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122 STEVENS AVE, JERSEY CITY, NJMIXED-USE BUILDING | 8 APARTMENTS | 1 RETAIL | 5.97% CAP RATE
OFFICES THROUGHOUT THE U.S. AND CANADAwww.marcusmillichap.com
SPECIAL COVID-19 NOTICE
All potential buyers are strongly advised to take advantage of their opportunities and obligations to conduct thorough due diligence and seek expert opinions as they may deem necessary, especially
given the unpredictable changes resulting from the continuing COVID-19 pandemic. Marcus & Millichap has not been retained to perform, and cannot conduct, due diligence on behalf of any
prospective purchaser. Marcus & Millichap’s principal expertise is in marketing investment properties and acting as intermediaries between buyers and sellers. Marcus & Millichap and its investment
professionals cannot and will not act as lawyers, accountants, contractors, or engineers. All potential buyers are admonished and advised to engage other professionals on legal issues, tax, regulatory, financial, and accounting matters, and for questions involving the property’s physical condition or
financial outlook. Projections and pro forma financial statements are not guarantees and, given the potential volatility created by COVID-19, all potential buyers should be comfortable with and rely
solely on their own projections, analyses, and decision-making.)
OFFICES THROUGHOUT THE U.S. AND CANADAwww.marcusmillichap.com
NON-ENDORSEMENT & DISCLAIMER NOTICE
CONFIDENTIALITY & DISCLAIMERThe information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party
receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap.
This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary
level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus &
Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the
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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verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters
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Investment Services, Inc. © 2019 Marcus & Millichap. All rights reserved.
NON-ENDORSEMENT NOTICEMarcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The
presence of any corporation's logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of
Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the
purpose of providing tenant lessee information about this listing to prospective customers.
ALL PROPERTY SH OW IN GS ARE BY A P P O I N T M E N T ON LY.PLEASE C ON SU LT YOUR MARCUS & M I L L I C H A P AGENT FOR MORE DETAILS.
122 STEVENS AVEEXCLUSIVELY LISTED BY
FAHRI OZTURK First Vice President Investments
NEW JERSEY OFFICETel: (201) 742.6170
RICHARD GATTONational Multi Housing Group
NEW JERSEY OFFICETel: (201) 742.6137
DANIEL AVILESNational Multi Housing Group
NEW JERSEY OFFICETel: (201) 742.6148
DAVID FERBERAssociate Investments
NEW JERSEY OFFICETel: (201) 742.6129
122 STEVENS AVE
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
122 STEVENS AVE
EXECUTIVE SUMMARY 6
PROPERTY
Block & Lot 26401 / 21
Lot Dimensions 30X100
Lot Size 3,000 Sq. Ft.
Property Taxes $15,815
Zoning R-1: Residential
BUILDING
Stories 3
Approx. Gross Building Size 7,500 Sq. Ft.
Number of Apartments Units 8
Number of Commercial Units 1
Occupancy 88%
Tenant Responsibilities Electric, Cooking Gas, Heat & Hot water
I N V E S T M E N T H I G H L I G H T S
INVESTMENT HIGHLIGHTS 7
MIXED-USE OPPORTUNITY• The property consists of 8 apartments and 1 retail unit.• Located on the corner of Stevens Avenue and Martin Luther King Dr.
STABILIZED CASH FLOW• The property has an effective gross income of $139,901 representing an
5.97% cap rate at asking price
CONVENIENT TRANSPORTATION• 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 Manhattanvia Path
• Two-minute walk from JFK Blvd bus stop which offers a direct 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 122 Stevens Ave, a three-story, brick, mixed-use building in
Jersey City, New Jersey. The building consists of 8 apartments and one retail tenant. The retail tenant has a 17-year lease that expires
in 2030.
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. 122 Stevens Ave is also Two-minute walk from JFK Blvd bus
stop which offers a direct 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 $1,650,000
Block & Lot 26401 / 21
Number of Units 9
Lot Size 3,000 Sq. Ft.
Approx. Building Size 7,500 Sq. Ft.
Year Built 1920
Real Estate Taxes $15,815
THE NEXT FRONTIER | GREENVILLE
EXECUTIVE SUMMARY 9
Greenville rests at the southernmost point
of Jersey City, an area lined with brownstones
and multi-family residences. This Jersey City
neighborhood lies within ten minutes of Liberty
State Park and is near a variety of local parks,
cultural centers, and live music venues.
Greenville has benefitted from the recent
revitalization of Downtown Jersey City, and its
proximity to Bayonne gives Greenville an edge
over other neighborhoods. Renting a Greenville
apartment places you near Manhattan -- but
without the constant noise of living in the city.
Greenville is quiet, beautiful, and a terrific
neighborhood to call home.
