554-556 bloomfield avenue offering memorandum 554-556 bloomfield … · 2021. 1. 8. · 554-556...
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BLOOMFIELD AVENUE554-556 Montclair, New Jersey
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• EXECUTIVE SUMMARY
• PROPERTY PHOTOS
• TENANT SUMMARY
• MARKET OVERVIEW
• LOCATION AND TAX MAP
• REGIONAL MAP
• AREA DEMOGRAPHICS
• MUNICIPAL PARKING MAP
• SURROUNDING RETAIL MAP
• FINANCIAL ANALYSIS
TA B L E O F C O N T E N TS
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EXECUTIVE SUMMARY
554-556 BLOOMFIELD AVENUE is a 2,925 SF retail building located in affluent Montclair, New Jersey. The property, built in 1925 and was renovated in 2017. Current tenant is Investors Savings Bank. Investors Savings Bank is the largest community bank in New Jersey with 153 branches in New Jersey and New York.
The property’s location is superior, positioned in downtown Montclair with easy access to the Garden State Parkway, Route 46, and Route 280. The property is in walking distance to the Montclair Train Station.
PROPERTY SUMMARY
THE OFFERING
Property Address 554-556 Bloomfield AvenueMontclair, NJ 07042
Block 2208
Lot 12
BUILDING INFORMATION
Building Dimensions 28 FT x 113 FT (approx.)
Stories 1
Gross Square Footage 2,925 (approx.)
Commercial Units 1
Zoning Mixed UseFAR .96Lot Size .07 acres
Total Building Square Feet 2,925 SF (approx.)VITAL DATA
PRICE $2,500,000
NOI $110,000
CAP RATE 4.40%
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PROPERT Y PHOTOS
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TENANT SUMMARY
INVESTORS BANK headquartered in Short Hills, New Jersey, is a full-service community bank that has been serving customers since 1926. With over $25 billion in assets and a network of over 145 retail branches, Investors delivers personalized services and products tailored to the needs of its customers. Investors’ consumer banking service include complete deposit products, online banking, home equity loans, and lines of credit and a full array of mortgage loans.
Serving the business community, investors provides deposit accounts, cash management services, business loans and lines of credit, and commercial real estate financing solutions to small and middle market companies, professional services firms, municipalities and other businesses. Investors is a member of the FDIC and an Equal Housing Lender.
TENANT SUMMARY
Tenant Trade Name ISBC
Number of Employees 1,903
Headquarters Short Hills, NJ
Website www.myinvestorsbank.com
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MARKET OVERVIEW
MONTCLAIR is a unique New Jersey community. Nestled at the foot of the First Watchung Mountain, Montclair is most identified by its diverse population, grand old homes, proximity to New York City and its thriving arts community.
The second largest university in the state resides in Montclair as well as an art museum, live theaters, art galleries and a wide range of boutiques. Montclair’s vibrant downtown is flush with restaurants, movie theaters, shops and nightlife that attract visitors from all over the region.
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QUAL FLOOR SQ. FT.C0001 1st 1737C0002 Basement-1st 2085C0003 2nd-3rd 1969
BLOCK 2203LOT 11
LOCATION AND TAX MAP
554-556 BLOOMFIELD AVE
BLOCK: 2208
LOT: 12
The subject property is located at 554 Bloomfield Avenue.
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REGIONAL MAPREGIONAL MAP
554-556 BLOOMFIELD AVE554-556 BLOOMFIELD AVE
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AREA DEMOGRAPHICS
5 MILE RADIUS
3 MILE RADIUS
1 MILE RADIUS554-556BLOOMFIELD AVE
1 MILE 3 MILES 5 MILES
POPULATION 22,006 182,044 559,427
NUMBER OF HOUSEHOLDS 10,136 74,580 217,500
AVERAGE HOUSEHOLDINCOME
$147,779 $135,723 $113,901
MEDIANHOUSEHOLDINCOME
$104,207 $98,839 $84,243
COLLEGE GRADUATES
10,35165.4%
64,56450.2%
155,90040.4%
TOTALBUSINESSES 1,838 7,488 19,659
TOTALEMPLOYEES 12,424 58,977 177,560
DAYTIME POPULATION 17,684 105,812 331,883
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BLOOMFIELD AVENUE
MUNICIPAL PARKING MAP
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IMAGE
1,288 Avg Weekday Passenger Boardings
Bay Street Station
982 Average WeekdayPassenger Boardings
Walnut Street Station
GASTRO-LOUNGEGASTRO-LOUNGE
Valley & Bloom DevelopmentPhase I of Montclair Center Gateway Redevelopment Plan
• 258 Rental Apartments• 20,000 SF Office Space• 22,000 SF Retail Space• 571 Parking Spaces
The MC Hotel Marriott Autograph Collection
Phase II of Montclair Center Gateway Redevelopment Plan
• 120,000 SF, 8-story boutique hotel• 148 rooms• Includes outdoor plaza, farm-to-table restaurant, Allegory, rooftop bar
Co-Tenants:
The SienaMixed Use
3.2 MILES NORTH
MONTCLAIR RESIDENCES ATMONTCLAIR RESIDENCES ATBAY STREET STATIONBAY STREET STATION
THE WELLMONTTHEATER
1.9 MILES EAST
1.6 MILES NORTH3.5 MILES NORTH
20,000 STUDENTS
24,233 AADT
24,233 AADT
GreekGreekTavernaTaverna
LACKAWANNA STATIONREDEVELOPMENT
• New Grocer• New York City-style Restaurant Row• New Offices• New Residential• New Retail
STUDIOSTUDIO
SEYMOUR REDEVELOPMENT
CONFIDENTIALCONFIDENTIALBRIAN KATZCEOEmail: [email protected]: (845) 735-2382
JONATHAN GREENBERGDirectorEmail: [email protected]: (845) 735-2283
MONTCLAIR | NEW JERSEY
AMY STAATSVice President of Real EstateEmail: [email protected]: (845) 735-2297
MONTCLAIR | NEW JERSEY
A DEVELOPMENT PARTNERED BY
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BLOOMFIELD AVE
BLOOMFIELD AVECHURCH STREETCHURCH STREET
NWELMONT REDEVELOPMENT ON
SEYMOUR STREET
SURROUNDING RETAIL MAP
554-556 BLOOMFIELD AVE
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FINANCIAL ANALYSISTENANT TYPE GLA %GLA MONTHLY RENT RENT/SF ANNUAL RENT
Investors Bank Retail 2,925 SF 100.0% $9,167 $37.61
Year 1-5 $110,000
Year 6-10 $121,000
Year 11-15 (option 1) $133,000
Year 16-20 (option 2) $146,410
TOTAL 2,295 100.0% $9,167 $37.61 $110,000
NET OPERATING INCOME $110,000
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CONTACTEXCLUSIVEAGENTMelissa [email protected]
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This information has been secured from sources we believe to be reliable, but we make no representations as to the accuracy of the information. References to square footage are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
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