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GEORGE STREET ALE HOUSE & APARTMENTS 378 George St • New Brunswick, NJ 08901
Offering Memorandum
N O N - E N D O R S E M E N T A N D D I S C L A I M E R N O T I C E
Confidentiality and 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. The information contained in this Marketing Brochure has been obtained from sources we believe to be
reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these
matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to
verify all of the information set forth herein. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 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 SHOWINGS ARE BY APPOINTMENT ONLY.
PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.
GEORGE STREET ALE HOUSE & APARTMENTS
New Brunswick, NJ
ACT ID Z0280757
2
TABLE OF CONTENTS
SECTION
INVESTMENT OVERVIEW 01Offering Summary
Regional Map
Local Map
Aerial Photo
FINANCIAL ANALYSIS 02Rent Roll Summary
Rent Roll Detail
Rent Roll Summary Commercial
Operating Statement
Notes
Pricing Detail
Acquisition Financing
MARKET OVERVIEW 03Market Analysis
Demographic Analysis
GEORGE STREET ALE HOUSE & APARTMENTS
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GEORGE STREET ALE HOUSE & APARTMENTS
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INVESTMENT
OVERVIEW
GEORGE STREET ALE HOUSE & APARTMENTS
#
EXECUTIVE SUMMARY
OFFERING SUMMARY
MAJOR EMPLOYERS
EMPLOYER# OF
EMPLOYEES
US Post Office 9,508
Robert Wood Johnson Health Sys 5,011
Synechron Technologies 4,227
School of Public Health 3,500
County of Middlesex 2,892
Saint Peters Univ Hosp Inc 2,474
Rutgers The State Univ NJ 2,237
Dept of Psychiatry 2,000
Larsen & Toubro Infotech Ltd 2,000
Software House International 1,800
Franklin Township Pub Schools 1,500
Benchmark Hospitality Inc 1,471
DEMOGRAPHICS
1-Miles 3-Miles 5-Miles
2017 Estimate Pop
46,526 154,045 277,555
2010 Census Pop 43,354 146,830 265,352
2017 Estimate HH 12,571 46,484 92,173
2010 Census HH 11,682 44,136 87,646
Median HH Income
$47,905 $65,837 $78,155
Per Capita Income $21,384 $28,895 $35,278
Average HH Income
$72,802 $90,999 $103,575
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VITAL DATA
CURRENT YEAR 1
Price $1,750,000 CAP Rate 6.55% 6.70%
Loan Amount $1,225,000Net Operating Income
$114,701 $117,330
Loan Type Proposed NewNet Cash Flow After Debt Service
6.28% / $32,993 6.79% / $35,622
Interest Rate / Amortization 4.50% / 25 Years Total Return 11.47% / $60,232 12.21% / $64,113
Total Rentable SF 6,120
Price/SF $285.95
Year Built / Renovated 1905 / 2006
UNIT MIX
UNIT COUNT
UNIT TYPE AVG. SFCURRENT AVG.
RENTSAVG.
RENTS/SFMONTHLY INCOME
POTENTIAL RENTS
AVG. RENTS/SF
MONTHLYINCOME
3 Apartments $2,106 $0.00 $6,317 $2,106 $0.00 $6,317
SUITE COUNT
TYPE TOTAL GLA CURRENT RENT RANGECURRENT MONTHLY
INCOMEPRO FORMA
MONTHLY INCOME
1 Retail 2,040 $7,878 - $7,878 $7,878 $8,115
GEORGE STREET ALE HOUSE & APARTMENTS
OFFERING SUMMARY
Located in the Heart of Downtown New Brunswick with Retail
Frontage
3 Blocks from Rutgers Campus, Train Station Less Than 0.15
Miles; Walk Score of 96
Proximity to New Mixed-Use Developments
Average Household Income of $103,575 in 5-mile Radius
Dense Population with Large Student Population; 277,555
Residents in 5-mile Radius
One Block from Johnson & Johnson and County Courthouse
INVESTMENT HIGHLIGHTS
Marcus & Millichap has been retained on an exclusive basis to arrange the sale of a mixed-use retail/apartment building located at 378 George Street,
New Brunswick (Middlesex County), New Jersey. The subject property is ideally situated in the heart of town with a large number of corporations,
institutions, multi-family communities, and retailers. The mixed-use property features 3 apartments units on top of a commercial unit. The property
includes 20 feet of frontage on George Street, the main roadway through New Brunswick. The property is less than 0.1 mile from the New Brunswick Train
Station and 0.5 Miles from Robert Wood Johnson Medical Center. Johnson & Johnson's global headquarter is located one block away from the property.
