PROSPECT VILLAGE PLAZA REDEVELOPMENT

Full text

(1)

REDEVELOPMENT

PROSPECT VILLAGE PLAZA

Clifton, New Jersey

(2)

• EXECUTIVE SUMMARY

• PHOTOS

• FACADE SITE RENDERINGS

• DEVELOPMENT PLAN

• GROUND FLOOR PLAN

• SECOND FLOOR PLAN

• EASEMENT PLAN

• RETAIL AERIAL MAP

• LOCAL MAP

• MARKET OVERVIEW

• AREA DEMOGRAPHICS

• SALES COMPS

• RENT ROLL

TABLE OF CONTENTS

(3)

| 3 |

EXECUTIVE SUMMARY

RIPCO REAL ESTATE has been retained on an exclusive basis to arrange for the sale of 62-66 MOUNT PROSPECT AVENUE, CLIFTON, NJ.

CAP RATE OPPORTUNITY | The New Bairn School is an 8,325 SF children’s day care and education tenant whose standard hours of operation go from 9am-6pm. The New Bairn School has recently signed a brand new 10 year lease term with 2% annual rental increases. This tenant has been in this location for over 10 years with a stellar track record of on time payment.

The landlord has the right to terminate this lease with 12 months’

notice to tenant at any time after the first 30 months of the lease agreement.

Upside Future professional/office Development: This site has the as of right approval to add an additional 6,700 SF of medical or professional space.

FUTURE MULTI-FAMILY DEVELOPMENT OPPORTUNITY This property is offered as a fully approved residential development of 36 units. Municipal approvals were granted on August 15, 2018 to allow for the demolition of the existing structure and construct a two (2) story, thirty-six (36) unit apartment building consisting of twentyeight (28) one bedroom and eight (8) two bedroom units with surface parking on site in its place.

The approvals outline the need for cross easements with Lot 10.01 Block 36.01 for parking, utilities and access outlined on the plan provided in the Approvals section.

Development of this project would have to wait until 02/2025.

PROPERTY SUMMARY THE OFFERING

Property Address 62-66 Mount Prospect Avenue

Clifton, New Jersey 07013

Property Type Cap Rate Deal with Future

Development Opportunity BUILDING INFORMATION

Gross Square Footage ±1.39 Acres

Commercial Units 1

Total Building Square Feet ± 8,325 SF

Taxes (19/20) $32,375

VITAL DATA

PRICE $1,950,000

(4)

PHOTOS

(5)

| 5 |

AERIAL

(6)

DEVELOPMENT PLAN: PROPOSED OFFICE/MEDICAL 6,743 SF

(7)

| 7 |

FACADE RENDERINGS

(8)

GROUND FLOOR PLAN

(9)

| 9 |

SECOND FLOOR PLAN

(10)

EASEMENT PLAN

Chain Link Fence Fence as specified Sidewalk

Water Valve Utility Pole Curb

Depressed Curb Manhole Property Line

Existing Spot Elevation Proposed Spot Elevation Existing Contour Proposed Contour Meeting Existing Grade Top of wall

Bottom of Wall Top of Curb Bottom of Curb Edge of Pavement Cleanout

Exsting tree to be removed Building Access

1 2

Parking Eastement to Lot 10.01, Block 36.01

Water and Electric Easement to Lot 10.01, Block 36.01

(11)

| 11 | Athenia Train Station

NJ Transit Clifton High School

5,434 AAD

T 5,434

AAD T 3,497

AADT 3,497

AADT

4,776 AA DT 4,776 AA

DT 137,25

7A AD

T

137,25 7A

AD T

AERIAL PHOTO

62-66 MT PROSPECT

AVENUE

(12)

62-66 MT PROSPECT AVENUE

LOCAL MAP

(13)

| 13 |

MARKET OVERVIEW

Home to the famous Tick Tock Diner and Rutt’s Hut hotdog restaurant, Clifton is located directly west from Midtown-New York City, just 17.5 miles from Manhattan via NJ Route 3. It has two prominent shopping centers that feature numerous stores, restaurants and an 16-screen AMC movie theater.

Clifton is a city in Passaic County, New

Jersey and as of the 2010 United States

Census, the city had a total population

of 84,136.

(14)

AREA DEMOGRAPHICS

5 MILE RADIUS

3 MILE RADIUS

1 MILE RADIUS

DEMOGRAPHICS 1 MILE 3 MILES 5 MILES

POPULATION 34,262 281,433 697,985

NUMBER OF HOUSEHOLDS 11,678 91,501 239,802 AVERAGE HOUSEHOLD INCOME $88,002 $97,880 $103,843 MEDIAN HOUSEHOLD INCOME $72,238 $77,496 $82,960 COLLEGE GRADUATES

(BACHELOR DEGREE OR HIGHER)

7,291

30.7% 56,321

30.0% 157,866

33.1%

TOTAL BUSINESSES 1,482 11,029 29,365

TOTAL EMPLOYEES 12,420 90,904 253,272

DAYTIME POPULATION 24,754 189,535 497,782

62-66 MT PROSPECT

AVENUE

(15)

