two story retail and office building for sale - massey...

331-337 West Side Avenue331331--337 West Side Avenue, Jersey City, NJ337 West Side Avenue, Jersey City, NJTwo Story Retail and Office Building for Sale

331-337 West Side AvenueConfidentiality

THIS IS A CONFIDENTIAL MEMORANDUM intended solely for your own limited use in considering whether to pursue negotiations to acquire an interest in 331-337 West Side Avenue, Jersey City, New Jersey ("The Property").

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 property since the date of preparation of this memorandum.

331-337 West Side Avenue

Offering Memorandum

331-337 West Side AvenueJersey City, NJ

Asking Price: $1,850,000

EXCLUSIVE AGENTS:

James Nelson Brendan [email protected] [email protected]

(x7710) (x7742)

Billy Simons Rich D’Andrea [email protected] [email protected]

(x7734) (x7708)

MASSEY KNAKAL REALTY SERVICES275 MADISON AVENUE, 3RD FLOOR

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

331-337 West Side AvenueTable of Contents

Property InformationProperty PhotographProperty Overview

Exterior and Interior PicturesSite Plan

Neighborhood InformationNeighborhood Character

NeighborhoodWest Side RedevelopmentNew Jersey City University

Harsimus Stern EmbankmentAerial Map

Neighborhood MapTransportation Description

331-337 West Side AvenueProperty Photograph

331-337 West Side Avenue


Description:

A two story retail and office property located in Jersey City. The building has three retail tenants and two vacant spaces and is 78% occupied. The building is suitable for long term development due to its close proximity to New Jersey City University and the proposed West Side Redevelopment Project. The building is located 10 minutes from the Holland Tunnel with close proximity to downtown Jersey City and Manhattan. The West Side NJ transit Light Rail stop is situated two short blocks from the site. This is a great opportunity for an owner user or developer.

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

James P. NelsonPartner

[email protected] x7710

Rich D’AndreaAssociate


Billy SimonsAssociate


Brendan GotchAssociate


For further information or inspection please contact Exclusive Agents:

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.

331331--337 West Side Avenue, Jersey City, NJ337 West Side Avenue, Jersey City, NJTwo Story Retail and Office Building for Sale

Property Information:Address: 331-337 West Side Ave, Jersey City, NJ

Location:

Block and Lots:

Lot Dimensions: 103.6' x 100' (irr.)

Lot SF: 9,240

Property Class: Industrial (4B)

Acreage: 0.2369

Building InformationBuilding Dimensions: 103.6' x 100' (irr.)

Building SF: 13,400 (Approx.)

Ground Floor: 100' x 100' (irr) 8,990 SF (Approx.)Mezzanine: 100' x 100' (irr) 1,910 SF (Approx.)Second Floor: 25' x 100' (irr) 2,500 SF (Approx.)

Stories: 2 plus mezzanine

Built: Circa 1960

Assessed Value: $395,000 (07/08)

Real Estate Taxes: $20,441 (07/08)

*All measurements and SF are approximations

North east corner of West Side Avenue and Pollack Avenue

1297 / 1, 2, 3 and 4

331-337 West Side AvenueIncome & Expenses


James P. NelsonPartner


Rich D’AndreaAssociate


Billy SimonsAssociate


Brendan GotchAssociate


For further information or inspection please contact Exclusive Agents:

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.

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

331331--337 West Side Avenue, Jersey City, NJ337 West Side Avenue, Jersey City, NJTwo Story Retail and Office Building for Sale

Tenant Floor RSF Rent/SF Lease Expires Monthly Rent Annual RentChurch Gr + Mezz 3,000 $9.60 m-m 2,400$ 28,800$

Restaurant (1) Gr + Mezz 4,400 $11.32 2019 4,150$ 49,800$ Nilsson Lab (2) Gr + 2nd 3,000 $13.20 2014 3,300$ 39,600$ Vacant (3) Gr 1,500 $17.60 N/A 2,200$ 26,400$ Vacant (3) 2 1,500 $9.20 N/A 2,200$ 26,400$ Total 13,400 $12.18 14,250$ 171,000$

Notes:

(3) Vacant Space is projected on current asking rent.

(2) Nilsson Lab's rent increases to $3400 in 9/08.

(1) 5% annual increases. The tenant pays 1/2 the Real Estate Tax increases over a base year of 2004 taxes when the taxes were $18,000.

