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DOWNTOWN NYCJERSEY CITY
331 BALDWIN AVE
331 BALDWIN AVE,JERSEY CITY, NJ
9-UNITS | MULTI FAMILY | JOURNAL SQUARE | 58% UPSIDE | STEPS TO PATH
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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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
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purpose of providing tenant lessee information about this listing to prospective customers.
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331 BALDWIN 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
DAVID FERBERAssociate Investments
NEW JERSEY OFFICETel: (201) 742.6129
331 BALDWIN AVE 01INVESTMENT OVERVIEWProperty DetailsInvestment Highlights
02PROPERTY MAPS & PHOTOSProperty MapsExterior PhotosInterior Photos
03FINANCIAL ANALYSISRent RollRent Roll AnalysisIncome and ExpensesOffering Summary
04PROPERTY TAX MAP & DEMOGRAPHICSTax Map Zoning MapDemographics
TABLE OF CONTENTS
01S E C T I O N
INVESTMENT OVERVIEW
331 BALDWIN AVE
EXECUTIVE SUMMARY 7
PROPERTY
Block & Lot 8202 / 17
Lot Dimensions 32.79 x 94.49
Lot Size 3,097 Sq. Ft.
Property Taxes(1) $19,250
ZoningRedevelopment Plan Journal Square 2060
BUILDING
Stories 4
Approx. Gross Building Size 8,000 Sq. Ft.
Number of Units 9
Unit Mix (1) Studio / (1) 2-Bed / (1) 3-Bed & (6) 4-Bed
Occupancy 6 out of 9 units are occupied
Property Condition 5 Renovated Units
Tenant Utilities Cooking Gas & Electric
Landlord Utilities Oil Heat, Water/Sewer & Common Area Electric
(1) Tax appeal in final stages
331 BALDWIN AVE
22 Min. To NYC
I N V E S T M E N T H I G H L I G H T S
INVESTMENT HIGHLIGHTS 8
VALUE ADD OPPORTUNITY• The property is currently operating at 58% below market rents
• The building has a unit mix of one studio, one two-bedroom, one three-bedroom and six four-bedrooms
• The current owner has renovated 5 out of the 9 units
CONVENIENT TRANSPORTATION• 5-minute walk from the Journal Square Path Station Center which
offers a 15-minute ride into World Trade and 22-minute ride into Midtown Manhattan
• 2 miles from the Journal Square Transportation Center also includes a bus terminal with a 28-minute 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
UNIT RENOVATIONS / IMPROVEMENTS• Five of the units have been gut renovated with the following features:
• Granite counters, hard wood floors, tiled bathrooms and modern kitchens
• New oil boiler (2018)
JOURNAL SQUARE, JERSEY CITY• Journal Square is a lively business district, residential area and
transportation hub which is why it’s becoming a more prosperous area for people seeking an affordable alternative to New York City
EXECUTIVE SUMMARY 9
Marcus & Millichap has been selected to exclusively market for sale the 331 Baldwin Ave, a four-story, brick, multi-family building in
Jersey City, New Jersey. The building has a unit mix of one studio, one two-bedroom, one three-bedrooms, and six four-bedrooms.
Five out of the nine units have been gut renovated with updated bathrooms, granite counter tops and modern kitchens.
The property is located approximately a 5-minute walk from the Journal Square PATH Station which offers a 15-minute ride to the
World Trade Center and a 22-minute ride to Midtown Manhattan. 331 Baldwin Ave is also located 5 blocks from the 9th Street Light
Rail Station which offers a 27-minute commute into Midtown Manhattan. The Journal Square Transportation Center also includes a
bus terminal with a 28-minute 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 $1,750,000
Block & Lot 8202 / 17
Number of Units 9
Lot Size 3,097 Sq. Ft.
Approx. Building Size 8,000 Sq. Ft.
Year Built 1890
Real Estate Taxes(1) $19,250
(1) Tax appeal in final stages
THE NEXT FRONTIER | JOURNAL SQUAREJournal Square historically has been the center of commerce
for the state’s second largest city, a retail center to which
people have flocked for decades. Hudson County, and
specifically Jersey City, has seen a massive influx in
development and capital investors. The first tower constructed
off the Gold Coast in over a decade was constructed in Journal
Square by The Kushner Companies and the City has approved
multiple large projects to attract New Yorkers.
Journal Square is a lively business district, residential area and
transportation hub. Jersey City is becoming a more prosperous
area for people seeking an affordable alternative to New York
City. The property are close to the Journal Square PATH Station
with a 15-minute trip to the World Trade Center and a 22-
minute ride to Midtown Manhattan via Path, and situated
closely to Newark Liberty Airport, JFK and LaGuardia Airport.
EXECUTIVE SUMMARY 10
02
331 BALDWIN AVE
S E C T I O N
PROPERTY MAPS & PHOTOS
12PROPERTY MAP
Journal Square PATH STATION
22 Min.Ride to
Manhattan
5 Min.Walk to Journal
SquarePATH Station
IN CLOSE PROXIMITY Approx. Miles
Port Authority Bus Terminal 4.5
New York Penn Station 5
Newark Liberty Airport 10
331 BALDWIN AVE
22 Min. To NYC
13PROPERTY PHOTOS
PROPERTY AERIALS
14PROPERTY PHOTOS
INTERIOR PHOTOS
15PROPERTY PHOTOS
MECHANICAL PHOTOS* New oil boiler installed in 2018.
