OFFERING
MEMORANDUM
Santander Bank Building241 Monmouth Rd. West Long Branch, NJ 07764
Marcus & Millichap’s New Jersey BOR: Brian Hosey
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NON-ENDORSEMENT & DISCLAIMER NOTICES
The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable. However, Marcus & Millichap has not and will not verify any of this information, nor has Marcus & Millichap conducted any investigation regarding these matters. Marcus & Millichap makes no guarantee, warranty or representation whatsoever about the accuracy or completeness of any information provided. As the Buyer of a net leased property, it is the Buyer’s responsibility to independently confirm the accuracy and completeness of all material information before completing any purchase. This Marketing Brochure is not a substitute for your thorough due diligence investigation of this investment opportunity. Marcus & Millichap expressly denies any obligation to conduct a due diligence examination of this Property for Buyer. Any projections, opinions, assumptions or estimates used in this Marketing Brochure are for example only and do not represent the current or future performance of this property. The value of a net leased property to you depends on factors that should be evaluated by you and your tax, financial and legal advisors. Buyer and Buyer’s tax, financial, legal, and construction advisors should conduct a careful, independent investigation of any net leased property to determine to your satisfaction with the suitability of the property for your needs. Like all real estate investments, this investment carries significant risks. Buyer and Buyer’s legal and financial advisors must request and carefully review all legal and financial documents related to the property and tenant. While the tenant’s past performance at this or other locations is an important consideration, it is not a guarantee of future success. Similarly, the lease rate for some properties, including newly constructed facilities or newly-acquired locations, may be set based on a tenant’s projected sales with little or no record of actual performance, or comparable rents for the area. Returns are not guaranteed; the tenant and any guarantors may fail to pay the lease rent or property taxes, or may fail to comply with other material terms of the lease; cash flow may be interrupted in part or in whole due to market, economic, environmental or other conditions. Regardless of tenant history and lease guarantees, Buyer is responsible for conducting his/ her own investigation of all matters affecting the intrinsic value of the property and the value of any long-term lease, including the likelihood of locating a replacement tenant if the current tenant should default or abandon the property, and the lease terms that Buyer may be able to negotiate with a potential replacement tenant considering the location of the property, and Buyer’s legal ability to make alternate use of the property.
By accepting this Marketing Brochure you agree to release Marcus & Millichap Real Estate Investment Services and hold it harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this net leased property.
The information contained in this 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, PCBs 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.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS
MARCUS & MILLICHAP HEREBY ADVISES ALL PROSPECTIVE PURCHASERS OF AN INVESTMENT PROPERTY AS FOLLOWS:
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TABLE OF CONTENTS
SANTANDER BANK BUILDING241 MONMOUTH ROAD
WEST LONG BRANCH, NJ 07764
04 INVESTMENT OVERVIEWSECTION 1 Investment Overview • Investment DetailTenant Summary • Operating Statement
09
16
LOCATION OVERVIEWSECTION 2 Site Aerials • Site MeasurementsTrade Area • Economic Drivers
DEMOGRAPHIC OVERVIEWSECTION 3 New Jersey Overview • Demographics
SECTION
4
INVESTMENT OVERVIEWSantander Bank Building l West Long Branch, NJ
INVESTMENT OVERVIEW
INVESTMENT HIGHLIGHTS
Marcus & Millichap had been exclusively retained by ownership for the disposition of their fee simple interest in 241 Monmouth
Road (Route 71) located in West Long Branch, Monmouth County, New Jersey. The asset’s 27,564(+/-) SF building sits on roughly
5.2 acres and is anchored by Santander Bank with over $107M in deposits at this location. Santander Bank has over 650+
locations in eight states with over $57B in total deposits.
A savvy investor while see the multitude of ways to create value at 241 Monmouth Road either through leasing vacant space,
owner / user facility or a complete site redevelopment of this rare five acres of land in the densely packed town of West Long
Branch, NJ. Additional, the right investor will also see the value in purchasing the additional, adjacent three(+) acres of land for a
total combination of eight(+) acres.
