265 BROADWAY, BAYONNE, NJ · The property has direct access to the Bayonne Bridge, Interstate I—...
17
ASKING PRICE: $2,777,000 | 11 UNITS | NO RENT CONTROL 265 BROADWAY, BAYONNE, NJ
Transcript of 265 BROADWAY, BAYONNE, NJ · The property has direct access to the Bayonne Bridge, Interstate I—...
ASKING PRICE: $2,777,000 | 11 UNITS | NO RENT CONTROL265 BROADWAY, BAYONNE, NJ
OFFICES THROUGHOUT THE U.S. AND CANADAwww.marcusmillichap.com
NON ENDORESEMENT & DISCLAIMER NOTICE
CONFIDENTIALITY & DISCLAIMERThe 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.
NON-ENDORSEMENT NOTICEMarcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The
presence of any corporation's logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of
Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the
purpose of providing tenant lessee information about this listing to prospective customers.
ALL PROPERTY S H OW I N GS ARE BY A P P O I N T M E N T ONLY.PLEASE CONSULT YOUR MARCUS & M I L L I C H A P AGENT FOR MORE DETAILS.
EXCLUSIVELY LISTED BY
FAHRI OZTURKFirst Vice President Investments
NEW JERSEY OFFICETel: (201) 742.6170
Fahri.Ozturk@marcusmil l ichap.com
RICHARD GATTONational Multi Housing Group
NEW JERSEY OFFICETel: (201) 742.6137
Richard.Gatto@marcusmil l ichap.com
MICHAEL MEISNERAssociate Investments
NEW JERSEY OFFICETel: (201) 742.6129
265 BROADWAY
265 BROADWAY
01INVESTMENT OVERVIEWInvestment Highlights Property Descriptions Interior Photos
02PROPERTY MAPSProperty MapsFloor Plans
03FINANCIAL ANALYSISIncome Statement Demographics
TABLE OF CONTENTS
01S E C T I O N
INVESTMENT OVERVIEW
265 BROADWAY
EXECUTIVE SUMMARY 6
Marcus & Millichap has been selected to exclusively market for sale a mixed-use building in Bayonne, New Jersey. The property encompasses 11
units with a mix of two- and three-bedroom apartments and one commercial space. The building has gone through major renovations including
new roofs, in-unit renovations, windows, granite countertops, flooring, electrical, plumbing and much more.
The property has direct access to the Bayonne Bridge, Interstate I—95, Route 1&9, and Route 440. Additionally, the property is located under one
mile from Light Rail Stations with direct routes into Manhattan and a block from NJ Transit bus stop with direct access to New York. Located 9
miles from Newark Liberty Airport and 10 miles from Manhattan.
Bayonne is home to many local and national retailers and the most restaurants in Hudson County. Bayonne has become an increasingly desirable
destination for tenants, residents, and investors alike, as the extension of the Light Rail and continued development revitalizes the community.
PROPERTY SUMMARY
Price $2,777,000
Number of Units 11
Unit Type 10 Apartments / 1 Commercial
Approx. Sq. Ft. 9,450
Year Renovated 2017 / 2018
Occupancy 100%
Real Estate Taxes $30,448
INVESTMENT OVERVIEW – NO RENT CONTROL
UNIT BREAKDOWN
Units Avg. Unit Size*
Two Bedroom 7 772
Three Bedroom 3 950
Commercial 1 1,200
Total 11 9,450
*Approximate square footage
7PROPERTY PHOTOS
265 BROADWAY
• Gut renovated masonry building with architectural details and high ceilings
• New roof
• New plumbing
• New electric
• New heating
• New bathrooms
• New kitchens with granite counter tops and stainless-steel appliances
• White oak hardwood floors, doors and mill work
• New intercom system
• Laundry room on site
PROPERTY HIGHLIGHTS
I N V E S T M E N T H I G H L I G H T S
EXECUTIVE SUMMARY 8
IMMEDIATE ACCESS TO TRANSPORTATION• Located under one mile from Light Rail Stations which offers a direct
route to Manhattan.
• Quick walk to the NJ Transit bus stop with direct access to New York
THE NEXT FRONTIER• Bayonne has seen an influx of investor activity and development from both local and out of market capital
• Bayonne is the next frontier of development and an economical alternative to the overly expensive areas of Downtown Jersey City and Hoboken
BAYONNE TO MANHATTAN FERRY SERVICE•The ferry terminal will be on the southern shore of the Military Ocean Terminal, offering a time-saving transportation alternative for Manhattan commuters.
