Ai 3
SITE SEARCH OF NEW JERSEY
(Licensed Real Estate Broker)
P.O. Box 7052; Princeton, N.J. 08543
(609) 683-0413 (phone); (609) 683-4579 (fax)
e-mail: mho13@
PRIME 1031 EXCHANGE PROPERTY
NET - LEASED PROPERTY: CITY OF TRENTON; PRIME INDUSTRIAL
INVESTOR OPPORTUNITY LOCATED IN THE UEZ (3/2018)
LOCATION: The ‘Kamco Building Supply’ property; 102 North Olden Avenue; between North Clinton Avenue and East State Street. (Block 25501; Lot 4.01).
PERTINENT INFORMATION:
- The property consists of two industrial buildings totaling approx. 44,000 SF situated on 1.979 acres.
1. Building I (50’ x 300’) features 15,000 SF of clear-span space with an 18’ ceiling under beam. The building has 3-phase power w/ approx. 500 amps. There are three-16’ high x 14.5’wide drive-in loading doors. In addition, the building contains a 10-ton overhead bridge-crane. The building construction consists of 7’ of block with the remainder being ‘butler’.
2. Building II (L-shaped in two sections); one being 80’x 275’ & the other being 60’ x 125’ for a total of 29,500 SF. The building features 18’ ceiling height with 25’ x 25’ column spacing in the larger section plus 15’+ ceiling height with 18’ x 20’ column spacing in the 7,500 SF section.
The property was completely renovated during 2006 for Kamco Building Supply Corp., the present Tenant whose lease-term commenced on 6/1/2006.
Renovations included a new roof, offices/bathrooms, HVAC & plumbing.
The Sellers also paved the rear of the property in 2017 at a cost of $60,0000.
TENANT INFORMATION:
- Kamco Building Supply is leasing and has heavily invested in the entire property. They have a 5-year lease that commenced on 12/1/2016 and terminates on 11/31/2021. The lease includes 10 three-year options with 3% rent bumps per extension.
- For the primary term Kamco pays $12,000/mo. NNN with no rental bumps.
SELLER RESPONSIBILITIES:
- Seller maintains responsibility for the roof and structure.
MISC. PROPERTY INFO:
- The property is situated within the City of Trenton UEZ & the Industrial ‘A’ Zoning allows for a wide variety of potential uses. All public utilities service the site.
- In 2016, Ownership obtained an RAO from NJDEPE. As a result, the property has a DEPE clean bill of health, but will be deed restricted against future potential residential development.
- Property taxes for 2018 are $37,668 ($.86/SF).
SALE PRICE: $1,350,000 (9.9% Cap!!!)
FOR FURTHER INFORMATION AND TO ARRANGE FOR
A TOUR OF THE PROPERTY; PLEASE CONTACT:
MARK OLINSKY @ (609) 731-4111
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