The asset is strategically located at the four-way, traffic light, intersection of Monmouth Road and Parker Avenue with two
ingress/egress access points which sees over 20,026(+/-) vehicles per day. Monmouth Road is a major corridor connecting State
Route 36 to Monmouth University, Monmouth Medical Hospital, Shore Regional High School as well as the shore towns of Long
Branch, Deal, and Asbury Park. In addition, Parker Avenue runs pararrel to State Route 36 and provides the local communities with
rear access to major retail tenants along the State Route 36 highway.
The location is ideal for accessibility to local redevelopments such as Fort Monmouth Redevelopment (1,400 acres), Monmouth
Mall Redevelopment, Long Branch Beachfront Redevelopment, Asbury Park Beachfront Redevelopment. In addition, medical
institutions such as Monmouth Medical Hospital, Jersey Shore Hospital and River View Hospital are in close proximity as well as
Monmouth University and Shore Regional High School which all benefit from the 150,963 people with an AHHI of $116,038 in a
five-mile radius of 241 Monmouth Road.
INVESTMENT SUMMARY
• ASSET: Value-add 27,564(+/-) SF office building on 5.2(+/-) acres of land
• ANCHOR: Santander Bank with over $107M in deposits at this location
• VALUE-ADD: Lease up vacant space, owner user or redevelopment
• LOCATION: Traffic light intersection with two ingress / egress access points
• DEMOS: Population of 150,963 people w/ AHHI of $116,038 in five mile radius
INVESTMENT DETAIL
PRICE: DETERMINED BY MARKET
THE OFFERING
Property Santandar Bank Building
Price $
Property Address 241 Monmouth Rd, West Long Branch, NJ
Assessors Parcel Number 53-00061-0000-00094
Zoning PR
SITE DESCRIPTION
Number of Floors Two Floors w/ Basement
Year Built/Renovated 1985
Rentable Square Feet 23,775
Ownership Fee Simple
Lot Size 5.2 acre(s)
Parking 142
Parking Ratio 5.15 / 1,000
Topography Flat
Intersection/Cross Street Parker Ave.
UTILITIES
Gas New Jersey Natural Gas
Electric Jersey Central Power & Light
Water New Jersey American Water
CONSTRUCTION
Foundation Concrete Slab
Framing Steel frame
Exterior Brick
Parking Surface Asphalt
Roof Shingles & Rubber Membrane
MECHANICAL
Fire Protection Sprinklers
Elevators One
INVESTMENT DETAIL
TENANT SUMMARY
INVESTMENT DETAIL
OPERATING STATEMENT
SECTION
9
LOCATION OVERVIEWSantander Bank Building l West Long Branch, NJ
10
LOCATION OVERVIEW – SITE AERIAL
Actual Site
Actual Site
Actual Site
Actual Site
Additional Land Available
11
LOCATION OVERVIEW – SITE AERIAL
NEW CONSTRUCTION
2019 DELIVERY
ALSO AVAILABLE
Colonial PlazaNew York City
Additional Land Available
12
LOCATION OVERVIEW – SITE AERIAL
ALSO AVAILABLE
Lloyd Plaza
(16,998 AVD)
Shore Regional High School
13
LOCATION OVERVIEW – SITE MEASUREMENTS
Actual Site
Actual Site
Actual Site
Actual Site
Shore Regional High School
Betty McElmon Elementary
School
Old Orchard Golf Course
Avalon Bay Community
14
LOCATION OVERVIEW – ECONOMIC DRIVERS
Actual Site
Actual Site
Actual Site
Actual Site
Shore Regional High School
Betty McElmon Elementary
School
Old Orchard Golf Course
Avalon Bay Community
15
LOCATION OVERVIEW – TRADE AREA MAP
Fort Monmouth Redevelopment
(1,400 Acres)
Old Orchard Golf Course
Monmouth ParkHorse Track
Pier Village
Monmouth Medical Hospital
NJ Transit RailDirect to NYC
Monmouth University
Long BranchHigh School
Monmouth MallRedevelopment
Shore RegionalHigh School
Avalon BayCommunity
SECTION
16
DEMOGRAPHICS OVERVIEWSantander Bank Building l West Long Branch, NJ
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. Mercer County is home to the state’s
capital in Trenton and Princeton University in Princeton.