The retail tenant, George Street Ale House, personally signed a 10-year lease in June, 2009. The retail tenant pays 50% of real estate taxes and
water/sewer expenses. There are two 1-bedroom apartments and one loft apartment.
This strategic location has access to multiple major highways: Route 1, Route 18 & Interstate 95. George Street is a heavy mixed-use corridor with many
retail, office, and educational facilities nearby. New Brunswick is a city located in Middlesex County, New Jersey. The subject property is approximately 28
miles southwest of New York City and 52 miles northeast of Philadelphia, PA. New Brunswick is the county seat of Middlesex County and home of
Rutgers University campus. Located on the southern bank of the Raritan River, New Brunswick is known for being the Healthcare City. Corporations such
as Johnson & Johnson and Bristol-Myers Squibb are headquartered there due to the high concentration of medical facilities in the area which includes;
Robert Wood Johnson University Hospital, Saint Peters University Hospital, and Robert Wood Johnson Medical School.
Within a five-mile radius of New Brunswick, the median household income is $103,575 among the 277,555 individuals who reside within a five-mile radius
of the subject property.
The asking price of $1,750,000 represents a 6.55 percent cap rate.
INVESTMENT OVERVIEW
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GEORGE STREET ALE HOUSE & APARTMENTS
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OFFERING SUMMARY
PROPERTY OVERVIEW
New Brunswick is a city located in Middlesex County, New Jersey. The subject property is
approximately 28 miles southwest of New York City and 52 miles northeast of Philadelphia, PA.
New Brunswick is the county seat of Middlesex County and home of Rutgers University campus.
Located on the southern bank of the Raritan River, New Brunswick is known for being the
Healthcare City. Corporations such as Johnson & Johnson and Bristol-Myers Squibb are
headquartered there due to the high concentration of medical facilities in the area which includes;
Robert Wood Johnson University Hospital, Saint Peters University Hospital, and Robert Wood
Johnson Medical School. The municipalities that share their border with New Brunswick are
Piscataway, Highland Park, Edison, North Brunswick, and Brunswick and Franklin Township. The
major roads and highways that pass through or near New Brunswick are Route 1, Route 18,
Route 27, and Interstate 95. NJ Transit and Amtrak provide public transportation services on the
Northeast Corridor Line which connects Penn Station in NYC to Philadelphia Station. Local bus
service is provided by NJ Transit on bus route 810, 811, 814, 815, 818 and 980.
