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3508 PARK AVENUEWeehawken, NJ 07086
Market Positioning and Pricing Analysis
1
N O N - E N D O R S E M E N T A N D D I S C L A I M E R N O T I C E
Confidentiality and 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. © 2018 Marcus & Millichap. All rights reserved.
SPECIAL COVID-19 NOTICE
All potential buyers are strongly advised to take advantage of their opportunities and obligations to conduct thorough 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 expertise is in marketing investment properties and acting as intermediaries between buyers and sellers. Marcus &
Millichap 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 outlook. 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.
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 SHOWINGS ARE BY APPOINTMENT ONLY.
PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.
3508 PARK AVENUE
Weehawken, NJ
ACT ID ZAB0280331
Brian Hosey Broker of Record Lic. # 1434917
2
TABLE OF CONTENTS
SECTION
INVESTMENT OVERVIEW 01Offering Summary
Regional Map
Local Map
Aerial Photo
FINANCIAL ANALYSIS 02Rent Roll Summary
Rent Roll Detail
Rent Roll Summary Commercial
Operating Statement
Notes
Pricing Detail
Acquisition Financing
MARKET OVERVIEW 03Market Analysis
Demographic Analysis
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INVESTMENT
OVERVIEW
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#
EXECUTIVE SUMMARY
OFFERING SUMMARY
MAJOR EMPLOYERS
EMPLOYER # OF EMPLOYEES
Verizon 59,137
Eyea Lllp 27,000
Madame Tussauds New York 24,010
HHC Foundation of NY Cy Inc 22,964
Blackstone RE Partners VI LP 20,000
Westinghouse CBS Holding Co 18,000
Nyu Langone Medical Center 16,078
Infor Software Parent LLC 15,970
City of New York 14,235
P&Mcs Holding LLC 13,446
Mpg Holdco I Inc 11,958
FM Restaurants Holdco LLC 10,483
DEMOGRAPHICS
1-Miles 3-Miles 5-Miles
2019 Estimate Pop 86,329 761,566 2,006,494
2010 Census Pop 80,630 702,850 1,865,489
2019 Estimate HH 32,165 373,848 959,000
2010 Census HH 29,838 342,654 884,144
Median HH Income $54,644 $96,762 $87,607
Per Capita Income $30,981 $76,641 $69,408
Average HH Income $82,831 $155,466 $144,310
VITAL DATA
CURRENT
Price $1,800,000 CAP Rate 5.32%
Down Payment 100% / $1,800,000Net Operating Income
$95,763
Loan Type All CashNet Cash Flow After Debt Service
5.32% / $95,763
Total Rentable SF 3,660 Total Return 5.32% / $95,763
Price/SF $491.80
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UNIT MIX
UNIT COUNT
UNIT TYPE AVG. SFCURRENT AVG.
RENTSAVG.
RENTS/SFMONTHLY INCOME
POTENTIAL RENTS
AVG. RENTS/SF
MONTHLYINCOME
2 1 Bedroom 1,220 $1,663 $1.36 $3,325 $1,663 $1.36 $3,325
SUITE COUNT
TYPE TOTAL GLA CURRENT RENT RANGECURRENT MONTHLY
INCOMEPRO FORMA
MONTHLY INCOME
1 Retail 1,220 $6,286 - $6,286 $6,286 $6,286
3508 PARK AVENUE
OFFERING SUMMARY
▪ Three Tenant Mixed Use Property
▪ 3,660 Square Foot Building
▪ In Close Proximity To NYC
INVESTMENT HIGHLIGHTS
Weehawken is a township in the northern part of Hudson County, New Jersey. Public Transportation in Weehawken is provided by bus, ferry,
and light rail. It is located within the New York media market. Route 495 travels east-west between the Lincoln Tunnel and the New Jersey
Turnpike (Interstate 95) with interchanges for Route 3 and U.S. Route 1 and 9. Weehawken is a mostly residential community, but has a
business district at Lincoln Harbor between the Lincoln Tunnel and Weehawken Cove.
INVESTMENT OVERVIEW
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3508 PARK AVENUE
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OFFERING SUMMARY
PROPERTY OVERVIEW
Weehawken is a township in the northern part of Hudson County, New Jersey. Public
Transportation in Weehawken is provided by bus, ferry, and light rail. It is located within the
New York media market. Route 495 travels east-west between the Lincoln Tunnel and the
New Jersey Turnpike (Interstate 95) with interchanges for Route 3 and U.S. Route 1 and 9.
Weehawken is a mostly residential community, but has a business district at Lincoln Harbor
between the Lincoln Tunnel and Weehawken Cove.
