENDS JAN. 2019 t e l i t u m Grac o e B m L S e tre u on et y ard S S d tre e et P n o n pla r e G e Stre rac u e K e t St e N n re or t et u h e S tr n e v e t e Irv A ing v St P N n re op A e la t r l e o S e tr w s ee a u l t r t C n e e No n e r o u N t e e h Mature Development Corridor u v S n tr u ee Ir C n A t vin e t n g S y v t e re e Gr et R c A v a ha o a m y A S r t t r a r ee r d a t e i N e ort T b h b G S i r t ah e re N m a e o L m t rt u h u St S l r tr eet n eet o C e e o v C n Gr u gr a e A ha n ss m B e S S e BROKERS ADVISORS BROKERS ADVISORS l t BROKERS ADVISORS BROKERS ADVISORS BROKERSee ADVISORS tre i tre u BROKERS ADVISORS Cornerstone Historic Districts, c e BROKERS ADVISORSe v BROKERS ADVISORS ke t t e r BROKERS ADVISORS S P m n A BROKERS ADVISORS t u re at e Westernet Slope er e s n e u o m k n S v e tr u u c n e e A e v t n e u S o e c n A v n B e l v n e a r e A e u e c ke A aMount ePleasantv r n m k u S t r r t A r C H Meadowlands e e e o s n et n g e o c v re b e ss e r h A S e Y v t d r e e i et S A c a T i W w Neighborhood Arts Districts ho P s r i n S e e e o a l l S u tr th s e N a e e e S t tre s n u e P t a n n P o e d T v r T h A a o r ne v S e t e re H l e o c t b s u on a S r o t r B e T y e Emerging Markets d “ThisC Old House” S ha u ou L e r t in le n h c s St ol n S re n S tree e et tr n t v THE HEIGHTSe e e et e u u A K n n e e e e B o g e v v we Hudson City u rs d u A S i A n t r r n ee e t y a b e t i v e r v b m u e A A a n b m L i n in k C e u co L l o ln c t S v l t o r o i e et A c C M n n Zab a e risk ie Stre e d et G H ri f g fit u Developing Markets h S e e t n ree O u t e u e d n Z v n u a br a e e i n sk A e i e o e v u Hu S v e tton A tr u n venu e e n v e R W A et A n al e u a le r A r e e k S n v n tr r m e e u k v n e e r t t A r e Z n a v a s A t b e l H r o e is s e u k b tt A ie e h c v on S Y e P e S t tr u e t i ee S d a A re t n r e n t w a W r W m e o y e s t e v i s r m G l r N T if e e H A fit a u h r ut S t l b o tre P i S n e e S S a t t h tre L e e r rm S t t a a h n e Pla rma n P ce n e e Riverview Pla Trending Hot c u e C n e S h e erm v an u Arts P A la n B ce ea e e ch S District g v H Str a utto ee d A n n i t St d r re k et f b e o c r u d m o C M a a c rlto n P nh a n a n e tt Av la an C en v c Av a ue e Washington A e n H ue e e s u Journal Squared Halo L o n ak M e r a Fr t n a e S h n Village tr a kli e n tt n v e a S t n tre o D A e A IEL ve t G F nu e M HIN e e d S u R l E r P F BROKERS