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GEORGE STREET ALE HOUSE & APARTMENTS
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PROPERTY SUMMARY
OFFERING SUMMARY
PROPOSED FINANCING
First Trust Deed
Loan Amount $1,225,000
Loan Type Proposed New
Interest Rate 4.50%
Amortization 25 Years
Loan Term 5 Years
Loan to Value 70%
Debt Coverage Ratio 1.4
EXISTING FINANCING
Loan Type None
THE OFFERING
Property George Street Ale House & Apartments
Price $1,750,000
Property Address 378 George St, New Brunswick, NJ
Assessors Parcel Number
13 00015-0000-00019
Zoning C-4
SITE DESCRIPTION
Number of Units 4
Number of Buildings 1
Number of Stories 3
Year Built/Renovated 1905
Apartments - Rentable Square Feet
4080
Retail - Gross Leaseable Area (GLA)
2040
Total Rentable Square Feet
6,120
Lot Size 0.05 acre(s)
Type of Ownership Fee Simple
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REGIONAL MAP
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LOCAL MAP
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AERIAL PHOTO
GEORGE STREET ALE HOUSE & APARTMENTS
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The VUE393 Units
Rutgers UniversityCollege Ave Campus
The Quincy149 Units
SoCam 290186 Units
New Brunswick
Apartments206 Units
Riverside Towers169 Units
Riverwatch Commons
200 Units
Plaza Square
Apartments415 Units
Skyline Tower70 Units
The George104 Units
The Yard at College Ave
135 Units
The Hub at New Brunswick
Station Development
New Brunswick Performing Arts
Center Development
Middlesex County
Superior Court
Hyatt Regency
The Heldrich
Hotel
HQ
Subject Property
College Ave Campus
AERIAL
GEORGE STREET ALE HOUSE & APARTMENTS
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George Street George Street
Burger King
Subject Property
HQ
New Brunswick
Train Station
The VUE393 Units
New Brunswick Performing Arts
Center Development
The Hub at New Brunswick
Station Development
SoCam 290186 Units
The Heldrich Hotel &
Conference Hall
Middlesex County
Superior Court
New Brunswick Municipal
Court
NEW DEVELOPMENT
GEORGE STREET ALE HOUSE & APARTMENTS
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New Brunswick Performing Arts CenterMixed-Use & EntertainmentEstimated Completion Date: 2019
Livingston Avenue and George Street
New Brunswick, NJ
In a renewed commitment to the New Brunswick
Downtown Cultural Arts District, DEVCO is gearing
up for a $215 million, 25-story multi-use property
by partnering with the George Street Playhouse and
Crossroads Theatre Company, to create a robust
downtown Arts Center. The venue consists of two
state-of-the-art theaters, dedicated rehearsal
studios, academic and office space. Atop this new
theater complex will be 250 residential apartments
and 15,000 square feet of office space. In addition
there will be a new 400 car parking garage. This
exciting new project will break ground in the Fall of
2017.
RENDERING
GEORGE STREET ALE HOUSE & APARTMENTS
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NEW DEVELOPMENT
GEORGE STREET ALE HOUSE & APARTMENTS
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The Hub @ New Brunswick Station
Mixed-Use & Entertainment
Estimated Completion Date: 2019
Albany Street
New Brunswick, NJ
The Hub at New Brunsick Station is a 4 acre, 1.7
million +/- SF mixed-use redevelopment site with
flexible built-to-suit capabilities. It will be located just
steps from NJ Transit Northeast Corridor Line and
Amtrak via a sky-bridge and will be situated in the
center of the Northeast Corridor between Boston, MA
and Washington DC (via New York City).
As part of an Urban Enterprise Zone (UEZ), occupants
will receive an exemption from sales tax on
construction and may be eligible for other city and
state incentives. The Hub’s location offers direct
access to Rutgers University, one of the nation's
premier public research universities, a highly educated,
skilled workforce, and mass transit options. This
mixed-use project will be a hot bed for innovation.
RENDERING
GEORGE STREET ALE HOUSE & APARTMENTS
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RUTGERS- NEW BRUNSWICK CAMPUS
GEORGE STREET ALE HOUSE & APARTMENTS
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Rutgers University—New Brunswick is a public institution that was founded in 1766. It has a total undergraduate enrollment of 49,577 and the campus size is spread over 2,685 acres in New Brunswick, Piscataway, and North Brunswick. Rutgers University—New Brunswick's ranking in the 2019 edition of Best Colleges is National Universities, 56.
Rutgers University—New Brunswick, the flagship campus of New Jersey's state university, is split into five mini-campuses, each with a unique setting and identity, student center and dining options. Freshmen are not required to live on campus.
