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KW COMMERCIAL123 Tice Blvd.Woodcliff Lake, NJ 07677
GINA M. PALUMBOManaging Director, Broker-Assoc NY-NJ0: 201.391.2500 X522C: [email protected]
Verona Retail Investment
OFFERING MEMORANDUM
PRESENTED BY:
VERONA, NJ
OFFERING MEMORANDUM
Each Office Independently Owned and Operated kwcommercial.com 2
KW COMMERCIAL
123 Tice Blvd.
Woodcliff Lake, NJ 07677
Confidentiality & Disclaimer
GINA M. PALUMBOManaging Director, Broker-Assoc NY-NJ0: 201.391.2500 X522C: [email protected]
All materials and information received or derived from KW Commercial its directors, officers, agents, advisors, affiliates and/or any third party sourcesare provided without representation or warranty as to completeness , veracity, or accuracy, condition of the property, compliance or lack of compliancewith applicable governmental requirements, developability or suitability, financial performance of the property, projected financial performance of theproperty for any party’s intended use or any and all other matters.
Neither KW Commercial its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express or implied, as to accuracy orcompleteness of the materials or information provided, derived, or received. Materials and information from any source, whether written or verbal, thatmay be furnished for review are not a substitute for a party’s active conduct of its own due diligence to determine these and other matters ofsignificance to such party. KW Commercial will not investigate or verify any such matters or conduct due diligence for a party unless otherwise agreed inwriting.
EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE.
Any party contemplating or under contract or in escrow for a transaction is urged to verify all information and to conduct their own inspections andinvestigations including through appropriate third party independent professionals selected by such party. All financial data should be verified by theparty including by obtaining and reading applicable documents and reports and consulting appropriate independent professionals. KW Commercialmakes no warranties and/or representations regarding the veracity, completeness, or relevance of any financial data or assumptions. KW Commercialdoes not serve as a financial advisor to any party regarding any proposed transaction.
All data and assumptions regarding financial performance, including that used for financial modeling purposes, may differ from actual data orperformance. Any estimates of market rents and/or projected rents that may be provided to a party do not necessarily mean that rents can beestablished at or increased to that level. Parties must evaluate any applicable contractual and governmental limitations as well as marketconditions,vacancy factors and other issues in order to determine rents from or for the property. Legal questions should be discussed by the party withan attorney. Tax questions should be discussed by the party with a certified public accountant or tax attorney. Title questions should be discussed by theparty with a title officer or attorney. Questions regarding the condition of the property and whether the property complies with applicable governmentalrequirements should be discussed by the party with appropriate engineers, architects, contractors, other consultants and governmental agencies. Allproperties and services are marketed by Keller Williams Valley Realty in compliance with all applicable fair housing and equal opportunity laws.
We obtained the information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. Itis submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice. We includeprojections, opinions, assumptions or estimates for example only, and they may not represent current or future performance of the property. You and your tax and legal advisorsshould conduct your own investigation of the property and transaction.
OFFERING MEMORANDUM
PRESENTED BY:
VERONA, NJ
PROPERTY INFORMATION
1 | PROPERTY INFORMATION
EXECUTIVE SUMMARY
PROPERTY DESCRIPTION
PROPERTY DETAILS
1PROPERTY INFORMATION269 BLOOMFIELD AVE
OFFERING MEMORANDUM
Each Office Independently Owned and Operated kwcommercial.com 4
OFFERING SUMMARY
SALE PRICE: $600,000
NUMBER OF UNITS: 3
CAP RATE: 6.16%
NOI: $36,980
AVAILABLE SF: 100% Leased
LOT SIZE: 0.15 Acres
BUILDING SIZE: 4,000 SF
TRAFFIC COUNT: 21,633
PRICE / SF: $150.00
PROPERTY OVERVIEWGreat investment in Verona consisting of a 3-tenant retail building on BloomfieldAve. Onsite parking, high traffic count, stable businesses, market cap rate. Built-inescalations, low expenses, newer roof and central air. Property very wellmaintained. Easy purchase, great investment property.
PROPERTY HIGHLIGHTS
Retail Investment
100% leased
Stable Businesses
Onsite parking
High traffic count
Great location
6.16% Cap Rate
Priced to sell!
Executive Summary
269 BLOOMFIELD AVE 1 | PROPERTY INFORMATION
Each Office Independently Owned and Operated kwcommercial.com 5
PROPERTY OVERVIEW
Great investment in Verona consisting of a 3-tenant retail buildingon Bloomfield Ave. Onsite parking, high traffic count, stablebusinesses, market cap rate. Built-in escalations, low expenses,newer roof and central air. Property very well maintained.
Positive cash flow from essential tenants including Facial andWellness Spa, Medical Supply Company, and Sign Company. Spaces have been beautifully renovated and occupied with stableincome. Low Landlord expenses and maintenance. Solidinvestment and being sold at a 6+% cap rate.
LOCATION OVERVIEW
Located in the heart of Verona on busy Bloomfield Ave next toSeven-Eleven. On-site parking in front of building. Centrallylocated with close proximity to major highways including: Rts 280,80, 3, 46, and 23, and the Garden State Parkway.
