Church Avenue JV Proposal
229-23 MERRICK BOULEVARD INVESTMENT OPPORTUNITY
Presented by First Class Management, Inc. A Full Service Commercial Real Estate & Management Company
[email protected] | www.fcmre.com | (718) 551-7746
Confidentiality Disclaimer The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from First Class Management, Inc. (“FCMRE”) and should not be made available to any other person or entity without the written consent of FCMRE. 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. FCMRE 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, PCB's 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, FCMRE has not verified, and will not verify, any of the information contained herein, nor has FCMRE 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.
229-23 Merrick Boulevard Laurelton, NY 11434
Presented by First Class Management Inc. A Full Service Commercial Real Estate and Management Company
Investment Highlights Address: 229-23 Merrick Boulevard, Laurelton, NY 11413 Block: 12968 Lots: 116
High visibility asset on a busy intersection of 230th Street and Merrick boulevard 6,508 square foot Multi-Tenant Queens Retail Property 74 feet of Frontage on Merrick Boulevard Property was Completely Renovated in 2006 – New Façade All Tenants Have 3 percent annual Rental Increases The Property is Surrounded by Local and National Retailers Minimal Management NYC retail asset
The subject offering is an 6,508 square foot multi-tenant retail property on the corner of 230th Street and Merrick Blvd, Laurelton(Queens), New York. The property is currently 100% leased. This asset was renovated in 2006. Many of the tenants have been in occupancy for over ten years. All leases have annual rent escalations of 3%. The property rests on a 7,222 Square Foot lot, and has over 73 feet of frontage on Merrick Blvd. Merrick Boulevard is the main retail thoroughfare in Springfield Gardens. This property is situated amongst various national retailers including Walgreen's, Duane Reade, Family Dollar, Chase and numerous other retailers. All of the tenants reimburse for Real Estate Taxes and pay their own utilities.
229-23 Merrick Boulevard Laurelton, NY 11434
Presented by First Class Management Inc. A Full Service Commercial Real Estate and Management Company
Offering Summary Price CAP Rate
Annual Income Scheduled Income Recapture / Taxes Gross Operating Income Less Expenses Net Operating Income
Annual Expenses Taxes Insurance Repairs / Maintenance Total Expenses
229-23 Merrick Boulevard Laurelton, NY 11434
$4,885,000
Building S.F.
6,500
5.00%
% Occupied
100%
$280,776.89 $28,392.00 $309,168.89 $64,915.00 $244,253.89
$58,415.00 $4,000.00 $2,500.00 $64,915.00
Presented by First Class Management Inc. A Full Service Commercial Real Estate and Management Company
Tenant Rent Roll Space Tenant Name Number
Start Date End Date
Annual Rent S.F.
Annual Rent
Recapture Taxes
% of Total
Escalations / Options / Comments
1
The UPS Store
Dec-04
Nov-19
1,600
$
49.31
$
78,901.32
$
10,466.40
24.62%
Next Increase on 12/2016 by 3%
2
TS Wines & Liquors
Nov-13
Oct-23
900
$
35.36
$
31,827.00
$
4,851.00
13.85%
Next Increase on 11/2016 by 3%
3
H&R Block
Oct-04
Apr-16
800
$
30.00
$
24,000.00
$
4,485.60
12.31%
4
Eyebrow Zone
Jul-08
Jun-18
800
$
44.78
$
35,821.57
5
Elira Beauty Salon
Aug-02
Sep-19
1,100
$
49.85
$
54,831.00
6
New Covenant Worship Center
Nov-10
Apr-16
800
$
36.00
$
28,800.00
7
Wayne Walker (Recording Studio)
Jan-14
Dec-18
500
$
38.19
$
19,096.00
9
Verizon Rooftop Antenna
$
7,500.00
-
Total
229-23 Merrick Boulevard Laurelton, NY 11434
S.F.
