25-29 BROAD STREET, BLOOMFIELD, NJTO BE DELIVERED VACANT | 8.63% PROJECTED CAP RATE | 14,000 SQ. FT. | ASKING PRICE: $1,600,000

POTENTIAL DEVELOPMENT OPPORTUNITY

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25-29 BROAD STREET

EXCLUSIVEL Y LISTED BY

FAHRI OZTURK First Vice President Investments

NEW JERSEY OFFICETel: (201) 742.6170

Fahri.Ozturk@marcusmillich ap .co m

MICHAEL LOMBARDIFirst Vice President Investments

NEW JERSEY OFFICETel: (201) 742.6125

Michael.Lombard i@marcusmill ich ap.co m

RICHARD GATTONational Multi Housing Group

NEW JERSEY OFFICETel: (201) 742.6137

Richard.Gatto@marcusmill ich ap.co m

THOMAS CLEARYA s s o ci at e In vestmen ts

N EW JER S EY OF F ICETel : (2 0 1 ) 7 42 .6 142

Th o ma s .C lea ry@ma rcu smi ll icha p.com

TARANG RAMANIAssociate Investments

NEW JERSEY OFFICETel: (201) 742.6143

Tarang.Ramani@marcus mill ich ap.com

25-29 BROAD STREET 01INVESTMENT OVERVIEWInvestment HighlightsDemographics

02PROPERTY MAPS & PHOTOSProperty MapsExterior Photos

03FINANCIAL ANALYSISRent Roll Income Statement

04PROPERTY SURVEY & MUNICIPAL INFORMATIONProperty SurveyZoning InformationTax Map

TABLE OF CONTENTS

01S E C T I O N

INVESTMENT OVERVIEW

25-29 BROAD STREET

6

Marcus & Millichap has been selected to exclusively market for sale 25-29 Broad Street, a 14,000 square foot retail building located

between Bloomfield Avenue and Franklin Street. The current tenant, Joyce Leslie, will be vacating on December 2019. The vacancy will

allow for an owner user or a future multifamily development opportunity.

25-29 Broad Street has direct access to the Garden State Parkway, Route 3, and Route 21. The property is a 5-minute walk to the

Bloomfield Train Station, which offers a direct 30-minute route to Manhattan and is approximately 5 minutes to the Glenwood Ave Bus

Stop. Additionally, the property is located approximately 14 miles from Newark Liberty Airport and 25 miles from Manhattan.

Bloomfield has been at the forefront of the development-boom in Northern New Jersey, featuring numerous new residential complexes

and a revitalized downtown.

PROPERTY SUMMARY

Address 25-29 Broad Street, Bloomfield

Price $1,600,000

Block & Lot 241 / 39

Zoning (BCRD-II)Bloomfield Center Redevelopment Plan

Lot Size 12,080 Sq. Ft.

Existing Building Size 14,000 Sq. Ft.

Existing Stories 2

Occupancy(1 ) 85.7% Occupied

Real Estate Taxes $67,200

INVESTMENT OVERVIEW

INVESTMENT HIGHLIGHTS

(1) Tenant will be vacating on December 2019

IMMEDIATE ACCESS TO TRANSPORTATION• Five-minute walk from the Bloomfield Train Station which

offers a direct 30 minute route to New York.

• Glenwood Ave Bus Stop has convenient routes to Manhattan.

RETAIL CORRIDOR• Bloomfield Ave is home to many national retailers. The

property is in close proximity to CVS, 7 Eleven, KFC, Family Dollar, Dunkin Donuts and many more retailers.

CENTRAL LOCATION• Easy access to the Garden State Parkway, Route 21, and Route 3

• Approx. 14 miles to Newark International Airport

• Approx. 25 miles to NYC

I N V E S T M E N T H I G H L I G H T S

INVESTMENT HIGHLIGHTS 7

EXPANSION / CONVERSION OPPORTUNITY• The subject property can be developed or converted with a variance to build apartments with retail.

BLOOMFIELD CENTER REDEVELOPMENT PLAN• The Bloomfield Center Redevelopment Plan builds upon the

identity to reposition the downtown as the thriving center of Bloomfield.

O W N E R U S E R O P P O R T U N I T Y

PO PUL A TI O N 1 - M I L E 3 - M I L ES 5 - M I L ES2023 Projection 23,035 200,288 664,239

2018 Population 23,268 200,889 664,433

2010 Population 22,881 196,564 646,627

H O US EH O L D S 1 - M I L E 3 - M I L ES 5 - M I L ES 2023 Households 8,755 79,232 246,737

2018 Households 8,810 78,946 243,842

2010 Households 8,674 78,946 243,842

I NCO M E 1 - M I L E 3 - M I L ES 5 - M I L ES 2018 Average Household Income $135,046 $115,621 $94,067

