FOR SALE Offered at $879,000

92- 94 Church Street, Montclair New Jersey

Two Three bedroom apartments / 1,800 SF of Office

92 – 94 Church Street, Montclair, New Jersey 07936

Floor SF $ PSF Use Discription Expiration PM Annual PM Annual2 1,100 Apt A 5 rm 3 bed Vacant $ 2,500 30,000 $2,600

2 & 3 1,100 Apt B 3 bed duplex 7/31/2020 $ 2,261 27,132 $2,800

1 1,600 $ 27 Office Health Serv. 5/1/2021 $ 3,564 42,768 $3,707

$ 99,900 $9,107 $ 109,284

$ 96,903 $ 106,005

Scenario 1

$ 21,942

-$

-$

$ 206

$ 1,723

$ 600

$ 2,907

$ 2,939

$ 4,812

$ 35,129

$ 61,774

$ 1,029,567

Current residential income is grossly under market and the office income is approximately 20% under market.Information herein is deemed reliable, not guarateed and subject to change and varification. Produced by Jim Walters

UNEARNED APPRECIATION FROM AREA ACTIVITY WILL BE SUBSTANTIAL!

Notes: Cost to remedy structure exterior differed maintenance is approximately $80,000.

is currently not being sought availing a possible occupancy need from the Owner User Buyer Pool.

Montclair is currently offering $2,580 per month for three bed appartments to eligible recipients.

Scenario 2: Shows Market Rate Income and Current Expense using the office escalation of 4% in 12/20.

Market Value using a 6% cap rate $ 1,176,716

AN EXCEPTIONAL PROPERTY AND LOCATION FOR THE OWNER USER AND OR INVESTOR!

See AREA ACTIVITY in the Offering Memorandum.Scenario 1: Shows Current Income and Expense and Market Value using a 6% cap. A tenant for Apt A

Total Operation Expences $ 35,402

Net Operating Income $ 70,603

Insurance $ 2,939

Main & Repairs $ 4,812

Garbage removal $ 600

Management/Reserves (3% of EGI) $ 3,180

Gas and Electric 206 Water & Sewer $ 1,723

Hot Water -$

Operating Expenses Scenario 2

Taxes $ 21,942

GOI

Effective Gross Income (EGI = GOI - 3%)

Heat -$

92 - 94 Church Street, Montclair, New JerseyScenario 1 Scenario 2

Current Income (assumes $2,500 pm if tenant were sought) Mkt Rate + Esc.

General Property and Location Outline

92-94 Church Street, Montclair, NJ 07042 Block: 2204 Lot: 2 // 5,980 SF

Structure There is a 2.5 – 3 story, circa 1897, Victorian Colonial on the site. The structure is approximately 5,000 SF. The interior is in good condition and comprised of a 3 bedroom duplex on the 2nd and 3rd floor, a 3 bedroom unit on the 2nd floor and approximately 1,800 SF of office use on the first or ground level. The basement is full, partially finished, extremely clean and has a laundry facility and tenant storage. The exterior of the structure is in need of some capital improvement.

Utilities are separate for each of the three units and the first floor offices have CAC.

Lot/Grounds Subject lot is 5,980 SF, has a 57 FT frontage along Church Street and is considered irregular in shape. Grounds are neatly landscaped and maintained. The rear parking area is enclosed with newly installed, tongue and groove cedar fence with lattice top and post cap/finials.

Parking There are 6 - 7 on premise parking spaces and on street parking.

Tenancy(s) • One residential unit has been left vacant for a possible owner user buyer. • The other residential lease expires in July of 2020. • The commercial lease on the ground level expires in January of 2022.

