OFFERING MEMORANDUM LIBERTY PARK, UNION CITY NJ APPROVED DEVELOPMENT | 48 APARTMENTS | 649-651 38TH STREET
DEVELOPMENT SITE | ALSO AVAILABLE FOR JOINT VENTURE
1 SPECIAL COVID-19 NOTICE
All potential buyers are strongly advised to take advantage of their opportunities and obligations to conduct thor- ough due diligence and seek expert opinions as they may deem necessary, especially given the unpredictable changes resulting from the continuing COVID-19 pandemic. Marcus & Millichap has not been retained to perform, and cannot conduct, due diligence on behalf of any prospective purchaser. Marcus & Millichap’s principal exper- tise is in marketing investment properties and acting as intermediaries between buyers and sellers. Marcus & Mil- lichap and its investment professionals cannot and will not act as lawyers, accountants, contractors, or engineers. All potential buyers are admonished and advised to engage other professionals on legal issues, tax, regulatory, financial, and accounting matters, and for questions involving the property’s physical condition or financial out- look. Projections and pro forma financial statements are not guarantees and, given the potential volatility created by COVID-19, all potential buyers should be comfortable with and rely solely on their own projections, analyses, and decision-making.
2 NON-ENDORSEMENT & DISCLAIMER NOTICE
CONFIDENTIALITY & DISCLAIMER The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB's or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant's plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2019 Marcus & Millichap. All rights reserved.
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OFFICES THROUGHOUT THE U.S. AND CANADA 3 www.marcusmillichap.com LIBERTY PARK
FAHRI OZTURK First Vice President Investments [email protected] 201.742.6170
RICHARD GATTO Vice President Investments [email protected] 201.742.6137
DAVID FERBER, CPA Associate Investments [email protected] 201.742.6129
4 3 TABLE OF CONTENTS
01 EXECUTIVE SUMMARY 02 PROPERTY INFORMATION 03 DEVELOPMENT SUMMARY 04 DEMOGRAPHICS
5 section 1 EXECUTIVEEXECUTIVE SUMMARYSUMMARY
OFFERING SUMMARY
EXECUTIVE SUMMARY
INVESTMENT HIGHLIGHTS
6 48 APARTMENTS 74 PARKING SPACES 77,388 7 TOTAL BUILDABLE SQ. FT. OFFERING SUMMARY
ASKING PRICE: ALSO AVAILABLE FOR $2,900,000 JOINT VENTURE
PROPERTY DESCRIPTION Site Address 649-651 38th & 3716-3722 32nd Street, Union City Development Type Multifamily Block & Lot 260 / 30, 31, 32, 33, 34, 35, 36 Current Taxes $48,914 Lot Size (Approx.) 18,770 Sq. Ft.
DEVELOPMENT BREAKDOWN Number of Apartments 48 Stories 5 Total Buildable Sq. Ft. 77,388 Net Residential Sq. Ft. 46,460 Parking Spaces 74 Parking Sq. Ft. 24,697
UNIT BREAKDOWN UNITS AVG. SF One Bed / One Bath 16 853 Two Bed / One Bath 4 920
Two Bed / Two Bath 28 1,041
Total/Averages 48 968
8 EXECUTIVE SUMMARY
Marcus & Millichap, as the exclusive advisor, is pleased to present the approved development site for sale in Union City, NJ.
Liberty Park is a multifamily development opportunity located on the corner of 38th and 32nd street in Union City, New Jersey. The development site is approved for 48 residential units with 74 parking Liberty Park spaces. The development site has a favorable unit mix of 16 one bedrooms and 32 two bedrooms. Union City
The site is located 2 miles from the Lincoln Tunnel, under a mile from the 49th Street Light Rail Station and steps from the 37th street bus stop, which offer convenient routes to Manhattan. The site is located 3 miles from New York City and is near major roadways like I-495, I-78, Route 1&9 and Route 3. Liberty Park is also two miles from the Port Imperial Ferry Terminal which provides an alternative, time saving route to Manhattan commuters.
Union City is the most densely populated city in the United States and is quickly becoming a popular alternative, among young professionals compared to the increasingly pricey areas such as Brooklyn, Manhattan, Queens, Hoboken, and Jersey City.
