119-137 Clifford Street- Brochurenyinvestmentsales.cushwake.com/listingimages/anotherdoc/pdf/... · Dr. Koppel Gr 128 $61.88 6/30/10 10% 1- 2 yrs 660$ 7,921$ Vacant Gr 360 $40.00

119-137 Clifford Street119119--137 Clifford Street, Newark, NJ137 Clifford Street, Newark, NJMedical Office Building

119-137 Clifford StreetConfidentiality

THIS IS A CONFIDENTIAL MEMORANDUM intended solely for your own limited use in considering whether to pursue negotiations to acquire 119-137 Clifford Street, Newark, NJ.

This Confidential Memorandum contains brief, selected information pertaining to the business and affairs of the Owner, and has been prepared by Massey Knakal Realty Services ("Massey Knakal") primarily from information supplied by the Owner. Although this Confidential Memorandum has been reviewed by representatives of the Owner, it does not purport to be all inclusive or to contain all of the information which a prospective purchaser may desire. Neither Massey Knakal, nor any of their officers, employees or agents make any representation or warranty, expressed or implied, as to the accuracy or completeness of this Confidential Memorandum or any of its contents, and no legal liability is assumed or to be implied with respect thereto.

By acknowledgement of your receipt of the Confidential Memorandum, you agree that the memorandum and its contents are confidential, that you will hold and treat it in the strictest of confidence, that you will not directly or indirectly, disclose or permit anyone else to disclose this memorandum or its contents to any person, firm or entity without prior written authorization of Owner, and that you will not use, or permit to be used, this memorandum or its contents in any fashion or manner detrimental to the interest of Owner. Photocopying or other duplication is strictly prohibited.

Owner and Massey Knakal expressly reserve the right, at their sole discretion, to reject any or all proposals or expressions or interest in the building, and to terminate discussions with any party at any time with or without notice.

If you do not wish to pursue negotiations leading to this acquisition, kindly return this confidential memorandum to Massey Knakal.

This Confidential Memorandum shall not be deemed a representation of the state of affairs to the property or constitute an indication that there has been no change in the business of affairs or The Properties since the date of preparation of this memorandum.

119-137 Clifford Street

Offering Memorandum

119-137 Clifford StreetMedical Office Building

Newark, NJ

Asking Price:$6,200,000

EXCLUSIVE AGENTS:

James P. Nelson Brendan Gotch Billy Simons Rich D’Andrea [email protected] [email protected] [email protected] [email protected]

(x7710) (x7742) (x7734) (7708)

MASSEY KNAKAL REALTY SERVICES275 MADISON AVENUE, 3RD FLOOR

NEW YORK, NEW YORK 10016(P) 212-696-2500(F) 212-696-0333

The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. All zoning, buildable footages and uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN.

119-137 Clifford StreetTable of Contents

Property SummaryProperty Photographs

Aerial PhotographNeighborhood Map

Neighborhood CharacterTransportation Description

Area HospitalsProperty Survey

Certificate of Occupancy

119-137 Clifford Street119-137 Clifford Street, Newark, NJMedical Office Building for Sale

For Further Information or Inspection, Please Contact Exclusive Sales Agents:James Nelson 212-696-2500 (x7710) or [email protected] Gotch 212-696-2500(x7742) or [email protected] Simons 212-696-2500 (x7734) or [email protected]

Rich D’Andrea 212-696-2500(x7708) or [email protected]

Property InformationAddress: 119-137 Clifford Street, Newark, NJ

Location:

Block/Lot: 973 / 10

Year Built: Originally built in 1962 and renovated into medical space in 2003

Stories: 2 plus lower level

Lot Dimensions: 314.04' x 104.5' Irr (Approx.)

Building Size: 84' x 150' Irr (Approx.)

Parking: 40 Spaces (Approx.)

Building Square Feet: 12,053 Irr (Approx.)

Rentable Square Feet: 29,648 (Approx.)

