ROCKAWAY PLAZA - LoopNet · Retro Fitness AVAILABLE 11,438 SF 10,000 SF 7,892 SF 2,843 SF 850 SF 2,200 SF 900 SF 3,800 SF 250 SF 1,760 SF 1,300 SF 10,000 SF 4,826 SF 2,700 SF 20,995
Post on 14-Jul-2020
10 Views
Preview:
Transcript
ROCKAWAY PLAZA295 ROUTE 46, ROCKAWAY NEW JERSEY
OFFERING MEMORANDUM
TABLE OF CONTENTS
EXECUTIVE SUMMARY
PROPERTY ANALYSIS
MARKET OVERVIEWC
A
B
2 | OFFERING MEMORANDUM
3 | OFFERING MEMORANDUM
The Goldstein Group is pleased to present for sale
Rockaway Plaza, a 102,254 SF highway retail center
located in Rockaway, NJ. Rockaway Plaza sits on 6.78
acres of land and has ample visibility and parking with over
320’ of frontage along Rt 46. The property is currently
82.23% occupied with a strong mix of both regional and
national tenants.
ANCHOR TENANTS:
PROPERTY OVERVIEW ROCKAWAY PLAZA295 ROUTE 46, ROCKAWAY NEW JERSEY
4 | OFFERING MEMORANDUM
OFFERING SUMMARYPRICING
NET OPERATING INCOME
CAP RATE
TENANTS
PROPERTY SPECIFICATIONS
TOTAL AREA
LAND AREA
OCCUPANCY
PARKING SPACES
YEAR BUILT/RENOVATED
OWNERSHIP
EXPENSES
RE TAXES
CAM
INSURANCE
REIMBURSED
RE TAXES
CAM
INSURANCE
$15,710,438
$903,350.19
5.75%
Dollar General, Maaco, Aaron’s
Rental, AT&T, Retro Fitness,
Bright Horizons
102,254 SF
6.78 Acres
82.23%
177
1945/2008
Fee Simple (Land & Building)
$136,787.20
$182,338.00
$27,033.04
$75,752.75
$98,966.78
$14,970.90
5 | OFFERING MEMORANDUM
No.
1
2
3
4A
4B
5A
5B
4C
5C
5D
6
7
8
9
10
11
12
TENANT
Ramm Auto, Inc.
Available
Aaron’s
Elite Martial Arts
Available
A&D Wireless Corp.
Available
Available
Available
B Natural Piano
Dance Connection
Dollar General
Carpet One
B Natural Piano
Timeless Fitness
Available (Storage)
Bright Horizons
LEASE STARTS
9/1/2007
–
5/1/2010
5/1/2013
–
7/1/2014
–
–
–
10/10/2014
1/1/2010
9/11/2009
9/1/2013
7/1/2018
11/1/2015
–
5/1/2008
LEASE EXPIRES
8/31/2030
–
4/30/2020
2/28/2023
–
6/30/2021
–
–
–
10/31/2015
6/30/2019
10/31/2021
8/31/2018
6/30/2025
10/31/2027
–
12/31/2026
LEASE OPTION
TERM
2 x 5
–
2 x 5
1 x 5
–
2 x 5
–
–
–
1 x 1
N/A
1 x 5
1 x 5
7
3 x 5
–
N/A
MONTHLY FIXEDRENT
$8101.92
–
$7,948.00
$4,036.40
–
$2,860.00
–
–
–
$1,000.00
$4,348.34
$9,500.00
$7,641.00
$4,725.00
$16,291.67
–
$21,865.81
ANNUALRENT
$97,223
–
$95,376
$48,437
–
$34,320
–
–
–
$12,000
$52,180
$114,000
$91,692
$56,700
$195,500
–
$262,390
SF
11,438
10,000
7,892
2,843
850
1,760
1,300
2,200
250
900
3,800
10,000
4,826
2,700
17,000
3,500
20,995
PSF
$8.50
–
$12.09
$17.04
–
$19.50
–
–
–
$13.33
$13.73
$11.40
$19.00
$21.00
$11.50
–
$12.50
TOTAL 102,254 $1,059,818
CURRENT RENT ROLL (82.23% OCCUPANCY)
6 | OFFERING MEMORANDUM
No.
1
2
3
4A
4B
5A
5B
4C
5C
5D
6
7
8
9
10
11
12
TENANT
Ramm Auto, Inc.
Available
Aaron’s
Elite Martial Arts
Available
A&D Wireless Corp.