6,500
$
43.20
$ 280,776.89
$
3,738.00
12.31%
Next Increase on 7/2016 by 3%;
16.92%
Next Increase on 10/2016 by 3%;
12.31% $
4,851.00
7.69%
Next Increase on 1/2017 by 3%;
0.00%
$ 28,392.00
100.00%
Presented by First Class Management Inc. A Full Service Commercial Real Estate and Management Company
Aerial Map
229-23 Merrick Boulevard Laurelton, NY 11434
Presented by First Class Management Inc. A Full Service Commercial Real Estate and Management Company
Map
229-23 Merrick Boulevard Laurelton, NY 11434
Presented by First Class Management Inc. A Full Service Commercial Real Estate and Management Company
Additional Pictures
229-23 Merrick Boulevard Laurelton, NY 11434
Presented by First Class Management Inc. A Full Service Commercial Real Estate and Management Company
Additional Pictures
229-23 Merrick Boulevard Laurelton, NY 11434
Presented by First Class Management Inc. A Full Service Commercial Real Estate and Management Company
Demographics 1990 Population 2000 Population 2010 Population 2011 Population 2016 Population 1990 Households 2000 Households 2010 Households 2011 Households 2016 Households 2011 Average Household Size 2011 Daytime Population 1990 Median Housing Value 2000 Median Housing Value 2000 Owner Occupied Housing Units 2000 Renter Occupied Housing Units 2000 Vacant 2011 Owner Occupied Housing Units 2011 Renter Occupied Housing Units 2011 Vacant 2016 Owner Occupied Housing Units 2016 Renter Occupied Housing Units 2016 Vacant
229-23 Merrick Boulevard Laurelton, NY 11434
1 Mile 3 Miles 5 Miles 50,788 366,482 904,370 55,323 411,057 1,012,489 53,556 405,849 1,011,686 52,650 399,193 997,638 49,661 377,595 950,548 15,809 113,470 305,011 18,296 128,349 331,965 17,929 126,688 328,720 17,755 125,869 327,565 17,355 123,903 325,566 2.96 3.13 3.01 6,157 83,401 245,199 $157,532 $162,483 $183,624 $178,000 $180,445 $199,818 65.35% 61.71% 58.63% 30.53% 33.19% 37.26% 4.14% 5.11% 4.11% 67.74% 63.12% 61.17% 26.44% 30.42% 33.33% 5.84% 6.46% 5.50% 68.03% 63.42% 61.49% 26.14% 30.19% 33.09% 5.83% 6.40% 5.42%
$ 0 - $14,999 $ 15,000 - $24,999 $ 25,000 - $34,999 $ 35,000 - $49,999 $ 50,000 - $74,999 $ 75,000 - $99,999 $100,000 - $124,999 $125,000 - $149,999 $150,000 - $199,999 $200,000 - $249,999 $250,000 + 2011 Median Household Income 2011 Per Capita Income 2011 Average Household Income
1 Mile 9.60% 7.20% 9.20% 14.70% 19.90% 15.50% 9.90% 6.00% 6.00% 0.80% 1.20% $61,358 $24,008 $70,784
3 Miles 10.30% 7.60% 9.20% 12.80% 20.40% 15.20% 10.20% 6.20% 5.30% 1.00% 1.80% $61,146 $23,255 $72,622
5 Miles 9.80% 8.10% 9.20% 12.70% 20.00% 14.00% 9.90% 6.10% 6.10% 1.50% 2.80% $61,919 $25,974 $77,696
Presented by First Class Management Inc. A Full Service Commercial Real Estate and Management Company
Contact For More Information Albert Aranbaev Managing Director [email protected] (718) 551-7746
First Class Management, Inc. (“FCMRE”)
www.fcmre.com
229-23 Merrick Boulevard Laurelton, NY 11434
Presented by First Class Management Inc. A Full Service Commercial Real Estate and Management Company
Presented by First Class Management, Inc. A Full Service Commercial Real Estate & Management Company
[email protected] | www.fcmre.com | (718) 551-7746
Confidentiality Disclaimer The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from First Class Management, Inc. (“FCMRE”) and should not be made available to any other person or entity without the written consent of FCMRE. 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. FCMRE 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, PCB's 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, FCMRE has not verified, and will not verify, any of the information contained herein, nor has FCMRE 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.
229-23 Merrick Boulevard Laurelton, NY 11434
Presented by First Class Management Inc. A Full Service Commercial Real Estate and Management Company
Investment Highlights Address: 229-23 Merrick Boulevard, Laurelton, NY 11413 Block: 12968 Lots: 116
High visibility asset on a busy intersection of 230th Street and Merrick boulevard 6,508 square foot Multi-Tenant Queens Retail Property 74 feet of Frontage on Merrick Boulevard Property was Completely Renovated in 2006 – New Façade All Tenants Have 3 percent annual Rental Increases The Property is Surrounded by Local and National Retailers Minimal Management NYC retail asset
The subject offering is an 6,508 square foot multi-tenant retail property on the corner of 230th Street and Merrick Blvd, Laurelton(Queens), New York. The property is currently 100% leased. This asset was renovated in 2006. Many of the tenants have been in occupancy for over ten years. All leases have annual rent escalations of 3%. The property rests on a 7,222 Square Foot lot, and has over 73 feet of frontage on Merrick Blvd. Merrick Boulevard is the main retail thoroughfare in Springfield Gardens. This property is situated amongst various national retailers including Walgreen's, Duane Reade, Family Dollar, Chase and numerous other retailers. All of the tenants reimburse for Real Estate Taxes and pay their own utilities.
229-23 Merrick Boulevard Laurelton, NY 11434
Presented by First Class Management Inc. A Full Service Commercial Real Estate and Management Company
Offering Summary Price CAP Rate
Annual Income Scheduled Income Recapture / Taxes Gross Operating Income Less Expenses Net Operating Income
Annual Expenses Taxes Insurance Repairs / Maintenance Total Expenses
229-23 Merrick Boulevard Laurelton, NY 11434
$4,885,000
Building S.F.
6,500
5.00%
% Occupied
100%
$280,776.89 $28,392.00 $309,168.89 $64,915.00 $244,253.89
$58,415.00 $4,000.00 $2,500.00 $64,915.00
Presented by First Class Management Inc. A Full Service Commercial Real Estate and Management Company
Tenant Rent Roll Space Tenant Name Number
Start Date End Date
Annual Rent S.F.