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3508 PARK AVENUE
#
PROPERTY SUMMARY
OFFERING SUMMARY
PROPOSED FINANCING
First Trust Deed
Loan Type All Cash
Debt Coverage Ratio
EXISTING FINANCING
Loan Type None
THE OFFERING
Price $1,800,000
Property Address 3508 Park Avenue, Weehawken, NJ
SITE DESCRIPTION
Number of Units 3
Total Rentable Square Feet 3,660
Lot Size 0.05 acre(s)
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REGIONAL MAP
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LOCAL MAP
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3.5 Miles(12 Min Drive)
FromSUBJECT PROPERTY To Times Square via
Lincoln Tunnel
NJ Transit Station
NJ Transit Bus Stop
NJ Transit Bus Stop
AERIAL PHOTO
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PROPERTY PHOTO
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DENTIST
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APARTMENT
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BATHROOM & KITCHEN
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STAIRWAY, ROOM, & ROOF
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PROPERTY PHOTO
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BASEMENT, BOILERS
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PROPERTY PHOTO
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FINANCIAL
ANALYSIS
FINANCIAL ANALYSIS
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RENT ROLL SUMMARY
21
FINANCIAL ANALYSIS
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RENT ROLL DETAIL
FINANCIAL ANALYSIS
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RENT ROLL SUMMARY
Office
Office:
FINANCIAL ANALYSIS
3508 PARK AVENUE
OPERATING STATEMENT
24
FINANCIAL ANALYSIS
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CURRENT PRICING
100%
N/A
N/A
5.32%
$491.80
3,660
$1,800,000
FINANCIAL ANALYSIS
3508 PARK AVENUE
PRICING DETAIL
26
Office Suites
Office
N/A
N/A
N/A
MARCUS & MILLICHAP ADVANTAGE
MARCUS & MILLICHAP CAPITAL
CORPORATION CAPABILITIES
MMCC—our fully integrated, dedicated financing arm—is committed to
providing superior capital market expertise, precisely managed execution, and
unparalleled access to capital sources providing the most competitive rates and
terms.
We leverage our prominent capital market relationships with commercial banks,
life insurance companies, CMBS, private and public debt/equity funds, Fannie
Mae, Freddie Mac and HUD to provide our clients with the greatest range of
financing options.
Our dedicated, knowledgeable experts understand the challenges of financing
and work tirelessly to resolve all potential issues for the benefit of our clients.
Optimum financing solutions to
enhance value
Enhanced control through
investor qualification support
Enhanced control through
MMCC’s ability to qualify
investor finance contingencies
Enhanced control through
MMCC’s ability to monitor
investor/due diligence and
underwriting to ensure timely,
predictable closings
Enhanced control through quickly
identifying potential debt/equity
sources, processing, and closing
buyer’s finance alternatives
WHY MMCC?
National platform
operating
within the firm’s
brokerage offices
$ 7.18 billion
total national
volume in 2019
Access to more
capital sources
than any other
firm in the
industry
Closed 1,994
debt and equity
financings
in 2019
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MARKET
OVERVIEW
MARKET OVERVIEW
NORTHERN NEW JERSEYOVERVIEW
1
Northern New Jersey consists of Bergen, Hudson, Passaic, Essex, Morris
and Union counties. The region contains roughly 4 million residents in more
than 200 municipalities. Bergen County is home to nearly 1 million people,
while Essex County, which includes the city of Newark, has approximately
811,500 citizens. The region is bordered to the east by the Hudson River
and New York City, to the south by Middlesex and Somerset counties, to the
west by Warren and Sussex counties, and to the north by New York State. A
large portion of the area is almost fully developed and densely populated.
The region is a part of the New York metro and is linked to the city by the
George Washington Bridge, the Lincoln Tunnel, the Holland Tunnel, several
ferries and commuter rail tunnels.
MARKET OVERVIEW
METRO HIGHLIGHTS
DIVERSE INDUSTRIES
Pharmaceuticals, healthcare and finance are a few
of the segments that contribute to the metro’s
economic base.
LARGE LABOR POOL
The region’s diverse and highly skilled labor and
access to workers in other nearby metros draws an
array of businesses.
UNIQUE ECONOMY
Northern New Jersey has its own economic drivers
and is also well connected to New York City’s robust
economy.
3508 PARK AVENUE
MARKET OVERVIEW
ECONOMY▪ Northern New Jersey is home to numerous Fortune 500 companies including Prudential
Financial, Merck, PBF Energy and Honeywell International.
▪ The airline industry accounts for a significant share of jobs in the region. United Airlines has
a major presence at Newark Liberty International Airport.