Students can join more than 400 student clubs and organizations, including more than 80 fraternities and sororities. The Rutgers Scarlet Knights compete in the NCAA Division I Big Ten Conference. Among its graduate offerings, Rutgers has a highly ranked Graduate School of Education. The university also awards one of the highest numbers of doctorate degrees a year among U.S. schools. As a public research university, Rutgers is home to unique institutions such as the Center for Advanced Infrastructure and Transportation and the New Jersey Agricultural Experiment Station, where students take hands-on courses in the sciences and work on community projects.
AERIAL PHOTO
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PROPERTY PHOTO
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PROPERTY PHOTO
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PROPERTY PHOTO
GEORGE STREET ALE HOUSE & APARTMENTS
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PROPERTY PHOTO
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PROPERTY PHOTO
GEORGE STREET ALE HOUSE & APARTMENTS
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PROPERTY PHOTO
GEORGE STREET ALE HOUSE & APARTMENTS
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GEORGE STREET ALE HOUSE & APARTMENTS
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FINANCIAL
ANALYSIS
FINANCIAL ANALYSIS
GEORGE STREET ALE HOUSE & APARTMENTS
RENT ROLL SUMMARY
26
FINANCIAL ANALYSIS
GEORGE STREET ALE HOUSE & APARTMENTS
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RENT ROLL SUMMARY
Notes: George Street Ale House Has Basement Storage Not Included in Total Square Footage.Bar Tenant Has 90 Days to Notify Landlord If They Are Renewing.
FINANCIAL ANALYSIS
GEORGE STREET ALE HOUSE & APARTMENTS
OPERATING STATEMENT
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FINANCIAL ANALYSIS
GEORGE STREET ALE HOUSE & APARTMENTS
PRICING DETAIL
29
Notes: George Street Ale House Has Basement Storage Not Included in Total Square Footage.Bar Tenant Has 90 Days to Notify Landlord If They Are Renewing.
MARCUS & MILLICHAP CAPITAL CORPORATION
CAPABILITIES
MMCC—our fully integrated, dedicated financing arm—is committed to
providing superior capital market expertise, precisely managed execution, and
unparalleled access to capital sources providing the most competitive rates and
terms.
We leverage our prominent capital market relationships with commercial banks,
life insurance companies, CMBS, private and public debt/equity funds, Fannie
Mae, Freddie Mac and HUD to provide our clients with the greatest range of
financing options.
Our dedicated, knowledgeable experts understand the challenges of financing
and work tirelessly to resolve all potential issues to the benefit of our clients.
National platform
operating
within the firm’s
brokerage
offices
$5.63 billion
total national
volume in 2017
Access to
more capital
sources than
any other firm
in the industry
Optimum financing solutions
to enhance value
Our ability to enhance
buyer pool by expanding
finance options
Our ability to enhance
seller control
• Through buyer
qualification support
• Our ability to manage buyers
finance expectations
• Ability to monitor and
manage buyer/lender
progress, insuring timely,
predictable closings
• By relying on a world class
set of debt/equity sources
and presenting a tightly
underwritten credit file
WHY MMCC?
Closed 1,707
debt and equity
financings
in 2017
ACQUISITION FINANCING
GEORGE STREET ALE HOUSE & APARTMENTS
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GEORGE STREET ALE HOUSE & APARTMENTS
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MARKET
OVERVIEW
MARKET OVERVIEW
OVERVIEW
CENTRAL NEW JERSEY
The Central New Jersey region is conveniently located near both the New
York City metro and the Philadelphia metro and contains a well-
developed interstate network and mass-transit opportunities. Consisting
of Mercer, Middlesex, Monmouth, Ocean and Somerset counties, Central
New Jersey includes more than 150 municipalities, and the city of Edison
in Middlesex County is the largest. The state’s capital city, Trenton, is
located in Mercer County.