Annual Rent
Recapture Taxes
% of Total
Escalations / Options / Comments
1
The UPS Store
Dec-04
Nov-19
1,600
$
49.31
$
78,901.32
$
10,466.40
24.62%
Next Increase on 12/2016 by 3%
2
TS Wines & Liquors
Nov-13
Oct-23
900
$
35.36
$
31,827.00
$
4,851.00
13.85%
Next Increase on 11/2016 by 3%
3
H&R Block
Oct-04
Apr-16
800
$
30.00
$
24,000.00
$
4,485.60
12.31%
4
Eyebrow Zone
Jul-08
Jun-18
800
$
44.78
$
35,821.57
5
Elira Beauty Salon
Aug-02
Sep-19
1,100
$
49.85
$
54,831.00
6
New Covenant Worship Center
Nov-10
Apr-16
800
$
36.00
$
28,800.00
7
Wayne Walker (Recording Studio)
Jan-14
Dec-18
500
$
38.19
$
19,096.00
9
Verizon Rooftop Antenna
$
7,500.00
-
Total
229-23 Merrick Boulevard Laurelton, NY 11434
S.F.
6,500
$
43.20
$ 280,776.89
$
3,738.00
12.31%
Next Increase on 7/2016 by 3%;
16.92%
Next Increase on 10/2016 by 3%;
12.31% $
4,851.00
7.69%
Next Increase on 1/2017 by 3%;
0.00%
$ 28,392.00
100.00%
Presented by First Class Management Inc. A Full Service Commercial Real Estate and Management Company
Aerial Map
229-23 Merrick Boulevard Laurelton, NY 11434
Presented by First Class Management Inc. A Full Service Commercial Real Estate and Management Company
Map
229-23 Merrick Boulevard Laurelton, NY 11434
Presented by First Class Management Inc. A Full Service Commercial Real Estate and Management Company
Additional Pictures
229-23 Merrick Boulevard Laurelton, NY 11434
Presented by First Class Management Inc. A Full Service Commercial Real Estate and Management Company
Additional Pictures
229-23 Merrick Boulevard Laurelton, NY 11434
Presented by First Class Management Inc. A Full Service Commercial Real Estate and Management Company
Demographics 1990 Population 2000 Population 2010 Population 2011 Population 2016 Population 1990 Households 2000 Households 2010 Households 2011 Households 2016 Households 2011 Average Household Size 2011 Daytime Population 1990 Median Housing Value 2000 Median Housing Value 2000 Owner Occupied Housing Units 2000 Renter Occupied Housing Units 2000 Vacant 2011 Owner Occupied Housing Units 2011 Renter Occupied Housing Units 2011 Vacant 2016 Owner Occupied Housing Units 2016 Renter Occupied Housing Units 2016 Vacant
229-23 Merrick Boulevard Laurelton, NY 11434
1 Mile 3 Miles 5 Miles 50,788 366,482 904,370 55,323 411,057 1,012,489 53,556 405,849 1,011,686 52,650 399,193 997,638 49,661 377,595 950,548 15,809 113,470 305,011 18,296 128,349 331,965 17,929 126,688 328,720 17,755 125,869 327,565 17,355 123,903 325,566 2.96 3.13 3.01 6,157 83,401 245,199 $157,532 $162,483 $183,624 $178,000 $180,445 $199,818 65.35% 61.71% 58.63% 30.53% 33.19% 37.26% 4.14% 5.11% 4.11% 67.74% 63.12% 61.17% 26.44% 30.42% 33.33% 5.84% 6.46% 5.50% 68.03% 63.42% 61.49% 26.14% 30.19% 33.09% 5.83% 6.40% 5.42%
$ 0 - $14,999 $ 15,000 - $24,999 $ 25,000 - $34,999 $ 35,000 - $49,999 $ 50,000 - $74,999 $ 75,000 - $99,999 $100,000 - $124,999 $125,000 - $149,999 $150,000 - $199,999 $200,000 - $249,999 $250,000 + 2011 Median Household Income 2011 Per Capita Income 2011 Average Household Income
1 Mile 9.60% 7.20% 9.20% 14.70% 19.90% 15.50% 9.90% 6.00% 6.00% 0.80% 1.20% $61,358 $24,008 $70,784
3 Miles 10.30% 7.60% 9.20% 12.80% 20.40% 15.20% 10.20% 6.20% 5.30% 1.00% 1.80% $61,146 $23,255 $72,622
5 Miles 9.80% 8.10% 9.20% 12.70% 20.00% 14.00% 9.90% 6.10% 6.10% 1.50% 2.80% $61,919 $25,974 $77,696
Presented by First Class Management Inc. A Full Service Commercial Real Estate and Management Company
Contact For More Information Albert Aranbaev Managing Director [email protected] (718) 551-7746
First Class Management, Inc. (“FCMRE”)
www.fcmre.com
229-23 Merrick Boulevard Laurelton, NY 11434
Presented by First Class Management Inc. A Full Service Commercial Real Estate and Management Company
