100 BLOOMFIELD AVENUE
MONTCLAIR, NJ 07042
100 BLOOMFIELD AVENUE
MONTCLAIR, NJ 07042
SECTION ONE
...... PRICING & FINANCIAL ANALYSIS
SECTION TWO
...... PROPERTY DESCRIPTION
SECTION THREE
...... RECENT SALES
SECTION FOUR
...... RENT COMPARABLES
SECTION FIVE
...... MARKET OVERVIEW
ROBERT GIAMMONA
"PRUDENTIAL MERENDINO REALTY"
Cell Phone: (201) 575-5740
Office Phone: (201) 288-4222
E-MAIL:
PRICE $1,300,000
Total Rentable Square Feet 9030
Price/Square Foot $143
# of Units 8 Apt. & 2 commercial spaces
Apartments - Rentable Square Feet 6020 approx.
Retail - Gross Leasable Area (GLA) 3010 Sq. Ft
Year Built 1918
Lot Size 4,055 SF
PROPOSED FINANCING
FIRST TRUST DEED
Loan Amount $927,500
Loan Type Proposed New
Interest Rate 6.0%
Amortization 30 Years
Loan to Value 70%
Income AndExpenses Year 2010/11(Estimated)
INCOME 2010 Monthly/rent Annual Tenant name Lease Start Lease End Renewal Options Present Rent
Eight Apts. & Two
Commercial units
All Leases renewable
Term One yr. all Apts.
APARTMENTS
Apt. # 1 2BR $ 975 $ 11,700 Brandie Bookhart 6.14.11 6.15.12
Apt # 2 2BR $ 975 $ 11,700 Timothy Wrenn 7.11.11 7.10.12
Apt #3 2BR $ 950 $ 11,400 Eric Nowichi 2.12.11 1.31.12
Apt #4 1BR $ 800 $ 9,600 Kalindi Patel 1 .1.10 12.3112
Apt #5 2BR $1000 $ 12,000 Yvonne Armstrong 1.1.08 12.31.11
Apt #6 2BR $ 1000 $ 12,000 Leila Alpanse 3.1.09 2.28.12
Apt #7 2BR $ 975 $ 11,700 Sean Cocliff 1.15.10 1.14.12
Apt #8 1BR $ 800 $ 9,600 Dylan Pudaa 1.15.10 1.14.12
Commercial Units
Front Unit daycare $2200 $26,400
Back Unit Store $1450 $17,400
Bill Board $350
ANNUAL GROSS INCOME YEAR2010/11 and estimated income 2010/11------$ 133,850
Income AndExpenses Year 2011/12 (Estimated)
INCOME 2011 Monthly/rent Annual Tenant name Lease Start Lease End Renewal Options & Present Rent
Eight Apts. & Two
Commercial units
All Leases renewable
Term One yr. all Apts.
APARTMENTS
Apt. # 1 2BR $ 975 $ 11,700 Brandie Bookhart 6.14.11 6.15.12
Apt # 2 2BR $ 975 $ 11,700 Timothy Wrenn 7.11.11 7.10.12
Apt #3 2BR $ 975 $ 11,700 Eric Nowichi 2.12.11 1.31.12
Apt #4 1BR $ 800 $ 9,600 Kalindi Patel 1 .1.10 12.3112
Apt #5 2BR $1025 $ 12,300 Yvonne Armstrong 1.1.08 12.31.11
Apt #6 2BR $ 1025 $ 12,300 Leila Alpanse 3.1.09 2.28.12
Apt #7 2BR $ 1000 $ 12,000 Sean Cocliff 1.15.10 1.14.12
Apt #8 1BR $ 825 $ 9,900 Dylan Pudaa 1.15.10 1.14.12
Commercial Units
Front Unit daycare $2350 $ 27,000
Back Unit Store $1450 $ 17,400
Bill Board $350
ANNUAL GROSS INCOME YEAR2011/12 and estimated income 2011/12------$ 135,950
ANNUAL EXPENSES YEAR 2010 and 2011( estimated)
Property Tax $ 27,140
Water $ 1,500
Sewer $ 1,500
Insurance $ 4,500
Management , Renovations &Maintenance $15,600
Snow Removal& cleaning $ 1,050
TOTAL ANNUAL EXPENSES YEAR 2011/12 & ------$51,290
ANNUAL NET INCOME YEAR 2011/12------$ 84,660
Cap Rate 7 %Without management charges.
Note;
No Rent Control in Montclair, Present Rent Below market Rents,
New Roof Installed in first week of May 2011( with twenty year warrantee ).The above figures are taken from Rent received
And expenses made in Year 2010 and Year 2011 (estimated)
Schedule E
2009 ----- Adjusted Income with 5% Vacancy ------$106,850
2010 ----- Adjusted Income with 5% vacancy ------$ 126,547
2011 ----- Projected ------$ 133,880 +
Vacancy Ratio is expected for 2011 less than 2% 2009 & 2010 is higher
Due to apartment renovations. All apartments are renovated nowNew kitchens fixtures and floor installed. New sheet rock ceilings and walls
Installed where needed.