Many counties in the region consistently rank among the nation’s top 50 for per capita income.
Elevated incomes produce strong retail sales and support a healthy service industry.
New Jersey is home to 20 Fortune 500 companies in diverse industries from healthcare to energy.
Three Fortune 500 companies operate out of Central Jersey: Johnson & Johnson in New Brunswick,
Chubb in Warren and NRG Energy in Princeton. Kinder Morgan also operates locally.
Amazon has a fulfillment center in Carteret in Middlesex County; the company has two facilities in
the market, growing the region’s distribution sector.
DEMOGRAPHICS
1
ECONOMY
METRO HIGHLIGHTS
* Forecast
Sources: Marcus & Millichap Research Services; BLS; Bureau of Economic Analysis; Experian; Fortune; Moody’s Analytics; U.S. Census Bureau
GEORGE STREET ALE HOUSE & APARTMENTS
DIVERSIFYING EMPLOYMENT
The economy is diversifying from its manufacturing base to include energy,
healthcare, pharmaceuticals, tourism, logistics and distribution.
EDUCATED LABOR FORCE
Roughly 40 percent of residents age 25 and older have a bachelor’s degree; of
these, 16 percent also hold a graduate or professional degree.
HIGH BARRIERS TO ENTRY
Expensive land costs, dense development and strict governmental regulations
moderate additional development.
2.8M
2017POPULATION:
1M
2017HOUSEHOLDS:
40.5
2017MEDIAN AGE:
$81,600
2017 MEDIAN HOUSEHOLD INCOME:
U.S. Median:
37.8U.S. Median:
$56,3003.9%
Growth2017-2022*:
3%
Growth2017-2022*:
PROPERTY NAME
MARKETING TEAM
GEORGE STREET ALE HOUSE & APARTMENTS
DEMOGRAPHICS
Source: © 2017 Experian
Created on September 2018
POPULATION 1 Miles 3 Miles 5 Miles
2022 Projection
Total Population 47,289 153,625 281,033
2017 Estimate
Total Population 46,526 154,045 277,555
2010 Census
Total Population 43,354 146,830 265,352
2000 Census
Total Population 37,889 134,978 248,409
Daytime Population
2017 Estimate 91,476 207,303 351,756
HOUSEHOLDS 1 Miles 3 Miles 5 Miles
2022 Projection
Total Households 12,955 46,956 94,320
2017 Estimate
Total Households 12,571 46,484 92,173
Average (Mean) Household Size 3.17 2.93 2.81
2010 Census
Total Households 11,682 44,136 87,646
2000 Census
Total Households 10,973 43,512 86,020
Growth 2015-2020 3.05% 1.02% 2.33%
HOUSING UNITS 1 Miles 3 Miles 5 Miles
Occupied Units
2022 Projection 12,955 46,956 94,320
2017 Estimate 12,995 47,886 94,436
Owner Occupied 2,827 21,357 52,135
Renter Occupied 9,744 25,127 40,038
Vacant 424 1,402 2,263
Persons In Units
2017 Estimate Total Occupied Units 12,571 46,484 92,173
1 Person Units 27.70% 24.32% 23.96%
2 Person Units 22.76% 26.79% 27.83%
3 Person Units 13.50% 17.09% 18.35%
4 Person Units 11.88% 14.71% 16.14%
5 Person Units 8.73% 7.85% 7.13%
6+ Person Units 15.42% 9.24% 6.59%
HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles
2017 Estimate
$200,000 or More 5.14% 6.49% 8.33%
$150,000 - $199,000 5.14% 7.69% 8.97%
$100,000 - $149,000 12.04% 17.68% 20.39%
$75,000 - $99,999 8.79% 13.05% 14.13%
$50,000 - $74,999 17.05% 16.08% 15.50%
$35,000 - $49,999 13.74% 11.50% 10.67%
$25,000 - $34,999 9.07% 7.86% 6.71%
$15,000 - $24,999 11.42% 8.54% 6.97%
Under $15,000 17.63% 11.12% 8.32%
Average Household Income $72,802 $90,999 $103,575
Median Household Income $47,905 $65,837 $78,155
Per Capita Income $21,384 $28,895 $35,278
POPULATION PROFILE 1 Miles 3 Miles 5 Miles
Population By Age
2017 Estimate Total Population 46,526 154,045 277,555
Under 20 26.65% 27.26% 25.68%
20 to 34 Years 44.20% 31.57% 26.50%
35 to 39 Years 6.39% 6.76% 7.29%
40 to 49 Years 8.70% 10.94% 12.45%