Zoning Subject is located in the NC Zone, having the following primary uses:

• Restaurant • Bank (no drive through) • Retail • Residential/mixed use/28 Units Per Acre • Service • Senior Care/Assisted Living • Professional Offices • Educational/school/play center Development/Added Value Considerations • It is reasonably estimated that current rents are 10-15% below Market Rate.

o Section 8 in Montclair currently has available funds at $2,580 per month for 3 bed units • The NC Zone allows for 28 units per acre. This converts to 3.7 units allowable on the Subject lot. It

may be possible to add one residential unit. • There are six high end development within the immediate vicinity of the Subject that have recently

been completed, are under construction, have been approved or in in the planning stages. This extensive Urban Infill activity will substantially drive appreciation.(See Area Activity)

• Church Street has received Budget Resolution to fund renovation of the circle at the intersection of Valley Road, the street, the curbs, curb cuts and sidewalks. This is scheduled to be completed in 2020.

Property Location There are five primary commercial areas in Montclair. 92 – 94 Church Street is located in one of the most prestigious and sought after enclaves. The Church Street Plaza Area has exceptional restaurant, service, fitness, educational, entertainment, religious service and mass transit options….all within walking distance from the Subject. You can shop one of the many boutiques, brunch at a charming café, cocktail/dine at the top of the Marriot overlooking the NYC skyline or attend a concert at the Wellmont Theatre.

The Area combines the charm of 19th Century Historic Architecture with contemporary development and culture……creating a unique residential and commercial environment that is truly one of the Urban Hearts of the Township….availing both walk by and destination status for 92-94 Church Street.

The Township Montclair is one of the premier townships in Essex County in the State of New Jersey and is close to all major county and state highways in the northern portion of the state. The genesis and development of the Township was promulgated by proximity and accessibility to NYC which today, continues to drive the social diversity, cultural initiatives and economic success of Montclair. Montclair has both residential and commercial architectural specimens that rival any town in the State. Exceptional elements of nostalgia in a contemporary and vibrant setting, defines Montclair as a great choice for any young adult, family or business pursuit.

Information herein is deemed reliable, not guaranteed and subject to change and verification

Area Activity

The new Marriot Hotel on the corner of Bloomfield Avenue and

Orange Road…approximately 800 FT from 92-94 Church St.

To view Subject location and type/location of Area Developments

Click Here to go to an interactive Google Map.

• A nine story Marriot Hotel, part of the Valley and Bloom Development Complex, onthe corner of Valley Road and Orange Avenue was completed in June of 2019

• Valley and Bloom is comprised of two mixed use six story structures on the corner ofValley Road and Bloomfield Avenue having approximately 250 res units and 20,000 SFof very high end retail.

• The Farrara’s Auto Body site has been approved for a high end mixed use ground updevelopment.

• The former Kensington site, now a parking lot across from Christ Church, is in theplanning stages for a 5 -6 story mixed use development.

• The Seymour Street Urban Infill Development, incorporating the Wellmont Theatre, iscurrently under construction and will be a mixed use destination site with residential,office, entertainment, retail and a multi-level parking garage.

• The 8.5 acre Lackawanna Plaza site has received Approval Resolution. This project willbe one of the largest in the history of Montclair and will have, approximately, 158 ResUnits, 50,000 SF of retail and 24,000 SF of office.

• Church Street has received Budget Resolution to fund renovation of the circle at theintersection of Valley Road, the street, the curbs, curb cuts and sidewalks. This isscheduled to be completed in 2020.

TWG has been providing CRE Brokerage and Advisory Services in New Jersey for over 25 years.

Our directive for Buyer and Seller Clients is to reveal, define and support every reasonably available Added Value Strategy that will drive and garner Asset Value Increase.

Our Advisory Services leverages a diverse suite of complementary CRE competencies…..defining and implementing Strategic Direction in pursuit of Investment and Development Goals!

These competencies have been leveraged for our Valuation and Presentation of 92-94 Church Street.

Thank you for reviewing this Offering Memorandum and please contact our office or me directly if you have question on this property or on a current holding.

Best regards, Jim Walters Founder/Director

Jim Walters

Direct Tel: (973) 464-6176 Direct Fax: (973) 585-4199

Direct Email: jw@thewaltersgrp.com Office Email: info@thewaltersgrp.com

Web Site: www.thewaltersgrp.com

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1 Madison Avenue, Morristown, NJ 07960 15 Bloomfield Avenue, Montclair, NJ 07042