Listing Agency: The Blau & Berg Company Show Phone

Listed By: Jason M. Crimmins Show Phone

Source: Moodyscre

Added: May 16, 2024 Changed: Oct 25 Last Checked: Oct 28 at 10:06AM

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Investment Insights

Based on property information with market context.

This industrial property features a total building size of approximately 30,000 square feet. The property includes roughly 4,000 square feet of refrigerated space and a 3,050 square foot blast freezer. There is also an estimated 7,000 square feet dedicated to processing, 9,710 square feet of dry space, and 4,000 square feet of office space. The loading area measures approximately 2,240 square feet with a depth of 56 feet. The building is equipped with 1,200 amps of 480/277 volts power. It also features 3 interior loading docks and 3 drive-in doors, with ceiling heights ranging from 12 to 14 feet. Additional amenities include full locker rooms and a cafeteria. Holding freezers can be converted into coolers, if necessary. The property taxes for 2023 were $101,833.20.

Key Highlights

• ±30,000 SF Total Building Size
• Benefit from ±4,000 SF of Refrigerated Space, plus ±3,050 SF Blast Freezer
• Includes ±7,000 SF Processing Area

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$409,318

Cap Rate

6.06%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$8,186,360 $8.2M

Cap Rate 7%

$5,847,400 $5.8M

Cap Rate 9%

$4,547,978 $4.5M

Is this asking price fair?

Market Conditions

NOI Build-Up for 30,000 SF

Gross rent

$511.2K $17.04/SF

− Vacancy

−$29.6K −$0.99/SF

EGI

$481.6K $16.05/SF

− OpEx

−$72.2K −$2.41/SF

NOI

$409.3K $13.64/SF

Area

Elizabeth, NJ

Vacancy

5.80%

Lease Rate

$17.04 /SF/Yr

Expense Ratio

15.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$8,186,360

Cap Rate 7%

$5,847,400

Cap Rate 9%

$4,547,978

Alternative Uses

Best Use

Warehouse

$5.85M

$5.12M – $6.82M (±1% cap)

NOI $409,318 @ 7.0% cap · market cap 6.06%

Second Best

Industrial

$4.82M

$4.21M – $5.62M (±1% cap)

NOI $337,085 @ 7.0% cap · market cap 4.99%

Theoretical Best

Office A

$11.11M

$9.72M – $12.96M (±1% cap)

NOI $777,830 @ 7.0% cap · market cap 11.52%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Xpeditr Storage Facility Superior Cold Storage Storage Facility

Suggested Use

Top Pick Real Estate Agency Veterinary Clinic (Bike/Boat/Book/etc) Store Tanning Salon Pet Store Catering Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

3,076

Businesses Nearby

Balanced

Demand for This Use

Explore this area Business Placement

Market

Vacancy Rate% for Industrial in Northeast region

5.4% 2019

4.6% 2020

3.2% 2021

3.3% 2022

5.3% 2023

6.6% 2024

7.6% 2025

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Frequently Asked Questions

What type of property is this?

Warehouse - 30,000 SF industrial building with refrigerated and processing areas.

Where is this warehouse located?

The property is located at 1161 E Broad St Elizabeth, NJ.

What is the asking price?

The asking price for this property is $6,750,000.

What are key features of this property?

This property features: ±30,000 SF Total Building Size; Benefit from ±4,000 SF of Refrigerated Space, plus ±3,050 SF Blast Freezer; Includes ±7,000 SF Processing Area