50 to 64 Years 8.50% 14.13% 17.01%
Age 65+ 5.54% 9.35% 11.06%
Median Age 24.62 29.56 33.60
Population 25+ by Education Level
2017 Estimate Population Age 25+ 22,804 90,155 178,019
Elementary (0-8) 19.62% 9.14% 5.92%
Some High School (9-11) 11.12% 7.09% 5.80%
High School Graduate (12) 24.11% 25.30% 23.96%
Some College (13-15) 9.22% 13.14% 13.83%
Associate Degree Only 3.24% 5.02% 5.74%
Bachelors Degree Only 16.24% 22.24% 25.23%
Graduate Degree 13.95% 16.57% 18.11%
Population by Gender
2017 Estimate Total Population 46,526 154,045 277,555
Male Population 52.58% 50.22% 49.67%
Female Population 47.42% 49.78% 50.33%
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Income
In 2017, the median household income for your selected geography is
$78,155, compare this to the US average which is currently $56,286.
The median household income for your area has changed by 29.61%
since 2000. It is estimated that the median household income in your
area will be $90,768 five years from now, which represents a change
of 16.14% from the current year.
The current year per capita income in your area is $35,278, compare
this to the US average, which is $30,982. The current year average
household income in your area is $103,575, compare this to the US
average which is $81,217.
Population
In 2017, the population in your selected geography is 277,555. The
population has changed by 11.73% since 2000. It is estimated that
the population in your area will be 281,033.00 five years from now,
which represents a change of 1.25% from the current year. The
current population is 49.67% male and 50.33% female. The median
age of the population in your area is 33.60, compare this to the US
average which is 37.83. The population density in your area is
3,528.29 people per square mile.
Households
There are currently 92,173 households in your selected geography.
The number of households has changed by 7.15% since 2000. It is
estimated that the number of households in your area will be 94,320
five years from now, which represents a change of 2.33% from the
current year. The average household size in your area is 2.81 persons.
Employment
In 2017, there are 193,568 employees in your selected area, this is
also known as the daytime population. The 2000 Census revealed
that 69.43% of employees are employed in white-collar occupations
in this geography, and 30.47% are employed in blue-collar
occupations. In 2017, unemployment in this area is 5.73%. In 2000,
the average time traveled to work was 34.00 minutes.
Race and Ethnicity
The current year racial makeup of your selected area is as follows:
44.34% White, 16.36% Black, 0.03% Native American and 24.41%
Asian/Pacific Islander. Compare these to US averages which are:
70.42% White, 12.85% Black, 0.19% Native American and 5.53%
Asian/Pacific Islander. People of Hispanic origin are counted
independently of race.
People of Hispanic origin make up 23.37% of the current year
population in your selected area. Compare this to the US average of
17.88%.
PROPERTY NAME
MARKETING TEAM
GEORGE STREET ALE HOUSE & APARTMENTS
Housing
The median housing value in your area was $318,137 in 2017,
compare this to the US average of $193,953. In 2000, there were
51,236 owner occupied housing units in your area and there were
34,784 renter occupied housing units in your area. The median rent at
the time was $810.
Source: © 2017 Experian
DEMOGRAPHICS
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GEORGE STREET ALE HOUSE & APARTMENTS
DEMOGRAPHICS
35