▪ 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.
Two Fortune 500 companies operate out of Central Jersey: Johnson & Johnson in New Brunswick,
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
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ECONOMY
METRO HIGHLIGHTS
* Forecast
Sources: Marcus & Millichap Research Services; BLS; Bureau of Economic Analysis; Experian; Fortune; Moody’s Analytics; U.S. Census Bureau
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
2018POPULATION:
1M
2018HOUSEHOLDS:
40.6
2018MEDIAN AGE:
$83,200
2018 MEDIAN HOUSEHOLD INCOME:
U.S. Median:
38.0U.S. Median:
$58,8003.9%
Growth2018-2023*:
3.0%
Growth2018-2023*:
DEMOGRAPHICS OVERVIEW
PROPERTY NAME
MARKETING TEAM
Source: © 2017 Experian
DEMOGRAPHICS OVERVIEW
POPULATION 1 Miles 3 Miles 5 Miles
▪ 2023 Projection
Total Population 6,345 76,420 151,584
▪ 2018 Estimate
Total Population 6,317 76,669 150,943
▪ 2010 Census
Total Population 6,278 76,368 150,273
▪ 2000 Census
Total Population 6,208 78,870 152,358
▪ Current Daytime Population
2018 Estimate 10,113 91,476 170,753
HOUSEHOLDS 1 Miles 3 Miles 5 Miles
▪ 2023 Projection
Total Households 2,288 29,893 60,063
▪ 2018 Estimate
Total Households 2,260 29,682 59,013
Average (Mean) Household Size 2.74 2.52 2.50
▪ 2010 Census
Total Households 2,230 29,416 58,454
▪ 2000 Census
Total Households 2,219 30,501 59,022
HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles
▪ 2018 Estimate
$200,000 or More 13.29% 10.43% 12.29%
$150,000 - $199,999 13.55% 8.14% 9.58%
$100,000 - $149,000 24.75% 17.49% 17.67%
$75,000 - $99,999 10.66% 11.25% 11.05%
$50,000 - $74,999 13.12% 16.19% 14.69%
$35,000 - $49,999 7.65% 10.39% 9.60%
$25,000 - $34,999 6.41% 8.76% 8.39%
$15,000 - $24,999 4.73% 8.19% 7.71%
Under $15,000 8.90% 10.55% 10.41%
Average Household Income $131,953 $108,305 $116,308
Median Household Income $102,922 $69,733 $76,224
Per Capita Income $48,984 $42,345 $45,750
POPULATION PROFILE 1 Miles 3 Miles 5 Miles
▪ Population By Age
2018 Estimate Total Population 6,317 76,669 150,943
Under 20 26.06% 23.88% 23.90%
20 to 34 Years 16.56% 21.31% 19.25%
35 to 39 Years 4.41% 6.05% 6.06%
40 to 49 Years 11.44% 11.81% 12.32%
50 to 64 Years 22.56% 20.59% 21.42%
Age 65+ 18.99% 16.38% 17.03%
Median Age 43.05 38.95 40.68
▪ Population 25+ by Education Level
2018 Estimate Population Age 25+ 4,158 52,502 104,784
Elementary (0-8) 2.45% 4.68% 3.81%
Some High School (9-11) 4.78% 5.22% 4.95%
High School Graduate (12) 28.28% 29.80% 26.04%
Some College (13-15) 16.67% 17.90% 17.66%
Associate Degree Only 7.04% 6.26% 6.53%
Bachelors Degree Only 24.13% 21.43% 24.01%
Graduate Degree 16.27% 13.34% 15.74%
OFFERING
MEMORANDUM
Santander Bank Building241 Monmouth Rd. West Long Branch, NJ 07764
Marcus & Millichap’s New Jersey BOR: Brian Hosey