4 4255 $106 little italy - Agorafy
The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee the accuracy of any information provided herein. As an example, all zoning information, buildable footage estimates and indicated uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example, and does not necessarily relate to actual vacancy, if any. The value of this prospective investment is dependent upon these estimates and assumptions made below, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. The prospective buyer should carefully verify each item of income, and all other information contained herein. January 20, 2015 6:15 PM
123 BAXTER STREET - RETAIL CONDOS, NEW YORK, NY 10013 Four (4) Retail Condos in Little Italy | FOR SALE
4
4,255
Units
$106
Gross SF
LITTLE ITALY
$/SF Operating Rents
LOCATION
PROPERTY INFORMATION Unit
UNITS 1 & 3 1&3
2
4
Southeast corner of Baxter Street and Hester Street
South side of Baxter Street between Canal and Hester Street
South side of Baxter Street between Canal and Hester Street
206 / 1101,1103
206 / 1102
206 / 1104
2
1
1
4
1,544
1,311
1,400
4,255
Assesment (14/15)
245,986
234,099
217,746
$697,831
Taxes (14/15)
$26,281
$25,011
$23,264
$74,556
Location Block / Lot Total Number of Units Unit Size
Total
UNIT 2
INVESTMENT HIGHLIGHTS Ariel Property Advisors presents 123 Baxter Street, a portfolio of four (4) retail condo units situated in Little Italy between Hester Street and Canal Street. Together, the properties enjoy approximately 140 feet of prime retail frontage, with 70 feet on Baxter Street and 70 feet on Hester Street. Units 1 and 3 are currently rented to Scottrade, an investment company with over 500 branch offices nationwide that offers brokerage and banking services. Scottrade currently pays a below market rent of $95 per square foot. This lease expires in January 2016 and includes a Tenant’s option for two (2) additional terms of three (3) years with rent being adjusted to full fair market value. Unit 2 is currently rented to Kumon North America, an on-site after-school math and reading program. Kumon currently pays a below market rent of $93 per square foot, per a lease that expires in 2019, with no Tenant options.
UNIT 4
Unit 4 is currently vacant, presenting an ideal opportunity for either an owner-user or investor to capitalize on a current market rents. The properties are located just two blocks from the 6, J, Z, N and Q trains. Due to an increasing demand for retail properties in well situated locations and the below market rents currently being paid by the tenants, this is an opportunity for a long term investor to own a portfolio of retail properties that offer tremendous upside potential.
CURRENT ROLL
EXPENSES: (ESTIMATED)
Scheduled Gross Income:
$450,807
Real Estate Taxes (14/15)
Less Vacancy Rate Reserve (3.0%):
($13,524)
CAM Reimbursement
($10,428)
$74,556
Gross Operating Income:
$437,283
Tax Reimbursement
($12,282)
Less Expenses:
($73,593)
16%
% of SGI
Insurance
Net Operating Income:
$363,690
4.04%
Cap Rate
Legal & Miscellaneous
$4,373
Management
$13,118
Gross Operating Expenses
$73,593
$4,255
Asking Price: $9,000,000 For More Information Please Contact Our Exclusive Sales Agents Howard Raber, Esq.
Shimon Shkury
Jesse Deutch
Randy Modell
Michael A. Tortorici
212.544.9500 x.23
212.544.9500 x.11
212.544.9500 x.18
212.544.9500 x.17
212.544.9500 ext.13
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
Ariel Property Advisors | Building Results | 122 East 42nd Street, Suite 1015 - New York NY 10168 | 212.544.9500 | arielpa.com
The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee the accuracy of any information provided herein. As an example, all zoning information, buildable footage estimates and indicated uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example, and does not necessarily relate to actual vacancy, if any. The value of this prospective investment is dependent upon these estimates and assumptions made below, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. The prospective buyer should carefully verify each item of income, and all other information contained herein. January 20, 2015 6:15 PM
123 BAXTER STREET - RETAIL CONDOS, NEW YORK, NY 10013 Four (4) Retail Condos in Little Italy | FOR SALE
SCHEDULED INCOME Current Rents Unit
Tenant
Sq. Ft.