HVAC: Each tenant's space has its own individual HVAC unit. Heat is a gas fired forced hot air system and central A/C

Property Class: Commercial (4A)

Assessed Value: $2,066,700 ($257,000-Land & $1,809,700-Building) (07/08)

Real Estate Taxes: $51,460 (07/08)

Description:

The property benefits from the fact that it is 94% occupied. There is upside in the rents which average $25/RSF in a building that commands as high as $40-60/RSF.

Located approximately 1/2 mile away from Route 1&9 and Interstate 78, on the south side of Clifford Street between Van Buren Street and Adams Street.

The property is located in Newark, New Jersey, approximately 1/2 mile away from Route 1 & Interstate 78. The property is an elevatored two story medical office building with a lower level for a total of three stories. The top floor of the building is leased to a nursery school which was recently gut renovated.

The elevator has been updated with a new pump and motor. The building is constructed of poured concrete with a steel frame and a gravel exterior. Additionally, there is a security system for entry to the building. A new rubber roof was installed approximately five years ago. Each floor features men and women's bathrooms.

ASKING $6,200,000

275 Madison Avenue • Third Floor • New York, NY 10016 • 212.696.2500 • Fax 212.696.0333www.masseyknakal.com

THE BRONX BROOKLYN MANHATTAN NASSAU QUEENS STATEN ISLAND WESTCHESTER

119-137 Clifford Street119-137 Clifford Street, Newark, NJMedical Office Building

Tenant FLR SF Rent/SF Lease Expires Increases/Notes Options Monthly Rent Annual RentDaniela Sorvillio LL 280 $28.35 6/30/10 662$ 7,938$ Joesph Capolla LL 300 $27.78 12/14/08 695$ 8,335$ Total Care LL 1,520 $12.63 10/31/08 10% 1- 2 yrs 1,600$ 19,198$ Ironbound MRI LL 1,800 $14.36 12/31/16 5% after 2010 1- 5 yrs 2,154$ 25,848$ A&B, LLC (Church) LL 2,256 $14.66 10/31/10 5% 2,756$ 33,073$ Management Office Gr 100 $65.00 Projected 542$ 6,500$ Dr. Koppel Gr 128 $61.88 6/30/10 10% 1- 2 yrs 660$ 7,921$ Vacant Gr 360 $40.00 Projected 1,200$ 14,400$ Medical Practitioners of Northern NJ Gr 600 $18.00 10/31/09 1- 2 yrs 900$ 10,800$

Advanced Pain Mng Gr 600 $21.00 4/31/09 5% 1- 1 yrs 1,050$ 12,600$ Vacant Gr 672 $40.00 Projected 2,240$ 26,880$ Vacant Gr 700 $40.00 Projected 2,333$ 28,000$ Cranio Associates P.A. Gr 848 $28.30 Mo-Mo 2,000$ 23,998$ Empire Dental Care PC Gr 848 $41.92 7/31/10 5% 1- 1 yrs 2,962$ 35,548$ Dr. Raja Kolland Gr 964 $19.61 12/30/09 5% 1- 3 yrs 1,575$ 18,904$ Millenium Strategies Gr 1,200 $31.50 4/30/09 10% 1- 1 yrs 3,150$ 37,800$ Dr. Jessie Burrini Gr 1,612 $24.19 2/28/11 No Increase 1- 3 yrs 3,250$ 38,994$ Industrial Medicine Assoc. Gr 2,360 $25.78 6/30/09 3% 1- 3 yrs 5,070$ 60,841$ St. Justine Nursery, Inc 2 12,500 $16.80 8/31/15 5% 17,500$ 210,000$ Total 29,648 $25.78 52,298$ 627,578$

Yellow represents a projected rent



119-137 Clifford Street119-137 Clifford Street, Newark, NJMedical Office Building

For Further Information or Inspection, Please Contact Exclusive Sales Agents:James Nelson 212-696-2500 (x7710) or [email protected] Gotch 212-696-2500 (x7742) or [email protected] Simons 212-696-2500 (x7734) or [email protected]

Rich D’Andrea 212-696-2500 (x7708) or [email protected]

RevenueGross Potential Annual Income 627,578$

EXPENSES (ESTIMATED):Real Estate Taxes (2007) 51,460$ Water & Sewer 2,584$ Insurance 11,842$ PSE&G (1st Floor only, Tenants pay for use on LL and 2nd Floor) 25,000$ Landscaping / Snow Removal 2,700$ Payroll & Cleaning 30,240$ Repairs @ $.50/psf 14,244$ Trash 7,200$ Elevator 3,000$ Management @ 4% 4% 25,103$ Miscellaneous @ 1% 1% 6,275.78$ Total: 179,649$

Gross Annual Income: 627,578$ Less Expenses: (179,649)$ Net Operating Income: 447,929$




The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. All zoning, buildable footages and uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN.

