Office Space For Lease @ 333 Hackensack St

DEVELOPMENT OPPORTUNITY IN CARLSTADT, BERGEN COUNTY
This valuation, is for a proposed build out of a 2 family plus retail, consisting of both apartments being 700 sq ft. each, with a 1500 square foot retail/office space and 4 parking spaces.

Retail
Comparisons for the retail space for the immediate area, are particularly difficult to acquire, as anything leased in the direct area, does not have a frequent turnover rate, and current inventory is minimal, as well as commercial leases are customarily based on a 5 year period.
Below are a few samples of what has been leased within the 5 year lease period, based on CoStar data.

A) 317 Hackensack St Carlstadt B) 319 Hackensack ST Carlstadt C) 312-314 Hackensack St. Carlstadt
500 sq ft space @ $24.00 a sq. ft. 1700 sq. ft. @ $35.29 sq. ft. 1,114 sq. ft. @ $21.54 sq. ft.

Projected Lease Amount for subject property: $25 sq. ft. for 1500 sq. ft. - $3,125.00
An even higher premium monthly lease rate could be possible if space could be leased for food/restaurant use.

Residential

Anticipated construction of two, 2 bedroom 700 sq ft apartments.

Comparisons for newer construction 2 bedroom apartments are as follows:

A) 427 8th Street Apt 1 B) 427 8th Street Apt. 2 C) 551
Washington Street
Carlstadt, NJ Carlstadt, NJ Carlstadt, NJ
$2,500 $2,450 $2,100
New Construction New Construction Not New Construction

Projected Monthly Rental Leases for these Newly Constructed Apartments should be $2,500 each. With Parking.

Income and Expense Valuation: $2,500 x 12 - $30,000
$2,500 x 12 - $30,000
$3,125 x 12 - $37,500
Total Gross Income yearly $97,500
Projected Taxes $9,500.00 ( Based on added valuation of construction.
Speak with tax officer for accuracy)

Insurance $1,800 / yearly

Construction Cost – 1,500 sq ft. x $125 = $187,500 Hard Cost –
Soft Cost Construction $15,000.00

After Construction Selling Price Possible $ 1,100,000.00
Based on a 7.83% Cap Rate Which is hard to find in todays market:

Projected yearly gross Income: $97,500
Land Acquisition $289,900
Projected yearly taxes: $ 9,500 Construction Cost-Approx $202,500
Estimated Insurance $ 1,800
Total $492,400
Net Income $ 86,200
Potential Cap Rate 17.50%
Potential Profit if Sold - $ 607,600

All cost figures shown and noted above, are estimated only. All estimations are subject to change. Additional cost (some anticipated, some not) may not be shown. Please do your own due diligence to confirm information above. This space offers accomodations for: office building.