Gross Potential Revenue

Projected Revenue:Gross Potential Annual Income 171,000$ Less Vacancy & Credit @ 5% 8,550$ Effective Gross Rent 162,450$

EXPENSES (ESTIMATED):Real Estate Taxes (2008) 20,000$ Tenant Real Estate Tax Reimbursements (2,000)$ Heat (Tenant's Pay) -$ Electric (Tenant's Pay) -$ Water & Sewer (Tenant's Pay) -$ Insurance 4,000$ Management @ 4% 6,840$ Miscellaneous @ 1% 1,625$ Total Expenses 30,465$

Gross Annual Income: 162,450$ Less Expenses: (30,465)$

Net Operating Income: 131,986$

331-337 West Side AvenueInterior Photographs

Typical Office Space

Typical Office Space Restaurant w/ Mezzanine Level

331-337 West Side AvenueInterior Photographs

Typical Vacant Space

Typical Vacant Space

Building Electric Service

331-337 West Side AvenueSite Plan

331-337 West Side AvenueNeighborhood Character

Jersey City at a GlanceJersey City at a Glance

• Jersey City is the fastest growing multi-cultural mosaic in NJ with current population of 240,055 (2000 Census)• Top Employer: Donaldson, Lufkin, & Jenrette Securities - 2,687 employees• Available Incentives: Business Employment Incentive Program, Business Relocation Assistance Grant, Employee Training Grant, Urban Enterprise Zone.• The Jersey City Labor Area has 253,900 daily employee base.• The average household income in Jersey City is $52,833, a jump of 49% from 1990.• Generated approximately 35,000 new jobs created in NJ’s Urban Enterprise Zone (UEZ).• According to the Bloustein School of Planning and Public Policy at Rutgers University, Jersey City has gained 91% of new jobs created in NJ’s urban centers from 1992-1995.• According to the New Jersey Business and Industry Association, for a recent three year period Jersey City accounted for more than 90% of the job growth produced by the state’s six largest cities.• Jersey City is the premier financial district of NJ: The FIRE industry (Finance, Insurance, Real Estate) has grown to more than 500% since 1993; about 85% of NASDAQ’s sales volume is conducted in Wall Street West, Jersey City.• Jersey City's total waterfront Class A office market consists of approximately 17 million square feet, which is more than exists now in downtown Atlanta or downtown Pittsburgh

331-337 West Side AvenueNeighborhood

The original municipality called Jersey City grew out of the area known as Powles or Paulus Hook, a tract of solid land jutting out into the Hudson River, bounded by Harsimus Cove on the north and south cove or Communipaw Bay on the south, and separated from the marsh land on the west by a creek that had been enlarged about 20 feet in width, large enough for ordinary boats to pass. Warren Street was roughly its western boundary. This area was purchased from the Dutch West India Company by Abraham Planck. In 1698, it was purchased from Planck by Cornelius Van Vorst. In 1804 Anthony Dey, a prominent New York lawyer, acquired it and soon thereafter passed title to Abraham Varick, also a prominent New Yorker, who the following day conveyed the area to Col. Richard Varick (a former Mayor of New York who had been General Washington's aide-de-camp in the American Revolution), Jacob Radcliff (a former Mayor of New York) and Anthony Dey (a wealthy New York lawyer and cousin of Col. Varick). These three were the leaders of The Associates of the Jersey Company, whose charter was drafted by Alexander Hamilton. For fifteen years it possessed the government and shaped the destiny of the infant community.By: J. Owen Grundy, Historian and Louis P. Caroselli

331-337 West Side AvenueNeighborhood

NOTABLE PROJECTS:NOTABLE PROJECTS:

• The $40 million MLK HUB Redevelopment project. Stores include: Citimarkets, Ponderosa Steakhouse, Ashley Stewart, Summit Bank, H&R Block and Sudzland • The $7.5 million Journal Square Streetscape project has induced approximately $500 million in current and proposed developments in Journal Square. • The $5 million CCTV Security Program. • $1.5 million Central Avenue Streetscape project. • The $9.38 million Citywide Block front Restoration Program in Central Avenue, McGinley Square, Historic Downtown, Journal Square, West Side Avenue, Martin Luther King Drive, Communipaw Avenue, Monticello Avenue, and Old Bergen Road shopping districts: 45 restored; 56 under construction; 102 are set to bid. • The Community Lending and Investment Corporation of Jersey City (CLIC), a subsidiary of the Jersey City Economic Development Corporation (JCEDC), has apportioned 195 loans (54 active), created 1,783 jobs, and retained 1,239 jobs.

OFFICE:OFFICE:

• There are currently 27 office buildings, a total of 17 million square feet of office space. • 8 state-of-the-art office buildings, a total of 5.8 million square feet of office space, are under construction. • 11 state-of-the-art office buildings, a total of 14.3 million square feet of office space, are on the drawing board. • Goldman Sachs 861-foot skyscraper is the tallest edifice in New Jersey. • Class A office space rental rates range from $27 to $37 per-square-foot in Wall Street West, Jersey City.

LUXURY RESIDENTIAL:LUXURY RESIDENTIAL:

• There are 20 luxury residential projects, a total of 7,321 units. • 14 luxury residential projects are under construction, a total of 4,114 units. • 11 luxury residential projects are on the drawing board, a total of 9,329 units. • Newport apartments rent for $24 a square foot compared to Battery Park’s $50 a square foot. • According to a recent study by Experian, Jersey City has an annual rate of 19.9% in property values in home-resale price, placing it third among metro areas in the country.

331-337 West Side AvenueWest Side Redevelopment

Friday, February 22, 2008

West Side Redevelopment

Redeveloping west side gets plan board backingFriday, February 22, 2008CHARLES HACKJOURNAL STAFF WRITER

The Jersey City Planning Board unanimously voted Wednesday to make roughly 100 polluted acres on the city's west side a redevelopment zone.The city has struck a deal with Morristown-based Honeywell International to clean and develop the chromium-tainted land.