Property Description
269 BLOOMFIELD AVE 1 | PROPERTY INFORMATION
Each Office Independently Owned and Operated kwcommercial.com 6
SALE PRICE $600,000
LOCATION INFORMATION
Street Address 269 Bloomfield Ave
City, State, Zip Verona, NJ 07044
County/Township Essex/Verona
Nearest Airport Newark Int'l
BUILDING INFORMATION
Building Size 4,000 SF
NOI $36,980
Cap Rate 6.16%
Price / SF $150.00
Year Built 1975
Occupancy % 100%
Tenancy Multiple
Number Of Floors 2
Average Floor Size 2,500 SF
Load Factor Yes
Construction Status Existing
PROPERTY DETAILS
Property Type Retail
Property Subtype Neighborhood Center
Lot Size 0.15 Acres
Lot Frontage 55
Lot Depth 120
Traffic Count 21,633
Traffic Count Street Bloomfield Ave
PARKING & TRANSPORTATION
Number Of Spaces 5
Parking Description Onsite parking in front of building, 5
spots.
Property Details
269 BLOOMFIELD AVE 1 | PROPERTY INFORMATION
LOCATION INFORMATION
2 | LOCATION INFORMATION
REGIONAL MAP
LOCATION MAPS
AERIAL MAP
2LOCATION INFORMATION269 BLOOMFIELD AVE
OFFERING MEMORANDUM
Each Office Independently Owned and Operated kwcommercial.com 8
Verona, NJ 07044
Regional Map
269 BLOOMFIELD AVE 2 | LOCATION INFORMATION
Each Office Independently Owned and Operated kwcommercial.com 9
Location Maps
269 BLOOMFIELD AVE 2 | LOCATION INFORMATION
Each Office Independently Owned and Operated kwcommercial.com 10
Aerial Map
269 BLOOMFIELD AVE 2 | LOCATION INFORMATION
DEMOGRAPHICS
3 | DEMOGRAPHICS
DEMOGRAPHICS MAP & REPORT
3DEMOGRAPHICS269 BLOOMFIELD AVE
OFFERING MEMORANDUM
Each Office Independently Owned and Operated kwcommercial.com 12
POPULATION 1 MILE 3 MILES 5 MILES
Total Population 13,984 124,345 404,804
Average age 42.6 40.1 38.9
Average age (Male) 40.7 38.3 37.5
Average age (Female) 43.6 42.0 40.2
HOUSEHOLDS & INCOME 1 MILE 3 MILES 5 MILES
Total households 5,372 46,867 151,268
# of persons per HH 2.6 2.7 2.7
Average HH income $127,412 $133,461 $101,186
Average house value $488,568 $546,903 $482,015
* Demographic data derived from 2010 US Census
Demographics Map & Report
269 BLOOMFIELD AVE 3 | DEMOGRAPHICS
FINANCIAL ANALYSIS
4 | FINANCIAL ANALYSIS
FINANCIAL SUMMARY
INCOME & EXPENSES
RENT ROLL
ADDITIONAL PHOTOS
ADDITIONAL PHOTOS
4FINANCIAL ANALYSIS269 BLOOMFIELD AVE
OFFERING MEMORANDUM
Each Office Independently Owned and Operated kwcommercial.com 14
INVESTMENT OVERVIEW
Price $600,000
Price per SF $150.00
CAP Rate 6.2%
Cash-on-Cash Return (yr 1) 5.79 %
Total Return (yr 1) $31,070
Debt Coverage Ratio 3.39
OPERATING DATA
Gross Scheduled Income $60,600
Other Income -
Total Scheduled Income $60,600
Vacancy Cost $3,030
Gross Income $57,570
Operating Expenses $20,590
Net Operating Income $36,980
Pre-Tax Cash Flow $26,072
FINANCING DATA
Down Payment $450,000
Loan Amount $150,000
Debt Service $10,908
Debt Service Monthly $909
Principal Reduction (yr 1) $4,998
Financial Summary
269 BLOOMFIELD AVE 4 | FINANCIAL ANALYSIS
Each Office Independently Owned and Operated kwcommercial.com 15
TENANT
NAME
UNIT
NUMBER
UNIT
SIZE (SF)
LEASE
START
LEASE
END
MARKET
RENT
ANNUAL
RENT
% OF
GLA
PRICE
PER SF/YR
Supreme Ortho Fitting 1,500 $25,800 37.5 $17.20
Speranzi Facial Spa 1,000 $20,400 25.0 $20.40
O'Donnell Sign Co 1,500 $14,400 37.5 $9.60
Totals/Averages 4,000 $0 $60,600 $15.15
INCOME SUMMARY
Gross Income $57,570
Vacancy Cost $3,030
EXPENSE SUMMARY
Property Taxes 2021 $15,790Property Insurance (estimated) $2,000Snow Removal $2,800
Gross Expenses $20,590
Net Operating Income $36,980
Income & Expenses
269 BLOOMFIELD AVE 4 | FINANCIAL ANALYSIS
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TENANT
NAME
UNIT
NUMBER
UNIT
SIZE (SF)
LEASE
START
LEASE
END
MARKET
RENT
ANNUAL
RENT
% OF
GLA
PRICE
PER SF/YR
Supreme Ortho Fitting 1,500 $25,800 37.5 $17.20
Speranzi Facial Spa 1,000 $20,400 25.0 $20.40
O'Donnell Sign Co 1,500 $14,400 37.5 $9.60
Totals/Averages 4,000 $0 $60,600 $15.15
Rent Roll
269 BLOOMFIELD AVE 4 | FINANCIAL ANALYSIS
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Additional Photos
269 BLOOMFIELD AVE 4 | FINANCIAL ANALYSIS
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Additional Photos
269 BLOOMFIELD AVE 4 | FINANCIAL ANALYSIS