$ / SF
Actual/Projected
Monthly Rent
Lease Expiration
1&3
Scottrade
1,544
$95
Actual
$12,263
1/31/2016
2
Kumon North America
1,311
$93
Actual
$10,130
7/31/2019
4
Vacant
1,400
$130
Projected
$15,175
N/A
Gross Monthly Rent
$37,567
Gross Annual Rent
$450,807
Number of Units
3
*Scottrade (Units 1 & 3) has the option to exercise two (2) additional terms of three (3) years each
TAX MAP Baxter Street
N S
1101 1102
1104
Can
Hester Street
al S tree
t
1103
206
LAFAYETTE ST
CHURCH ST
ALLEN ST
ST
CHRYSTIE
22
22
5
WORTH ST 15
A C
Chambers St
R PA
T
Asking Price: $9,000,000
22
OW KR
ES IN ER
W BROADWAY
CHINATOWN
TH CA
Chambers St
DIS
MA
ST
20
Y
WA
AD
RO
EB
RS
N ST
103
F
15
E TG
1 ST Franklin St
Z
East Broadway
CANAL ST
N Q Canal St
RISO
HAR
J
9
RU
KLIN
FRAN
5
K ST
TRIBECA
6
R
Canal St
ST
IC VAR
RY ST
VEST
RY BOWE
ST
Canal St
Canal St
CENTRE ST
Canal St
Grand St
ST
LITTLE Subject Property ITALY
LUDLOW ST
A C E
B D ELDRIDGE
1 Canal St
BROOME ST
Z
Delancey St
Bowery
GRAND ST
ST
MOTT
T ERRY S MULB
BROADWAY
J
BROOME ST
F
Z
M Essex St
ORCHARD
CANAL
W BROADWAY
20
20
J
ST
Spring St
6
Spring St
CLINTON
C E
ST
ST
SPRING ST
G SPRIN
ST
SOHO
SUFFOLK
LOCATION MAP
ESSEX ST
ERICAS
3D VIEW
NORFOLK
HE AM
T AV OF
Mulberry Street
For More Information Please Contact Our Exclusive Sales Agents Howard Raber, Esq.
Shimon Shkury
Jesse Deutch
Randy Modell
Michael A. Tortorici
212.544.9500 x.23
212.544.9500 x.11
212.544.9500 x.18
212.544.9500 x.17
212.544.9500 ext.13
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
Ariel Property Advisors | Building Results | 122 East 42nd Street, Suite 1015 - New York NY 10168 | 212.544.9500 | arielpa.com
T
S RY
ER
CH
123 BAXTER STREET - RETAIL CONDOS, NEW YORK, NY 10013 Four (4) Retail Condos in Little Italy | FOR SALE
4
4,255
Units
$106
Gross SF
LITTLE ITALY
$/SF Operating Rents
LOCATION
PROPERTY INFORMATION Unit
UNITS 1 & 3 1&3
2
4
Southeast corner of Baxter Street and Hester Street
South side of Baxter Street between Canal and Hester Street
South side of Baxter Street between Canal and Hester Street
206 / 1101,1103
206 / 1102
206 / 1104
2
1
1
4
1,544
1,311
1,400
4,255
Assesment (14/15)
245,986
234,099
217,746
$697,831
Taxes (14/15)
$26,281
$25,011
$23,264
$74,556
Location Block / Lot Total Number of Units Unit Size
Total
UNIT 2
INVESTMENT HIGHLIGHTS Ariel Property Advisors presents 123 Baxter Street, a portfolio of four (4) retail condo units situated in Little Italy between Hester Street and Canal Street. Together, the properties enjoy approximately 140 feet of prime retail frontage, with 70 feet on Baxter Street and 70 feet on Hester Street. Units 1 and 3 are currently rented to Scottrade, an investment company with over 500 branch offices nationwide that offers brokerage and banking services. Scottrade currently pays a below market rent of $95 per square foot. This lease expires in January 2016 and includes a Tenant’s option for two (2) additional terms of three (3) years with rent being adjusted to full fair market value. Unit 2 is currently rented to Kumon North America, an on-site after-school math and reading program. Kumon currently pays a below market rent of $93 per square foot, per a lease that expires in 2019, with no Tenant options.
UNIT 4
Unit 4 is currently vacant, presenting an ideal opportunity for either an owner-user or investor to capitalize on a current market rents. The properties are located just two blocks from the 6, J, Z, N and Q trains. Due to an increasing demand for retail properties in well situated locations and the below market rents currently being paid by the tenants, this is an opportunity for a long term investor to own a portfolio of retail properties that offer tremendous upside potential.
