63-65 IRVING ST, JERSEY CITY, NJMIXED-USE BUILDING | POTENTIAL OWNER USER OR DEVELOPMENT OPPORTUNITY

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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.

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63-65 IRVING STEXCLUSIVELY LISTED BY

FAHRI OZTURK First Vice President Investments

NEW JERSEY OFFICETel: (201) 742.6170

Fahri.Ozturk@marcusmillichap.com

RICHARD GATTONational Multi Housing Group

NEW JERSEY OFFICETel: (201) 742.6137

Richard.Gatto@marcusmillichap.com

63-65 IRVING ST 01INVESTMENT OVERVIEWProperty DetailsInvestment HighlightsDemographics

02PROPERTY MAPS & PHOTOSProperty MapsExterior PhotosInterior Photos

03FINANCIAL ANALYSISRent RollIncome and Expenses

04PROPERTY TAX MAP & DEMOGRAPHICSTax Map Zoning MapDemographics

TABLE OF CONTENTS

01S E C T I O N

INVESTMENT OVERVIEW

63-65 IRVING ST

EXECUTIVE SUMMARY 6

PROPERTY

Block & Lot 805 / 4

Lot Dimensions 50x100

Lot Size 5,000 Sq. Ft.

Property Taxes $20,363

Zoning R-1 Residential

BUILDING

Stories 3

Approx. Gross Building Size 13,750 Sq. Ft.

Number of Spaces 4

Occupancy Can be delivered vacant

Property Condition Updated

Tenant Utilities Separately Metered

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

INVESTMENT HIGHLIGHTS 7

POTENTIAL DEVELOPMENT OPPORTUNITY• Multi-purpose development

• Multifamily conversion/expansion

VALUE ADD OPPORTUNITY• The property has a pro forma effective gross income of $182,250

representing an 8.60% cap rate at asking price

CONVENIENT TRANSPORTATION• The Jersey City properties are located approximately 2 miles from

the Journal Square Transportation Center which offers a 15-minute ride to the World Trade Center and a 22-minute ride to Midtown Manhattan via Path

• 5 Blocks from the 9th Street Light Rail Station which offers a 27 min commute to NYC

• Journal Square Transportation Center includes a bus terminal with a 28-minute ride into the Manhattan

CENTRAL LOCATION• 15 minutes to NYC and minutes from Historic Downtown Jersey City

• Residents have quick access to key employment centers of Manhattan

• Minutes from the Holland Tunnel, Lincoln Tunnel and GW Bridge

• Easy access to Garden State Parkway, I-95, I-78, Route 1&9 and more

• Situated closely to Newark, JFK and LaGuardia Airport.

• Walkable distance to restaurants, theaters and many national retailers

EXECUTIVE SUMMARY 8

Marcus & Millichap has been selected to exclusively market for sale the 63-65 Irving St, a three-story, brick, mixed-use building in

Jersey City, New Jersey. The building property can be delivered vacant and could potentially be converted or expanded for an owner-

user or multifamily development.

The property is located approximately 2 miles from the Journal Square Transportation Center which offers a 15-minute ride to the

World Trade Center and a 22-minute ride to Midtown Manhattan via Path. 63-65 Irving Street is also located 5 blocks from the 9th

Street Light Rail Station which offers a 27-minute commute into Midtown Manhattan. The Journal Square Transportation Center also

includes a bus terminal with a 28-minute ride into the Manhattan.

Jersey City has earned a reputation as a city with ideal regional connectivity due to accessible public transportation. The successful

public transportation system has sparked new development opportunities in the city as several nearby apartment complexes have been

completed and are under construction. The new supply speaks to the value of the location and should continue to drive the local

economy which will ultimately push rents.

INVESTMENT OVERVIEW

PROPERTY SUMMARY

Price $1,600,000

Block & Lot 805 / 4

Number of Units 4

Lot Size 5,000 Sq. Ft.

Approx. Building Size 13,750 Sq. Ft.

Year Built 1920

Real Estate Taxes $20,363

THE NEXT FRONTIER | JERSEY CITY HEIGHTSJersey City Heights is the north most district of Jersey

City resting behind Hoboken atop the Palisades Cliff. The

Heights has been the focal point of recent development

and expansion in Jersey City but remains as the next

area to “pop”. The area offerings one of the last core

markets of Hudson County that has shown consistent

growth with still the opportunity for true appreciation.

The district shares many similarities with other areas of

Jersey City that have already flourish. Much like

Hamilton Park, a residential subsection of Downtown

Jersey City, The Heights features many historical

brownstone two- and three-family homes with

centralized commercial properties. The community-

friendly lay-out offers the infrastructure, transportation,

and variety needed for the next expansion and

appreciation boom.