119-137 Clifford Street, Newark, NJMedical Office Building

TENANT SF LXP 2008 2009 2010 2011 2012 2013 2014 2015 2016Daniela Sorvillio 280 6/30/10 - - 280 - - - - - - Joesph Capolla 300 12/14/08 300 - - - - - - - - Total Care 1,520 10/31/08 1,520 - - - - - - - - Ironbound MRI 1,800 12/31/16 - - - - - - - - 1,800 A&B, LLC (Church) 2,256 10/31/10 - - 2,256 - - - - - - Management Office 100 Projected - - - - - - - - Dr. Koppel 128 6/30/10 - - 128 - - - - - - Vacant 360 Projected 360 - - - - - - - - Medical Practitioners of Northern NJ 600 10/31/09 - 600 - - - - - - - Advanced Pain Mng 600 4/31/09 - - - - - - - - - Vacant 672 Projected 672 - - - - - - - - Vacant 700 Projected 700 - - - - - - - - Cranio Associates P.A. 848 Mo-Mo - - - - - - - - - Empire Dental Care PC 848 7/31/10Dr. Raja Kolland 964 12/30/09Millenium Strategies 1,200 4/30/09Dr. Jessie Burrini 1,612 2/28/11 - - - 1,612 - - - - - Industrial Medicine Assoc. 2,360 6/30/09 - 2,360 - - - - - - - St. Justine Nursery, Inc 12,500 8/31/15 - - - - - - - 12,500 -

Total 29,648 3,552 2,960 2,664 1,612 - - - 12,500 1,800

Percentage of Total 12% 10% 9% 5% 0% 0% 0% 42% 6%Lease expiration schedule does not reflect tenant's option to renew.

Tenant Lease Expirations

-

2,000

4,000

6,000

8,000

10,000

12,000

14,000

2008 2009 2010 2011 2012 2013 2014 2015 2016

Expiration Year

RSF

119-137 Clifford StreetProperty Photographs



119-137 Clifford StreetAerial Photograph


119-137 Clifford StreetNeighborhood Description

Newark at a Glance:The original Puritan founders of Newark constructed the city with a number of parks in the downtown area. By the end of the 19th century, stately homes surrounded these parks. Railroads brought new life to the area.

Urban renewal plans brought Interstate Highway 280 and 78 into the center of the central business district with recent improvements made by NJ Department of Transportation. The presence of mass transit and highways have kept the area desirable location.

Recently, Newark, New Jersey has re-emerged as a vibrant urban center. A strong and expanding economic base, newly completed cultural and entertainment venues, a new sports arena nearing completion, and a prospering and long lived community of colleges and universities, recently completed and planned transit improvements, and new housing opportunities present a clear picture of revitalization and growth. Against such a backdrop, significant development opportunities are emerging in a city only minutes away from Manhattan. Newark Penn Station offers rail service on NJ Transit, Amtrack, and PATH.

119-137 Clifford StreetNeighborhood

Newark is New Jersey's largest urban center and America's third oldest major city, having been founded in 1666. After decades of decline and disinvestment, Newark today is attracting national attention for its ongoing rebirth and renewal.

Crime and unemployment are both down, achieving levels unseen indecades. Also, after years of decline, the population is showing signs of growth. Neighborhoods are witnessing a boom of housing, opportunity, and hope. Businesses are relocating and expanding. Major educational reforms are underway. Bricks and mortar investment in Newark between 1995 and 2010 is estimated to total several hundred million dollars per square mile - approximately $12-14 billion for the city as a whole. Whilemore remains to be done, the reality of Newark is of a city on the rise.