CURRENT ROLL
EXPENSES: (ESTIMATED)
Scheduled Gross Income:
$450,807
Real Estate Taxes (14/15)
Less Vacancy Rate Reserve (3.0%):
($13,524)
CAM Reimbursement
($10,428)
$74,556
Gross Operating Income:
$437,283
Tax Reimbursement
($12,282)
Less Expenses:
($73,593)
16%
% of SGI
Insurance
Net Operating Income:
$363,690
4.04%
Cap Rate
Legal & Miscellaneous
$4,373
Management
$13,118
Gross Operating Expenses
$73,593
$4,255
Asking Price: $9,000,000 For More Information Please Contact Our Exclusive Sales Agents Howard Raber, Esq.
Shimon Shkury
Jesse Deutch
Randy Modell
Michael A. Tortorici
212.544.9500 x.23
212.544.9500 x.11
212.544.9500 x.18
212.544.9500 x.17
212.544.9500 ext.13
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
Ariel Property Advisors | Building Results | 122 East 42nd Street, Suite 1015 - New York NY 10168 | 212.544.9500 | arielpa.com
The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee the accuracy of any information provided herein. As an example, all zoning information, buildable footage estimates and indicated uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example, and does not necessarily relate to actual vacancy, if any. The value of this prospective investment is dependent upon these estimates and assumptions made below, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. The prospective buyer should carefully verify each item of income, and all other information contained herein. January 20, 2015 6:15 PM
123 BAXTER STREET - RETAIL CONDOS, NEW YORK, NY 10013 Four (4) Retail Condos in Little Italy | FOR SALE
SCHEDULED INCOME Current Rents Unit
Tenant
Sq. Ft.
$ / SF
Actual/Projected
Monthly Rent
Lease Expiration
1&3
Scottrade
1,544
$95
Actual
$12,263
1/31/2016
2
Kumon North America
1,311
$93
Actual
$10,130
7/31/2019
4
Vacant
1,400
$130
Projected
$15,175
N/A
Gross Monthly Rent
$37,567
Gross Annual Rent
$450,807
Number of Units
3
*Scottrade (Units 1 & 3) has the option to exercise two (2) additional terms of three (3) years each
TAX MAP Baxter Street
N S
1101 1102
1104
Can
Hester Street
al S tree
t
1103
206
LAFAYETTE ST
CHURCH ST
ALLEN ST
ST
CHRYSTIE
22
22
5
WORTH ST 15
A C
Chambers St
R PA
T
Asking Price: $9,000,000
22
OW KR
ES IN ER
W BROADWAY
CHINATOWN
TH CA
Chambers St
DIS
MA
ST
20
Y
WA
AD
RO
EB
RS
N ST
103
F
15
E TG
1 ST Franklin St
Z
East Broadway
CANAL ST
N Q Canal St
RISO
HAR
J
9
RU
KLIN
FRAN
5
K ST
TRIBECA
6
R
Canal St
ST
IC VAR
RY ST
VEST
RY BOWE
ST
Canal St
Canal St
CENTRE ST
Canal St
Grand St
ST
LITTLE Subject Property ITALY
LUDLOW ST
A C E
B D ELDRIDGE
1 Canal St
BROOME ST
Z
Delancey St
Bowery
GRAND ST
ST
MOTT
T ERRY S MULB
BROADWAY
J
BROOME ST
F
Z
M Essex St
ORCHARD
CANAL
W BROADWAY
20
20
J
ST
Spring St
6
Spring St
CLINTON
C E
ST
ST
SPRING ST
G SPRIN
ST
SOHO
SUFFOLK
LOCATION MAP
ESSEX ST
ERICAS
3D VIEW
NORFOLK
HE AM
T AV OF
Mulberry Street
For More Information Please Contact Our Exclusive Sales Agents Howard Raber, Esq.
Shimon Shkury
Jesse Deutch
Randy Modell
Michael A. Tortorici
212.544.9500 x.23
212.544.9500 x.11
212.544.9500 x.18
212.544.9500 x.17
212.544.9500 ext.13
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
Ariel Property Advisors | Building Results | 122 East 42nd Street, Suite 1015 - New York NY 10168 | 212.544.9500 | arielpa.com
T
S RY
ER
CH