▪ Trade is a key employment sector. Vehicle imports account for a substantial amount of the
Port Newark-Elizabeth Marine Terminal’s business.
▪ Spillover from Wall Street bolsters finance jobs in Essex, Hudson and Bergen counties.
MAJOR AREA EMPLOYERS
Prudential Financial
United Airlines Holdings
Wells Fargo
Hackensack University Medical Center
Bank of America
Wakefern Food Corp
TD Bank
St. Joseph’s Hospital and Medical Center
Merck & Co. Inc.
RWJBarnabas Health * Forecast
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3508 PARK AVENUE
SHARE OF 2019 TOTAL EMPLOYMENT
MANUFACTURING
6%GOVERNMENT
HEALTH SERVICES
EDUCATION AND
+OTHER SERVICES
4%
LEISURE AND HOSPITALITY FINANCIAL ACTIVITIES
22%
AND UTILITIES
TRADE, TRANSPORTATION CONSTRUCTION
PROFESSIONAL AND
BUSINESS SERVICES
2%INFORMATION
18%
4%
14% 8% 7%
16%
MARKET OVERVIEW
DEMOGRAPHICS
SPORTS
EDUCATION
ARTS & ENTERTAINMENT
▪ Northern New Jersey will add nearly 67,500 people and approximately 33,000
households over the next five years, generating demand for housing.
▪ The homeownership rate of 51 percent is below the national rate of 57 percent,
maintaining a strong rental market.
▪ Approximately 39 percent of residents hold a bachelor’s degree, including 15 percent
who have also obtained a graduate or professional degree.
Northern New Jersey offers a variety of amenities and cultural activities. Sports and
entertainment are available in East Rutherford at the Meadowlands. The MetLife Stadium is
home to the Giants and Jets of the NFL. The Prudential Center, also known as the Rock, is
an indoor arena in downtown Newark where the Devils (NHL) and Seton Hall University
play. Downtown Newark also houses the New Jersey Performing Arts Center and Bears
and Eagles Riverfront Stadium, home of the Newark Bears, a minor-league baseball team.
Numerous community colleges and universities are located in the metro, including Seton
Hall University, the Newark campus of Rutgers University, Stevens Institute of Technology,
William Paterson University and Bergen Community College.
QUALITY OF LIFE
3
* Forecast
Sources: Marcus & Millichap Research Services; BLS; Bureau of Economic Analysis; Experian; Fortune; Moody’s
Analytics; U.S. Census Bureau
3508 PARK AVENUE
2019 Population by Age
0-4 YEARS
6%5-19 YEARS
18%20-24 YEARS
6%25-44 YEARS
28%45-64 YEARS
27%65+ YEARS
14%
38.6
2019MEDIAN AGE:
U.S. Median:
38.1
$78,100
2019 MEDIAN HOUSEHOLD INCOME:
U.S. Median:
$60,800
4M
2019POPULATION:
Growth2019-2024*:
1.7%
1.5M
2019HOUSEHOLDS:
2.2%
Growth2019-2024*:
PROPERTY NAME
MARKETING TEAM
3508 PARK AVENUE
DEMOGRAPHICS
Source: © 2019 Experian
Created on June 2020
POPULATION 1 Miles 3 Miles 5 Miles
▪ 2024 Projection
Total Population 88,339 794,259 2,087,026
▪ 2019 Estimate
Total Population 86,329 761,566 2,006,494
▪ 2010 Census
Total Population 80,630 702,850 1,865,489
▪ 2000 Census
Total Population 80,028 657,268 1,768,218
▪ Daytime Population
2019 Estimate 70,896 1,895,514 3,882,190
HOUSEHOLDS 1 Miles 3 Miles 5 Miles
▪ 2024 Projection
Total Households 33,178 392,047 1,003,471
▪ 2019 Estimate
Total Households 32,165 373,848 959,000
Average (Mean) Household Size 2.66 1.99 2.02
▪ 2010 Census
Total Households 29,838 342,654 884,144
▪ 2000 Census
Total Households 28,881 324,702 837,763
Growth 2015-2020 3.15% 4.87% 4.64%
HOUSING UNITS 1 Miles 3 Miles 5 Miles
▪ Occupied Units
2024 Projection 33,178 392,047 1,003,471
2019 Estimate 33,781 412,491 1,050,838
Owner Occupied 7,492 113,872 259,401
Renter Occupied 24,673 259,977 699,599
Vacant 1,616 38,642 91,839
▪ Persons In Units
2019 Estimate Total Occupied Units 32,165 373,848 959,000
1 Person Units 28.26% 46.16% 44.39%
2 Person Units 27.62% 30.14% 30.78%
3 Person Units 17.61% 11.33% 12.06%
4 Person Units 13.68% 7.38% 7.67%
5 Person Units 7.07% 2.95% 3.00%
6+ Person Units 5.76% 2.03% 2.11%
HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles
▪ 2019 Estimate
$200,000 or More 6.18% 22.82% 20.55%
$150,000 - $199,000 6.64% 10.01% 9.15%
$100,000 - $149,000 12.47% 15.90% 15.40%
$75,000 - $99,999 11.44% 10.40% 10.22%
$50,000 - $74,999 16.42% 11.76% 11.86%