Available
Available
Available
B Natural Piano
Dance Connection
Dollar General
Carpet One
B Natural Piano
Timeless Fitness
Available (Storage)
Bright Horizons
LEASE STARTS
9/1/2007
–
5/1/2010
5/1/2013
–
7/1/2014
–
–
–
10/10/2014
1/1/2010
9/11/2009
9/1/2013
7/1/2018
11/1/2015
–
5/1/2008
LEASE EXPIRES
8/31/2030
–
4/30/2020
2/28/2023
–
6/30/2021
–
–
–
10/31/2015
6/30/2019
10/31/2021
8/31/2018
6/30/2025
10/31/2027
–
12/31/2026
LEASE OPTION
TERM
2 x 5
–
2 x 5
1 x 5
–
2 x 5
–
–
–
1 x 1
N/A
1 x 5
1 x 5
7
3 x 5
–
N/A
MONTHLY FIXEDRENT
$8101.92
–
$7,948.00
$4,036.40
–
$2,860.00
–
–
–
$1,000.00
$4,348.34
$9,500.00
$7,641.00
$4,725.00
$16,291.67
–
$21,865.81
ANNUALRENT
$97,223
$120,000
$95,376
$48,437
$8,500.00
$34,320
$13,000.00
$22,000.00
$2,500.00
$12,000
$52,180
$114,000
$91,692
$56,700
$195,500
$35,000.00
$262,390
SF
11,438
10,000
7,892
2,843
850
1,760
1,300
2,200
250
900
3,800
10,000
4,826
2,700
17,000
3,500
20,995
PSF
$8.50
$12.00
$12.09
$17.04
$10.00
$19.50
$10.00
$10.00
$10.00
$13.73
$11.40
$19.00
$21.00
$11.50
–
$10.00
TOTAL 102,254 $1,260,818
PROFORMA
7 | OFFERING MEMORANDUM
8 | OFFERING MEMORANDUM
TENANT
TOTAL
SUITE AREA
1
2
3
4A
4B
4C
5D
6
5C
5A
5B
7
8
9
12
10
11
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
Ramm Auto, Inc.
AVAILABLE
Aaron’s
Elite Martial Arts Academy
AVAILABLE
AVAILABLE
B Natural Piano (Storage)
The Dance Connection
AVAILABLE
A&D Wireless Corp.
AVAILABLE
Dollar General
Carpet One
B Natural Piano School
Bright Horizons
Retro Fitness
AVAILABLE
11,438 SF
10,000 SF
7,892 SF
2,843 SF
850 SF
2,200 SF
900 SF
3,800 SF
250 SF
1,760 SF
1,300 SF
10,000 SF
4,826 SF
2,700 SF
20,995 SF
17,000 SF
3,500 SF
102,254 SF
1st FLOORTENANT LINE-UP
2nd FLOOR
TENANT LINE-UP
9 | OFFERING MEMORANDUM
Located at the heart of the route 46 Rockaway market, Rockaway
Plazas trade area continues to experience steady growth with recent
new developments. Route 46 is a heavily trafficked commuter road
with over 30,000 vehicles per day.
±30,000 DAILY CAR COUNT
EXCELLENT HIGHWAY EXPOSURE
LOCATED IN THE HEART OF THE RT 46 ROCKAWAY MARKET
SITUATED 40 MILES FROM NYC
10 | OFFERING MEMORANDUM
DEMOGRAPHICS
AVERAGE HH INCOME
$118,324+1 MILE RADIUS
DAYTIME POPULATION
42,471+3 MILE RADIUS
DAYTIME POPULATION
AVERAGE HH INCOME
1 MILE 3 MILES 5 MILES
1 MILE 3 MILES 5 MILES
7,348
$118,324
42,471
$124,499
84,086
$140,659
11 | OFFERING MEMORANDUM
Morris County is a county located in the U.S. state of New Jersey, about
25 mi (40 km) west of New York City As of the 2017 Census estimate,
the county’s population was 499,693, making it the state’s 10th-most
populous county, and marking a 1.5% increase from 2010. The county
is part of the New York Metropolitan Area, and its county seat is Mor-
ristown.The most populous place was Parsippany-Troy Hills Township,
with 53,238 residents at the time of the 2010 Census, while Rockaway
Township covered 45.55 square miles (118.0 km2), the largest total
area of any municipality.
In 2015, the county had a per capita personal income of $86,582, the
highest in New Jersey and ranked 24th of 3,113 counties in the United
States. Morris County, as of the 2000 Census, was the sixth-wealthiest
county in the United States by median household income at $77,340
(second in New Jersey behind Hunterdon County at $79,888), sixth in
median family income at $89,773 (third in New Jersey behind Hunter-
don County at $91,050 and Somerset County at $90,605) and ranked
tenth by per capita income at $36,964 (second in New Jersey behind
Somerset County at $37,970). The Bureau of Economic Analysis ranked
the county as having the 16th-highest per capita income of all 3,113
counties in the United States (and the second highest in New Jersey) as
of 2009. The county ranked third in the New York Metropolitan area in
terms of median income.
ABOUT THE AREA
MORRIS COUNTY
12 | OFFERING MEMORANDUM
EXCLUSIVE BROKERSPlease contact any of the below brokers for answers to any questions or to learn more about the property.
C.J. HUTER(201) 703-9700 x118cjhuter@thegoldsteingroup.com
http://www.thegoldsteingroup.com
45 Eisenhower Drive, Paramus, NJ
LEW FINKELSTEIN(201) 703-9700 x122lfinkelstein@thegoldsteingroup.com
CHRISTIAN MAROLAKOS(201) 703-9700 x134cmarolakos@thegoldsteingroup.com
top related