AREA DEMOGRAPHICS

| 15 |

5 MILE RADIUS

3 MILE RADIUS

1 MILE RADIUS 62-66 MT PROSPECT

AVENUE

(16)

AREA DEMOGRAPHICS

5 MILE RADIUS

3 MILE RADIUS

1 MILE RADIUS 62-66 MT PROSPECT

AVENUE

(17)

SALES COMPS

| 17 |

Address Property Type City Built Building

Area (SF) Lot Size (SF) Asking Price Price per

SF Cap Rate

Subject Property 62-66 Mount Prospect Ave

Completed Sales comps | Retail

Sale Date Address Property Type City Built Building

Area (SF) Lot Size (SF) Asking Price Price per

SF Cap Rate Original

Asking Price % Below Asking

1/15/2021 104 Ackerman Ave, 07011 Office/Resi Clifton 1930 9,000 5,663 $1,700,000 $188.89 6.80%

1/23/2020 550 Allwood Rd, 07012 | Walgreens Retail Clifton 1932 7,920 43,124 $9,500,000 $1,199.49 6.07%

3/5/2020 1204 Broad St, 07013 Retail Clifton 1976 11,250 80,477 $8,000,000 $711.11

12/6/2019 756 Clifton Ave, 07013 Retail/Resi Clifton 5,586 5,201 $1,200,000 $214.82

6/24/2021 319 Lakeview Ave, 07011 Retail Clifton 1954 3,311 5,227 $650,000 $196.32

9/9/2019 635 Lexington Ave, 07011 | CVS Retail Clifton 2019 13,226 57,499 $7,368,421 $557.12 4.75%

7/18/2019 1070 Main Ave, 07011 Retail/Resi Clifton 1910 15,147 8,324 $2,850,000 $188.16 5.00%

11/14/2019 189 Sargeant Ave, 07013 Retail Clifton 1952 7,800 14,810 $1,100,000 $141.03 7.9%

6/25/2020 646 Van Houten Ave, 07013 Retail Clifton 2009 1,801 12,066 $525,000 $291.50

551 Centre Street, Nutley 07110 Land Deal Nutley .5 acres $1,375,000

For Sale comps | Retail

Days on Market Address Property Type City Built Building

Area (SF) Lot Size (SF) Asking Price Price per

SF Cap Rate

452 1169 Main Ave, 07011 Retail/Office Clifton 1920 3,000 3,485 $725,000 $241.67 7.5%

(18)

MAP COMPS + SUBJECT PROPERT Y

104 Ackerman Avenue Clifton, NJ

1070 Main Avenue Clifton, NJ 1169 Main Avenue

Clifton, NJ

635 Lexington Ave Clifton, NJ

756 Clifton Avenue Clifton, NJ 189 Sargeant Avenue

Clifton, NJ

1204 Broad Street Clifton, NJ

646 Van Houten Avenue Clifton, NJ 319 Lakeview Avenue

Clifton, NJ

550 Allwood Road Clifton, NJ

551 Centre Street Nutley, NJ

62-66 MT PROSPECT

AVENUE

(19)

RENT ROLL

MOUNT PROSPECT PARK INCOME & EXPENSE STATEMENT INCOME

Daycare School $124,875

Daycare School - Ret

(Reimbursement) $ 19,676

Daycare School-Cam

(Reinbursement) $ 6,222

Gross Income $150,773

Collection Loss (Minus) $ 2,497 Effective Gross Income $148,276 TOTAL PROPERTY EXPENSES

Real Estate Tax $ 32,793

Insurance $ 9,244

Landscaping $ 3,200

Repairs & Maintenance $ 2,500 Property Management 2.5% $ 2,497

$ 50,234 Net Operating Income $ 98,042

The New Bairn School Day Care Start Date End Date Base Rent/

SF Base Rent/Year Base Rent/Month

8/1/2021 7/31/2022 15.00 $ 124,875 $ 10,406.25

8/1/2022 7/31/2023 15.30 $ 127,373 $ 10,614.38

8/1/2023 7/31/2024 15.61 $ 129,953 $ 10,829.44

8/1/2024 7/31/2025 15.92 $ 132,534 $ 11,044.50

8/1/2025 7/31/2026 16.24 $ 135,198 $ 11,266.50

8/1/2026 7/31/2027 16.56 $ 137,862 $ 11,488.50

8/1/2027 7/31/2028 16.89 $ 140,609 $ 11,717.44 8/1/2028 7/31/2029 17.23 $ 143,440 $ 11,953.31 8/1/2029 7/31/2030 17.57 $ 146,270 $ 12,189.19

8/1/2030 7/31/2031 17.93 $ 149,267 $ 12,438.94

TOTAL AGGREGATE BASE RENT $1,367,381

| 19 |

(20)

CONTACT EXCLUSIVE AGENTS

MICHAEL FASANO 201.7 7 7.2300

mfasano@ripconj.com CHRISTIAN MAROLAKOS 973.342.0948

cmarolakos@ripconj.com RICHARD CURRAN 201.803.6740

rcurran@ripconj.com

Figure

Updating...

References

Updating...

Related subjects :