Newark is at the heart of New Jersey's arts and cultural worlds. The city is home to the New Jersey State Opera and the New Jersey Symphony Orchestra, art galleries galore and a pair of classic venues that feature performances ranging from opera to orchestras to dance to theater: the New Jersey Performing Arts Center and Newark Symphony Hall and most recently the Prudential Center. The Newark Museum holds an eclectic collection of art and artifacts, while the Newark Public Library and the New Jersey Historical Society offer exhibits that educate and entertain. It's no wonder that Newark is drawing national attention as an up-and-coming destination for art lovers.

119-137 Clifford StreetTransportation Description

Transportation:

Newark is a transportation powerhouse with incomparable road, rail, sea and air connections. The city boasts Newark Liberty International Airport, which serves 37 airlines, making 300,000 flights with 30 million passengers a year. There is also a wealth of options to get to and from the city, including major highway connections, Amtrak's Northeast Corridor Line, PATH trains to New York, and New Jersey Transit bus and rail service. In fact, a trip from midtown Manhattan to Newark via rail takes as little as 15 minutes. Newark also features Port Newark/Elizabeth, the largest container shipping complex in the east.

119-137 Clifford Street is located 2 miles from the New Jersey Transit’s Newark (Penn Station) Rail Station. From this station, access to New York City, and all other New Jersey stations are possible via, Hoboken or Penn (New York) stations. The property is located within 5 miles of US 1-9, I-78, and the New Jersey Turnpike which are major roadway ways in New Jersey. In addition, 119-137 Clifford Street is within ten miles of Newark’s Liberty Airport. From Manhattan the property can be reached by bus and car in approximately 30 minutes.

119-137 Clifford StreetArea Hospitals

About Newark Beth Israel Medical CenterNewark Beth Israel Medical Center, a 673-bed regional care, teaching hospital established in 1901, provides comprehensive health care services to its local communities and is a major referral and treatment center for patients throughout the northern New Jersey metropolitan area.

With more than 800 physicians, 3,200 employees and 150 volunteers, the Medical Center has over 300,000 outpatient visits and 25,000 admissions annually. It is one of two hospitals in New Jersey where heart transplants are performed and the only hospital in New Jersey certified to perform lung transplants.

The Medical Center has New Jersey's most comprehensive Robotic Surgery Center; the State's first accredited Sleep Disorders Center; one of the largest electrophysiology programs in New Jersey; kidney transplantation; the largest hospital-based dental program in New Jersey and The Saint Barnabas Heart Center at Newark Beth Israel Medical Center, which offers the best in adult and pediatric cardiology services and cardiac surgery programs.

About The University Hospital of NewarkAs the core teaching facility of the UMDNJ-New Jersey Medical School, The University Hospital is the center of referral for many of the state’s most advanced medical services and specialty care programs.

The University Hospital offers a wide range of specialty services including northern New Jersey’s only Level 1 Trauma Center (incorporating a trauma-intensive care unit and the NorthSTAR helicopter emergency and critical care transport system), a regional center for neonatal intensive care, the Acute Stroke Center, the New Jersey Cardiovascular Institute (NJCI), the Cochlear Implant Program, a neurosurgical intensive care unit and a special Brain Tumor Program, the Neurological Institute of New Jersey, a federally designated spinal cord injury program, The University Center for Bloodless Surgery and Medicine, and New Jersey’s first Liver Transplant Program.

The hospital is staffed by 300 full-time attending physicians who are also faculty members of the New Jersey Medical School. The University Hospital has more than 19,000 admissions, 2,700 births, and 215,000 outpatient visits annually.

119-137 Clifford StreetNeighborhood Map

Newark Beth Israel Medical Center

St. Michael’s Medical Center


University Hospital

119-137 Clifford StreetProperty Survey

119-137 Clifford StreetCertificate of Occupancy

Documents

119-137 Clifford Street- Brochurenyinvestmentsales.cushwake.com/listingimages/anotherdoc/pdf/... · Dr. Koppel Gr 128 $61.88 6/30/10 10% 1- 2 yrs 660$ 7,921$ Vacant Gr 360 $40.00