$35,000 - $49,999 11.69% 7.00% 7.42%
$25,000 - $34,999 9.64% 5.65% 5.96%
$15,000 - $24,999 11.75% 6.54% 7.08%
Under $15,000 13.79% 9.92% 12.36%
Average Household Income $82,831 $155,466 $144,310
Median Household Income $54,644 $96,762 $87,607
Per Capita Income $30,981 $76,641 $69,408
POPULATION PROFILE 1 Miles 3 Miles 5 Miles
▪ Population By Age
2019 Estimate Total Population 86,329 761,566 2,006,494
Under 20 22.93% 16.65% 17.06%
20 to 34 Years 25.09% 29.59% 29.84%
35 to 39 Years 8.38% 9.19% 8.74%
40 to 49 Years 13.77% 13.52% 12.99%
50 to 64 Years 17.06% 16.93% 16.70%
Age 65+ 12.76% 14.14% 14.69%
Median Age 36.11 36.89 36.63
▪ Population 25+ by Education Level
2019 Estimate Population Age 25+ 61,192 588,450 1,532,260
Elementary (0-8) 13.59% 4.77% 4.76%
Some High School (9-11) 8.45% 4.33% 5.28%
High School Graduate (12) 30.12% 14.52% 14.46%
Some College (13-15) 13.56% 9.97% 9.88%
Associate Degree Only 4.55% 3.55% 3.76%
Bachelors Degree Only 18.21% 33.46% 32.39%
Graduate Degree 8.89% 28.17% 27.80%
▪ Population by Gender
2019 Estimate Total Population 86,329 761,566 2,006,494
Male Population 49.96% 49.28% 48.23%
Female Population 50.04% 50.72% 51.77%
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Income
In 2019, the median household income for your selected geography is
$87,607, compare this to the US average which is currently $60,811.
The median household income for your area has changed by 77.60%
since 2000. It is estimated that the median household income in your
area will be $101,277 five years from now, which represents a change
of 15.60% from the current year.
The current year per capita income in your area is $69,408, compare
this to the US average, which is $33,623. The current year average
household income in your area is $144,310, compare this to the US
average which is $87,636.
Population
In 2019, the population in your selected geography is 2,006,494. The
population has changed by 13.48% since 2000. It is estimated that the
population in your area will be 2,087,026.00 five years from now,
which represents a change of 4.01% from the current year. The
current population is 48.23% male and 51.77% female. The median
age of the population in your area is 36.63, compare this to the US
average which is 38.08. The population density in your area is
25,504.97 people per square mile.
Households
There are currently 959,000 households in your selected geography.
The number of households has changed by 14.47% since 2000. It is
estimated that the number of households in your area will be
1,003,471 five years from now, which represents a change of 4.64%
from the current year. The average household size in your area is 2.02
persons.
Employment
In 2019, there are 2,791,447 employees in your selected area, this is
also known as the daytime population. The 2000 Census revealed that
77.45% of employees are employed in white-collar occupations in this
geography, and 22.79% are employed in blue-collar occupations. In
2019, unemployment in this area is 3.75%. In 2000, the average time
traveled to work was 34.00 minutes.
Race and Ethnicity
The current year racial makeup of your selected area is as follows:
59.69% White, 10.36% Black, 0.06% Native American and 16.17%
Asian/Pacific Islander. Compare these to US averages which are:
70.07% White, 12.87% Black, 0.19% Native American and 5.66%
Asian/Pacific Islander. People of Hispanic origin are counted
independently of race.
People of Hispanic origin make up 26.29% of the current year
population in your selected area. Compare this to the US average of
18.17%.
PROPERTY NAME
MARKETING TEAM
3508 PARK AVENUE
Housing
The median housing value in your area was $679,080 in 2019,
compare this to the US average of $212,058. In 2000, there were
202,371 owner occupied housing units in your area and there were
635,392 renter occupied housing units in your area. The median rent
at the time was $782.
Source: © 2019 Experian
DEMOGRAPHICS
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DEMOGRAPHICS
34
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