Project designer Anton C. Nelessen, of A. Nelessen Associates, outlined the Bayfront I Redevelopment plan that would replace old industrial buildings, vacant land, a concrete plant and three city complexes with homes, shops, restaurants and offices along tree-lined streets with parks and a waterfront walkway.

The plan calls for up to 8,100 residential units, 1 million square feet of office space, 600,000 square feet of retail space and 12,000 parking spaces.Jersey City Redevelopment Agency Executive Director Bob Antonicello said negotiations have started with NJ Transit to extend the Hudson-Bergen Light Rail from the West Side Avenue Station to the area. The development would include "green" buildings and a network of bicycle paths. Parking would be incorporated into the buildings, officials said.

Two block-wide parks, listed on renderings as Central Park and the Promenade, would cross the width of the site from a new boulevard alongRoute 440 West to the waterfront, with space available for playgrounds, dog parks, ball courts, a grass amphitheater and other amenities.The development area stretches from Route 440 to the Hackensack River and from the northern edge of Society Hill at Kellogg Street to Culver Avenue.

Corporation Counsel Bill Matsikoudis said he received word that the state Department of Environmental Protection has approved Honeywell International's remediation plan for the site."This is really just the start," said Ward A Councilman Michael Sottolano, who represents the area. "From what I have seen it will be a first-class community if it keeps in the direction it is going."

-The Jersey Journal

331-337 West Side AvenueNew Jersey City University

Since the date of its charter by the New Jersey Legislature in 1927, the institution known today as New Jersey City University has been evolving as a place of higher learning.

Opened in 1929 as the New Jersey State Normal School at Jersey City, the institution was renamed New Jersey State Teachers College at Jersey City in 1935 and Jersey City State College in 1958, becoming a liberal arts institution in 1968. In 1998, the New Jersey Commission on Higher Education approved a change of institutional status and accepted the present name, New Jersey City University.

Although the founding principles and mission of this urban institution -- access and excellence -- have not changed since the first day of class 75 years ago, New Jersey City University’s physical presence has changed dramatically. The size of the campus has expanded six-fold; the number of buildings and facilities has grown from one structure to 26; the academic focus has blossomed from normal school training to 32 undergraduate degree major programs and 19 graduate degree programs offered in three colleges; and the student body has grown and diversified from 330 area residents to about 10,000 students from across New Jersey, the United States, and 50 countries around the globe.

331-337 West Side AvenueHarsimus Stern Embankment

The Harsimus Stem Embankment is an elevated stone structure that once carried seven tracks of the Pennsylvania Railroad to the Hudson River Waterfront.

It runs for a half mile along 6th street in downtown Jersey City, and joins the National Historic districts of Hamilton Park and Harsimus Cove. The Embankment is itself listed on the State Register of Historic Places, is eligible for the National Register, and is a Municipal Landmark.

The Embankment and streetscape will be a linchpin in a network of walkable, bikeable greenways within the City of Jersey City, and beyond. From north to south along Jersey Avenue, a main boulevard, the Embankment will serve as a midpoint in a series of parks, including Hamilton Park, Van Vorst Park, and Liberty State Park. From east to west, the Embankment will join the Hudson Waterfront Walkway with the Hackensack Meadowlands, via the Bergen Arches. A 2004 Northern New Jersey Route Study for the East Coast Greenway recommends this latter route as the main ECG pathway through Hudson County. The route has been endorsed by all six counties and 26 municipalities along it.

Harsimus Stem EmbankmentEntrance to Embankment Park at Luiz Munoz Boulevard

Conceptual P

lan from N

ewark A

ve. to Marin B

oulevard

331-337 West Side AvenueAerial Map

331-337 Westside Avenue

331-337 West Side AvenueNeighborhood Map

NJ Transit Lightrail Station

331-337 Westside Avenue

331-337 West Side AvenueTransportation Description

Transportation:

One of the Jersey City’s major assets is its location, especially in its proximity to New York City, Hoboken, Newark Airport, NJ/NY Ports and other major employment destinations. Jersey City has a strong public transportation system, with three light rail stations-Grove Street, Newport and Exchange Place stations which provide access to designations outside of the City. 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 Jersey City via rail takes as little as 20 minutes. The property is less than one mile away from route 78 and 440, which are major highways in New Jersey that connects to both the NJ Turnpike and the NJ Parkway. Additionally, the building is located within fifteen miles of Newark’s Liberty Airport. From New York City, Jersey City is easily accessible by taking the Holland or Lincoln Tunnels. Driving time is typically under 25 minutes from Midtown.

331-337 Westside Avenue Street is located approximately two block from the Westside New Jersey Transit’s Light Rail Station. From this station, access to New York City, and all other New Jersey Stations is possible via Newark, Hoboken or Penn (New York) stations. The train to New York City takes approximately 25 minutes.

JERSEY CITYJERSEY CITY

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