2018 Median Household Income $95,668 $76,681 $60,893

2018 Per Capita Income $51,166 $45,554 $34,754

DEMOGRAPHICS

664,239TO TAL P O P U LATIO N

$94,067AV ERAGE H O U S EHO L D I N C O M E

5 - M ILE R ADIUSD E MO G R AP HIC S

243,842TO TAL H O U S EHO L DS

BLOOMFIELD

DEMOGRAPHICS 8

02

25-29 BROAD STREET

S E C T I O N

PROPERTY MAPS & PHOTOS

IN CLOSE PROXIMITY TO

Miles

Newark Liberty Airport 14

Jersey City 13

Manhattan 25

Manhattan

Brooklyn

25 Miles

10PROPERTY MAP

25-29 BROAD STREET

11

30 Min Ride to Manhattan

Bloomfield Train Station

Glen Ridge Train Station

25-29 BROAD STREET

PROPERTY MAP

12

TRANSIT MAPGlenwood Ave Bus Stop

PROPERTY MAP

5 minute walk to Bloomfield Train

25-29 BROAD STREET

13

RETAIL MAP

PROPERTY MAP

MULTI-FAMILY

1

Bloomfield

The Green at Bloomfield142 Units, Built in 2016

Avalon Bloomfield Station224 Units, Built in 2015

Troy Towers356 Units, Built in 1963

2

3

Bloomfield College

Troy Towers3Avalon Bloomfield Station2

The Green at Bloomfield1

25-29 BROAD STREET

14PROPERTY PHOTOS

PROPERTY OUTLINE

25-27-29 BROAD STREET

15PROPERTY PHOTOS

EXTERIOR PHOTOS

03

25-29 BROAD STREET

S E C T I O N

FINANCIALS & DEVELOPMENT BREAKDOWN

17FINANCIAL ANALYSIS

PROJECTED RENT ROLL

CommercialFloor Tenant SF (approx) Lease Expiration Rent PSF Monthly Rent Annual Rent

1a Vacant (Broad St) 7,000 - $20.00 $11,667 $140,0001b Vacant (Franklin St) 5,000 - $16.00 $6,667 $80,0002 Vacant 2,000 - $12.00 $2,000 $24,000

Total Monthly Income $20,333

Total Annual Income $244,000

18FINANCIAL ANALYSIS

Pro Forma

INCOME %EGI

Gross Potential Income $244,000

Less Vacancy & Credit Loss -$24,400 10%

Effective Gross Income $219,600

EXPENSES

Property Taxes $67,200 30%

Insurance $4,200 2%

Repairs & Maintenance $3,500 2%

Management $6,588 3%

Total Expenses $81,488 37%

Net Operating Income $138,112

Asking Price: $1,600,000

Projected Cap Rate 8.63%

PROJECTED INCOME & EXPENSES

04

25-29 BROAD STREET

S E C T I O N

PROPERTY SURVEY & MUNICIPAL INFORMATION

20PROPERY SURVEY

SURVEY

TAX MAP

21TAX MAP

25-27-29 BROAD STREET

TAX MAP

22TAX MAP

Broad Street

Franklin Street

ZONING MAPBloomfield Center Redevelopment Plan 2

23ZONING MAP

25-29 BROAD STREET

ZONING INFORMATIONBloomfield Center Redevelopment Plan 2

24ZONING INFORMATION

Downtown Bloomfield, centered on the historic “Six Points” intersection, has long served as a transportation hub and downtown

shopping district for residents, commuters, and people within the region. However, for the past 25 years, the downtown has

been in decline. The Bloomfield Center Special Improvement District (SID) was established in June 2001 as a first step towards

revitalizing the center. Since that time the Bloomfield Center Alliance (BCA) has been managing this district and has taken the

first steps towards its revitalization. The “Bloomfield Center Redevelopment Plan – Phase I & II”, adopted in the fall of 2008,

builds upon this identity to reposition the downtown as the thriving center of Bloomfield.

Bloomfield Avenue will remain as the traditional retail spine of the Downtown. Larger floor plates and ceiling heights are

encouraged for new retail spaces in order to attract regional retailers, small specialty food markets, office or hotel uses. These

larger floor plate uses will be permitted in this district but must be designed to fit within the urban fabric. In addition, a

greater mix of uses will be encouraged on the upper floors including office and residential. Due to the access and proximity to

both the train and Garden State Parkway, office will be permitted as a primary use.

PER ZONING REGULATIONS

Lot Cover 95%

Maximum Height 56’

Maximum Stories 5

Minimum Stories 4

Minimum Setback 0’

PARKING SCHEDULE

Residential 1.4 Per Unit

Office 2.9 per 1,000 SF

Retail / Commercial 2.7 per 1,000 SF

Hotel 1.3 per Room

Other Per APA Parking Standards

25-29 BROAD STREET

EXCLUSIVEL Y LISTED BY

FAHRI OZTURK First Vice President Investments

NEW JERSEY OFFICETel: (201) 742.6170

Fahri.Ozturk@marcusmillichap .com

MICHAEL LOMBARDIFirst Vice President Investments

NEW JERSEY OFFICETel: (201) 742.6125

Michael.Lombardi@marcusmilli chap.com

RICHARD GATTONational Multi Housing Group

NEW JERSEY OFFICETel: (201) 742.6137

Richard.Gatto@marcusmillich ap.com

THOMAS CLEARYA s s o c iate In v estmen ts

N EW JERS EY OF F IC ETel : (2 0 1 ) 7 42 .6 142

Th o m as.C leary@marcusmi ll ichap.com

TARANG RAMANIAssociate Investments

NEW JERSEY OFFICETel: (201) 742.6143

Tarang.Ramani@marcusmilli chap.com