03
331 BALDWIN AVE
S E C T I O N
FINANCIAL ANALYSIS
17FINANCIAL ANALYSIS
RENT ROLL
Unit Beds SF (Est.) Monthly Rent Annual Rent $/PSF Pro Forma Monthly Rent
Pro FormaAnnual Rent $/PSF
1 Studio/1 Bath 400 $1,198 $14,376 $36 $1,234 $14,807 $37
2 2 Bed/1 Bath 700 $1,639 $19,668 $28 $1,688 $20,258 $29
3 3 Bed/1 Bath(1) 900 $1,755 $21,058 $23 $1,808 $21,690 $24
4 4 Bed/1 Bath 1,000 $1,070 $12,840 $13 $2,100 $24,000 $25
5 4 Bed/1 Bath 1,000 $551 $6,609 $7 $2,100 $24,000 $25
6 4 Bed/1 Bath 1,000 $755 $9,056 $9 $2,100 $24,000 $25
7 4 Bed/1 Bath 1,000 $974 $11,692 $12 $2,100 $24,000 $25
8 4 Bed/1 Bath(1) 1,000 $1,692 $20,304 $20 $1,743 $20,913 $21
9 4 Bed/1 Bath(1) 1,000 $1,670 $20,035 $20 $1,720 $20,636 $21
8,000 $11,303 $135,637 $19 $16,592 $199,105 $26
(1) Currently vacant, waiting on the city to approve rents C/O. Renovations have been completed.
18FINANCIAL ANALYSIS
RENT ROLL ANALYSIS
Unit Type
Units Avg SF Avg Rent Avg $/PSF Market Rent Avg $/PSF % UpsideStudio/1 Bath 1 400 $1,198 $35.94 $1,350 $40.50 13%2 Bed/1 Bath 1 700 $1,639 $28.10 $1,800 $30.86 10%3 Bed/1 Bath 1 900 $1,755 $23.40 $2,000 $26.67 14%4 Bed/1 Bath 6 1,000 $1,119 $13.42 $2,100 $25.20 88%Total 9 Total Upside 58%
Actual Pro Forma
$0
$500
$1,000
$1,500
$2,000
$2,500
Avg Rent Market Rent
19FINANCIAL ANALYSIS
INCOME & EXPENSES CURRENT PRO FORMA
INCOME %EGI %EGI
Gross Potential Income $135,637 $199,105
Less Vacancy & Credit Loss -$4,069 3% -$5,973 3%
Other Income $1,200 $1,200
Effective Gross Income $132,768 $194,332
EXPENSES %EGI Per Unit %EGI Per Unit
Property Taxes (1) $19,250 14% $2,139 $19,635 10% $2,182
Insurance $3,825 3% $425 $3,902 2% $434
Water & Sewer $5,203 4% $578 $5,307 3% $590
PSE&G (2) $812 1% $90 $7,578 4% $842
Oil Heat (3) $18,663 14% $2,074 $0 0% $0
Repairs & Maintenance $4,500 3% $500 $4,590 2% $510
Pest Control $600 0% $67 $612 0% $68
Superintendent $3,600 3% $400 $3,672 2% $408
Management Fee $3,983 3% $443 $4,063 2% $451
Legal & Accounting $800 1% $89 $816 0% $91
Reserves $900 1% $100 $918 0% $102
Total Expenses $62,136 47% $6,904 $51,093 26%
NET OPERATING INCOME $70,632 $143,239
Cap Rate (4) 4.04% 8.19%
(1) In final stages of tax appeal(2) Common area electric(3) Oil heat - Three-year average(4) The pro forma cap rate will be 4.89% after converting the boiler to gas(5) Proforma heating expense – oil heat is eliminated due to assumed conversion to gas.
20FINANCIAL ANALYSIS
OFFERING SUMMARYSummary O perating Data Current Pro FormaPric e $1,750,000 Gross Potential Income $135,637 $199,105Down Payment 46% $808,551 Less Vacancy & Credit Loss 3% -$4,069 3% -$5,973Number of Units 9 Parking $1,200 $1,200Price Per Unit $194,444 Effective Gross Income $132,768 $194,332Price Per SqFt $219 Less: Expenses 47% $62,136.22 26% $51,093Rentable SqFt $8,000 Net O perating Inc ome $70,632 $143,239Returns Current Proforma Cash Flow $70,632 $143,239CAP Rate 4 .04% 8.19% Debt Service $35,304 $35,304GRM 12.90 8.79 Cash Flow After Debt Servicve 4.28% $35,328 13.07% $107,934Cash-on-Cash 4.28% 13.07% Principle Reduction - Interest Only 0 0
Total Return 4.28% $35,328 13.07% $107,934Proposed Debt FinancingInputs Expenses Current Pro FormaMax LTV 54% Property Taxes (1) $19,250 $19,635Min DCR 1.35 Insurance $3,825 $3,902Interest Rate 3.75% Water & Sewer $5,203 $5,307Term 5 years PSE&G (2) $812 $7,578Amortization 30 years Repairs & Maintenance $4,500 $4,590Debt Due Jan-2025 Pest Control $600 $612Loan Sizing Superintendent $3,600 $3,672Max Loan Amount $941,449 Management Fee $3,983 $4,063Annual Debt Service Interest Only $35,304 Legal & Accounting $800 $816
Reserves $900 $918Total Expenses $62,136 $51,093
Expenses Per Unit $6,904 $5,677
04
331 BALDWIN AVE
S E C T I O N
PROPERTY TAX MAP & DEMOGRAPHICS
PROPERTY SURVEY
22ZONING MAP
TAX MAPBlock: 8202 / Lot: 17
23ZONING MAP
331 BALDWIN AVE
ZONING MAPREDEVELOPMENT PLAN – JOURNAL SQUARE 2060
24ZONING MAP
331 BALDWIN AVE
P OPULATION 1- MILE 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- MILE 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- MILE 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
331 BALDWIN 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
DAVID FERBERAssociate Investments
NEW JERSEY OFFICETel: (201) 742.6129