9 •
INVESTMENT HIGHLIGHTS // LIBERTY PARK
APPROVED DEVELOPMENT SITE IMMEDIATE ACCESS TO TRANSPORTATION • Fully approved • The site is located steps from the 37th street bus station which offers • Resolution received a convenient route to Midtown Manhattan via the PATH. • 48 apartments • One mile from the 49th Street Light Rail Station which offers an ap- • 74 parking spaces proximate 25 minute ride to Manhattan • Available for joint venture • Approximately 3 miles from the Secaucus Junction Train Station • Two miles from Port Imperial Ferry which has a 30 min. route to NYC
CENTRAL LOCATION EXCEPTIONAL AMENITIES • Two miles from the Lincoln Tunnel • The building amenities will include a fitness center, storage spaces • Minutes to New York City and a tenant lounge • Immediate access to I- 495, I-78, Route 1 & 9 and Route 3 • All units will have luxury vinyl floors, granite/quartz counter tops, • Close proximity to three major airports, Newark Airport, JFK & La Guardia and modern kitchens
UNION CITY FEATURES • Union City is the most densely populated city in the United States • Union City has a predicted job growth of 23.9% over the next ten years • The site is 5 miles from the American Dream Mall and Metlife Stadium • Direct access to many national and regional retailers including Aldi's, Shoprite, Walgreen's, Dunkin Donuts and McDonald's
1010 37TH STREET
Liberty Park
Union City
38TH STREET
11 32ND STREET / BERGEN TURNPIKE
MIDTOWN NYC DOWNTOWN NYC JERSEY CITY
Liberty Park
Union City
The site is located 2 miles from the Lincoln Tunnel
12 Miles
Hoboken 1 Port Imperial Ferry Terminal
Jersey City 2
New York City 3
2 Miles 12 Min. to average ride to Ferry Terminal New York City
Liberty Park
Union City
LINCOLN TUNNEL
37th Street Bus Stop 49th Street Light Rail Station
300 Ft. 10 Min. 1 Mile 25 Min. walk to average ride to walk to average ride to Bus Stop New York City Station Manhattan
13 Union City is predicted to have an increase of 23.9% in job growth over the next ten years.
Within 0.5 miles from:
Liberty Park
Union City
• McDonald's • Walgreen's
14 Liberty Park
Union City
15 section 2 PROPERTY INFORMATION
PROPERTY OUTLINE
PROPERTY SURVEY
16 PROPERTY OUTLINE // LIBERTY PARK
Liberty Park
Union City 38th Street 37th Street
Bergen Turnpike
38TH STREET 32ND STREET / BERGEN TURNPIKE
17 PROPERTY SURVEY // LIBERTY PARK
Liberty Park
Union City
18 section 3 DEVELOPMENT SUMMARY
19 DEVELOPMENT SUMMARY // LIBERTY PARK
DEVELOPMENT ASSUMPTIONS
Lot Size Sq. Ft. 18,770 Approx.
Total Buildable Sq. Ft. 77,388 Approx.
Total Residential Sq. Ft. (Gross) 51,592 Approx.
Total Net Rentable Sq. Ft. 46,460 Approx.
Total Units* 48 Apartments
Decks of Parking Basement + Ground Floor
Total Parking 74 Spaces
Parking Sq. Ft. 24,697
*requires COAH fee
UNIT BREAKDOWN UNITS AVG. SQ. FT MONTHLY RENT* PER SF
One Bed/ One Bath 16 853 $2,239 $2.62
Two Bed / One Bath 4 920 $2,394 $2.60
Two Bed / Two Bath 28 1,041 $2,708 $2.60
Total/Averages 48 968 $2,447 $2.61
*Estimated based on rental comps
20 DEVELOPMENT SUMMARY // LIBERTY PARK
1 Jaclyn 40 2 ONE 23 3 The Skyline West New York, NJ 07093 Union City, NJ 07087 Union City NJ 07087
UNIT TYPE SQ FT. RENT $/SF UNIT TYPE SQ. FT. RENT $/SF UNIT TYPE SQ. FT. RENT $/SF
One Bed/One Bath 650 $1,588 $29.22 One Bed/One Bath 815 $2,290 $33.72 Two Bed/Two Bath 950 $2,450 $30.95 Two Bed/Two Bath 980 $2,563 $31.38 Two Bed/Two Bath 1,053 $2,750 $31.33 TOTAL/WTD. AVG. 950 $2,450 $30.95 TOTAL/WTD. AVG. 815 $2,076 $30.30 TOTAL/WTD. AVG. 934 $2,520 $31.53
21 section 4 DEMOGRAPHICS
CITY OF UNION CITY
DEMOGRAPHICS
22 22 UNION CITY NEW JERSEY
TOTAL POPULATION 67,982
23 23 Liberty Park
DEMOGRAPHICS // Union City, NJ Liberty Park 67,982 Total Population
$45,636 Median Household Income
24,247 4.63% Total Households in 2014-2018 From 2013
24 City Of Union City
The area of what is today Union City was originally inhabited by the Lenape, but was later settled by Germans in 1851, who moved across the Hudson River from New York City in search of affordable land and open space. The area between what is now Palisade and Bergenline Avenue, from 22nd to 32nd Street was a Civil War installation called Camp Yates. Trolleys began to operate in West Hoboken and Union Hill in 1890, after the area was electrified. The area on which Roosevelt Stadium stood was part of a farm called Kerrigan Farm. The street that now runs from 15th Street to 25th and ends at the stadium site is called Kerrigan Avenue. From the mid-1800s to the early 1900s, German Americans and Dutch dominated the area. They, along with Swiss and Austrian immigrants, founded the European-style lace making industries, for which they were famous. Union City and West New York became the "embroidery capitol of the United States", and the embroidery industry's trademark is on the Union City Seal. Union City was incorporated on June 1, 1925 by merging the two towns of West Hoboken and Union Hill.
25 LIBERTY PARK
FAHRI OZTURK First Vice President Investments [email protected] 201.742.6170
RICHARD GATTO Vice President Investments [email protected] 201.742.6137
DAVID FERBER, CPA Associate Investments [email protected] 201.742.6129
26 3