02
122 STEVENS AVE
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
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
122 STEVENS AVE
12PROPERTY PHOTOS
PROPERTY AERIALS
13PROPERTY PHOTOS
INTERIOR PHOTOS
14PROPERTY PHOTOS
RETAIL SPACE
The Best Super Market Rent ScheduleLease Ending 2030
2019 $2,550.002020 $2,650.002021 $2,900.002022 $2,900.002023 $3,150.002024 $3,150.002025 $3,400.002026 $3,400.002027 $3,650.002028 $3,650.002029 $3,900.002030 $3,900.00
15PROPERTY PHOTOS
MECHANICAL PHOTOS
03
122 STEVENS AVE
S E C T I O N
FINANCIAL ANALYSIS
17FINANCIAL ANALYSIS
RENT ROLL
Residential
Unit # Bedrooms SF (Est.) Monthly Rent Annual Rent $/PSF
1 1 Bed/1 Bath 650 $875 $10,500 $17
2(1) 2 Bed/1 Bath 800 $1,325 $15,900 $20
3 2 Bed/1 Bath 800 $1,271 $15,252 $20
4 2 Bed/1 Bath 800 $999 $11,988 $15
5 2 Bed/1 Bath 800 $1,271 $15,252 $20
6 2 Bed/1 Bath 800 $1,218 $14,616 $19
7 2 Bed/1 Bath 800 $1,063 $12,756 $16
8 2 Bed/1 Bath 800 $1,350 $15,000 $20
6,250 $9,372 $112,164 $18
Total Commercial & Residential Income $12,022 $144,264
Commercial
Floor Tenant SF (Est.) Monthly Rent Annual Rent $/PSF
1 Best Market 1,000 $2,650 $30,600 $32
1,000 $2,650 $30,600 $32
(1) Vacant
18FINANCIAL ANALYSIS
RENT ROLL ANALYSIS
Unit Type# of
Units Avg SF Avg Rent Avg $/PSF Market Rent Avg $/PSF % Upside1 Bed/1 Bath 1 650 $875 $16.15 $1,300 $24.00 49%2 Bed/1 Bath 7 800 $1,214 $18.21 $1,400 $21.00 15%Commercial 1 1,000 $2,650 $31.80 $2,650 $31.80 0%Total 9 Total Upside 15%
Actual Pro Forma
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
Avg Rent Market Rent
19FINANCIAL ANALYSIS
INCOME & EXPENSES
CURRENT PRO FORMA
INCOME %EGI %EGI
Gross Potential Income $144,264 $147,638
Less Vacancy & Credit Loss -$5,771 4% -$5,906 4%
Other Income $1,408 $1,500
Effective Gross Income $139,901 $143,232
EXPENSES %EGI Per Unit %EGI Per Unit
Property Taxes $17,696 13% $1,966 $18,050 13% $2,006
Insurance $3,229 2% $359 $3,294 2% $366
Water & Sewer $4,159 3% $462 $4,242 3% $471
PSE&G(1) $293 0% $33 $299 0% $33
Repairs & Maintenance $4,500 3% $500 $4,590 3% $510
Pest Control $1,200 1% $133 $1,224 1% $136
Superintendent $4,050 3% $450 $4,131 3% $459
Management Fee $4,197 3% $466 $4,281 3% $476
Legal & Accounting $1,100 1% $122 $1,122 1% $125
Reserves $1,000 1% $111 $1,020 1% $113
Total Expenses $41,424 30% $42,253 29%
NET OPERATING INCOME $98,477 $100,980
(1) Common Area
20FINANCIAL ANALYSIS
OFFERING SUMMARY
Summary Operating Data Current Pro FormaPrice $1,650,000 Gross Potentia l Income $144,264 $147,638Down Payment 22% $363,000 Less Vacancy & Credi t Loss 4% -$5,771 4% -$5,906Number of Units 9 Parking $1,408 $1,500Price Per Unit $183,333 Effective Gross Income $139,901 $143,232Price Per SqFt $264.00 Less : Expenses 30% $41,424 29% $42,253Rentable SqFt 6,250 Net Operating Income $98,477 $100,980Returns Current Proforma Cash Flow $98,477 $100,980CAP Rate 5.97% 6.12% Debt Service $71,699 $71,699GRM 11.44 11.18 Cash Flow After Debt Servicve 8.32% $26,778 9.10% $29,281Cash-on-Cash 8.32% 9.10% Principle Reduction $22,288 $22,288
Total Return 15.24% $49,067 16.02% $51,569Proposed Debt FinancingInputs Expenses Current Pro FormaMax LTV 78% Property Taxes $17,696 $18,050Min DCR 1.20 Insurance $3,229 $3,294Interest Rate 3.77% Water & Sewer $4,159 $4,242Term 5 years PSE&G $293 $299Amortization 30 years Repairs & Maintenance $4,500 $4,590Debt Due Feb-2025 Pest Control $1,200 $1,224Loan Sizing Superintendent $4,050 $4,131Max Loan Amount $1,360,000 Management Fee $4,197 $4,281Annual Debt Service $71,699 Legal & Accounting $1,100 $1,122
Reserves $1,000 $1,020Tota l Expenses $41,424 $42,253
Expenses Per Unit $4,603 $4,695
04
122 STEVENS AVE
S E C T I O N
PROPERTY TAX MAP & DEMOGRAPHICS
PROPERTY SURVEY
22ZONING MAP
TAX MAPBlock: 264001 / Lot: 21
23ZONING MAP
122 STEVENS AVE
Stevens Avenue
Martin Luther King D
rive
ZONING MAP
24ZONING MAP
122 STEVENS AVE
P OPULATI ON 1-MI LE 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-MI LE 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-MI LE 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 25
122 STEVENS AVEEXCLUSIVELY LISTED BY
FAHRI OZTURK First Vice President Investments
NEW JERSEY OFFICETel: (201) 742.6170
RICHARD GATTONational Multi Housing Group
NEW JERSEY OFFICETel: (201) 742.6137
DANIEL AVILESNational Multi Housing Group
NEW JERSEY OFFICETel: (201) 742.6148
DAVID FERBERAssociate Investments
NEW JERSEY OFFICETel: (201) 742.6129