EXECUTIVE SUMMARY 9

02

63-65 IRVING ST

S E C T I O N

PROPERTY MAPS & PHOTOS

11PROPERTY MAP

Jersey City Transportation Center30 Min. To NYC

Jersey City Transportation Center

30 Min.ride to

Manhattan

2 MilesJournal Sq.

Transportation

63-65 IRVING ST

Journal Square Bus Terminal

28 Min.Ride to

Manhattan

2 MilesJournal Sq.

Transportation

IN CLOSE PROXIMITY Approx. Miles

Port Authority Bus Terminal 5

New York Penn Station 6

Newark Liberty Airport 9

12PROPERTY PHOTOS

PROPERTY AERIALS

13PROPERTY PHOTOS

INTERIOR PHOTOS – 1ST FLOOR

14PROPERTY PHOTOS

INTERIOR PHOTOS

15PROPERTY PHOTOS

INTERIOR PHOTOS

16PROPERTY PHOTOS

INTERIOR PHOTOS

17PROPERTY PHOTOS

MECHANICAL PHOTOS

03

63-65 IRVING ST

S E C T I O N

FINANCIAL ANALYSIS

19FINANCIAL ANALYSIS

POTENTIAL RENT ROLL

Floor Tenant SF (Est.) Monthly Rent Annual Rent $/PSF

1A Owner (1) 3,750 $4,063 $48,750 $13

1B Rotor Rooter (2) 2,500 $3,125 $37,500 $15

2 Alexander Realty LLC (3) 3,750 $4,000 $48,000 $13

3 Vacant 3,750 $4,000 $48,000 $13

13,750 $15,188 $182,250 $13.40

(1) Currently occupied by the owner and can be delivered vacant.(2) Currently occupied by Rotor Rooter on a month to month term and can be delivered vacant(3) Alexander Realty to be vacant as of November 1, 2019.

20FINANCIAL ANALYSIS

POTENTIAL INCOME & EXPENSES

PRO FORMA

INCOME %EGI

Gross Potential Income $182,250

Less Vacancy & Credit Loss -$9,113 5%

Effective Gross Income $173,138

EXPENSES %EGI $ / SF

Property Taxes $20,363 12% $1.15

Insurance $3,450 2% $0.19

Utilities $600 0% $0.03

Repairs & Maintenance $3,669 2% $0.25

Management Fees $5,194 3% $0.29

Accounting $800 0% $0.05

Reserves $1,500 1% $0.08

Total Expenses $35,577 21% $2.05

NET OPERATING INCOME $137,561

Cap Rate 8.60%

21FINANCIAL ANALYSIS

PROPOSED MULTIFAMILY DEVELOPMENT

DEVELOPMENT ASSUMPTIONS

Zoning R-1 Residential

Existing Building (Sq. Ft.) 13,750

Total Lot Size (Sq. Ft.) 5,000

Building Coverage 100%

DEVELOPMENT SUMMARY CONVERSION EXPANSION

Stories 3 3

Buildable Units 10 12

Parking Spaces 10 10

DEVELOPMENT OPTIONS CONVERSION EXPANSION (1)

Building Footprint (Sq. Ft.) 5,000 5,000

Stories 3 3

Apartment Gross Sq. Ft. 12,500 15,000

Loss Factor 18% 18%

Net Rentable Sq. Ft. 7,380 9,430

Estimated Buildable Units 10 12

Avg. Apartment Size 738 Sq. Ft. 800 Sq. Ft.

Decks of Parking 1 1

Parking Sq. Ft. 3,500 3,500

Avg. Sq. Ft. per Space 350 350

No. of Parking Spaces 10 10

Parking Ratio 2.86 2.86

(1) Building two additional stories above the first floor on the back of the building.

04

63-65 IRVING ST

S E C T I O N

PROPERTY TAX MAP & DEMOGRAPHICS

PROPERTY FLOOR PLANS

23ZONING MAP

PROPERTY SITE PLAN

24ZONING MAP

TAX MAPBlock: 805 / Lot: 4

25ZONING MAP

63-65 IRVING ST

ZONING MAP

26ZONING MAP

63-65 IRVING ST

P OPULATION 1- MILE 3-MILES 5-MILES2023 Projection 75,025 384,355 1,306,186

2018 Population 75,448 367,748 1,259,129

2010 Population 69,526 336,817 1,088,955

H O U S E H O L D S 1- MILE 3 - M I L E S 5 - M I L E S2023 Households 29,359 159,032 606,889

2018 Households 28,930 148,885 576,490

2010 Households 26,516 135,283 534,628

I N C O M E 1- MILE 3 - M I L E S 5 - M I L E S2018 Average Household Income $74,653 $112,623 $129,794

2018 Median Household Income $49,501 $72,772 $78,617

2018 Per Capita Income $28,926 $45,877 $59,928

DEMOGRAPHICS

1,259,129TOTAL POPULATION

$129,794AVERAGE HOUSEHOLD INCOME

5- MILE RADIUSDEMOGRAPHICS

576,490TOTAL HOUSEHOLDS

JERSEY CITY

DEMOGRAPHICS 27

63-65 IRVING STEXCLUSIVELY LISTED BY

FAHRI OZTURK First Vice President Investments

NEW JERSEY OFFICETel: (201) 742.6170

Fahri.Ozturk@marcusmillichap.com

RICHARD GATTONational Multi Housing Group

NEW JERSEY OFFICETel: (201) 742.6137

Richard.Gatto@marcusmillichap.com