CENTRAL LOCATION• Easy access to Bayonne Bridge, I-95, Route 1&9, Route 440, and more
• Approx. 15-minute drive to Newark International Airport
• 10 miles to NYC and 11 Miles to Jersey City
TENANT RESPONSIBILITY•Tenants are responsible for all utilities.
NO RENT CONTROL
CAPITAL IMPROVEMENTS•The building has gone through major renovations including new roofs, in unit renovations, windows, granite countertops, flooring, electrical, plumbing and much more.
02S E C T I O N
PROPERTYMAPS
265 BROADWAY
IN CLOSE PROXIMITY TOMiles
Staten Island 1
Newark Liberty Airport 9
New York Penn Station 15
10PROPERTY MAP
HUDSON-BERGEN LIGHT RAIL
265 Broadway
34th Street Light Rail
22nd Street Light RailEASY ACCESS TO NYC
Bayonne Ferry
IN CLOSE PROXIMITY TOMiles
Jersey City 11
Midtown 13
Brooklyn 17
11PROPERTY MAP
Regional Map
265 Broadway
10 miles to New York
Bayonne Ferry
11UNITS
265 BROADWAY
AVAILABLE FLOOR PLANS
13FINANCIAL ANALYSIS
265 BroadwayTwo Bedrooms
265 BroadwayThree Bedrooms
03S E C T I O N
FINANCIALANALYSIS
265 BROADWAY
INCOME STATEMENT
15FINANCIAL ANALYSIS
(1) Tenants pay for all utilities
$2,777,000OFFERING PRICE
$156,875CURRENT NOI
5.65%IN PLACE CAP RATE
12.54GROSS RENT MULTIPLE
100%OCCUPANCY
Actual Pro Forma
Income %EGI %EGIGross Potential Income $221,400 $242,400Less Vacancy & Credit Loss -$11,070 5% -$12,120 5%Laundry $3,600 $3,672
Effective Gross Income $213,930 $233,952
Expenses %EGI Per Unit %EGI Per UnitProperty Taxes $30,448 14% $2,768 $31,057 13% $2,823Insurance $7,000 3% $636 $7,140 3% $649Water & Sewer (1) $0 0% $0 $0 0% $0PSE&G - Gas & Electric (1) $600 0% $55 $612 0% $56Repairs & Maintenance $3,850 2% $350 $3,927 2% $350Pest Control $500 0% $45 $510 0% $46Superintendent $4,400 2% $400 $4,488 2% $400Management Fee $8,557 4% $778 $8,728 4% $793Legal & Accounting $600 0% $55 $612 0% $56Reserves $1,100 1% $100 $1,122 0% $102
Total Expenses $57,055 27% $58,196 25%Net Operating Income $156,875 $175,756
P O P U L AT I O N 1 - M I L E 3 -MI LE S 5 -MI LE S2023 Projection 39,161 195,590 522,896
2018 Population 38,860 193,499 515,721
2010 Population 36,669 187,976 501,785
H O U S E H O L D S 1 - M I L E 3 - M I L E S 5 - M I L E S2023 Households 15,876 73,254 187,809
2018 Households 15,606 71,487 182,063
2010 Households 14,711 68,447 172,235
2087 Daytime Population 25,522 153,079 447,781
I N C O M E 1 - M I L E 3 - M I L E S 5 - M I L E S2018 Average Household Income $80,904 $84,057 $81,564
2018 Median Household Income $57,525 $60,237 $57,331
2018 Per Capita Income $32,553 $31,213 $29,238
DEMOGRAPHICS
515,721TOTAL POPULATION
$80,904AVERAGE HOUSEHOLD
INCOME
5- MILE RADIUSDEMOGRAPHICS
182,063TOTAL HOUSEHOLDS
BAYONNE
DEMOGRAPHICS 16
EXCLUSIVELY LISTED BY
265 BROADWAY
FAHRI OZTURKFirst Vice President Investments
NEW JERSEY OFFICETel: (201) 742.6170
Fahri.Ozturk@marcusmil l ichap.com
RICHARD GATTONational Multi Housing Group
NEW JERSEY OFFICETel: (201) 742.6137
Richard.Gatto@marcusmil l ichap.com
MICHAEL MEISNERAssociate Investments
NEW JERSEY OFFICETel: (201) 742.6129
