Head Coach
Lake Street Plaza | 210-270 Lake Street Penn Yan, NY
Lake Street Plaza Penn Yan, New York (Finger Lakes)
Colby Haugness – President / Head Coach Phone 858-964-8434 Fax 858-332-1721
[email protected] www.Colby-Company.com
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage and or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
Lake Street Plaza | 210-270 Lake Street Penn Yan, NY
SECTION 1 – THE PROPERTY & MARKET OVERVIEW Area Location Description Investment Highlights Maps Aerial Site Plan Rent Roll SECTION 2– FINANCIAL ANALYSIS Income Expenses Financial Summary Financial Overview SECTION 3– DEMOGRAPHIC INFORMATION Demographic Executive Summary
Colby Haugness – President / Head Coach Phone 858-964-8434 Fax 858-332-1721
[email protected] www.Colby-Company.com
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage and or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
Lake Street Plaza | 210-270 Lake Street Penn Yan, NY Finger Lakes City Profile The beautiful region we call Finger Lakes Wine Country stretches across the south central portion of New York State...Entering the region from the North, you'll find yourself in Yates County, one of New York's smallest but most celebrated counties. Yates County is filled with everything that gave Finger Lakes Wine Country its name. We border on three glorious Finger Lakes Seneca, Keuka and Canandaigua - and are home to no less than 20 of the region's finest wineries. The combination of lakes, wineries and scenic beauty creates a vacation experience that is second to none. It's easy to drink in the beauty of the lakes and the country sides that surround them. Your senses will be charged as you travel along a wine trail and enjoy the award winning wines and foods that are prepared especially for you. Yates County has a wealth of historic and comfortable bed and breakfast inns, an eclectic blend of lakeside restaurants and shopping opportunities that range from country shops to historic shipping districts. Don't miss the Windmill Farm & Craft Market in Penn Yan, which is the largest farmer's market in the state. Recreations, relaxation, tasting and touring - it's all here. This web site will offer a glimpse of the Finger Lakes Countryside and helps you decide to visit - again and again. Yates County welcomes you with a smile that is real!!
Economic Information From award-winning wine tastings in our friendly, family-owned wineries to breathtaking views of the deep blue Keuka, Seneca and Cayuga lakes, Finger Lakes Wine Country is waiting to exceed every expectation. Learn the art of glassmaking at The Corning Museum of Glass; experience the wild west at the Rockwell Museum of Western Art ; marvel at the spectacular scenic beauty of the 19 waterfalls in Watkins Glen State Park; thrill at the speed of IndyCar, NASCAR and vintage racing at Watkins Glen International; take in the historical significance of the Chemung Valley at the Mark Twain Study; or revel in a Broadway show at the Clemens Center. For every person, in every season, the Finger Lakes offer a perfect vacation spot to enjoy your favorite activities and pursue your ultimate relaxation. Savor all that the Finger Lakes have to offer by traversing our Keuka, Seneca and Cayuga Lake wine trails and participating in wine tastings at the variety of different wineries. Meet our winemakers, tour the vineyards and enjoy a glass of our internationally acclaimed Riesling to make your Finger Lakes vacation truly memorable. More than just a wine tasting Utopia, the Finger Lakes also offer access to cultural and historical experiences for all ages. Learn the art of glassmaking at The Corning Museum of Glass, see the old west come alive at the Rockwell Museum of Western Art or experience Broadway at the Clemens Center. Discover the agricultural paradise of the Finger Lakes as you visit a local Farmer’s Market, hand-pick fresh fruits and vegetables, experience life on a farm or enjoy an afternoon at one of our many local food or craft markets. The iconic Watkins Glen International is nestled at the heart of Finger Lakes Wine Country, New York and hosts, each summer, IndyCar, NASCAR and the historical Watkins Glen Grand Prix. The Glen’s Thunder Road Tours and private car club racing throughout the year are great additions to any Finger Lakes vacation.
Colby Haugness – President / Head Coach Phone 858-964-8434 Fax 858-332-1721
[email protected] www.Colby-Company.com
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage and or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
Lake Street Plaza | 210-270 Lake Street Penn Yan, NY •
Largest Retail Center in the County
•
Strong Upside Opportunity
•
At Intersection of State Routes 14 & 54
•
Conveniently Situated Within the New York’s Finger Lakes Between Rochester & Syracuse
•
Main Retail Corridor of Yates County
•
Fantastic Mix of National, Regional, and Local Tenants
•
Strong Tourism Due to Boating & Popular Wineries
•
Penn Yan Is County Seat Of Yates With Largest Population
•
Great Asset For The Avid Boater Or Pilot With Lakes Surrounding & The Nearby Penn Yan Airport
•
Local Highlight Include Nations Biggest & Best: •Best Western
•Subway
•McDonald’s
•Sunoco
•Family Dollar
•Lyons Bank
•Pizza Hut
•Soldiers & Sailors Memorial
•Aldi
•Seneca Farms
•Walgreens
•Wells Fargo
•Dunkin Donuts
•Windmill Farmer’s Market
•Rite Aid
•Vagabond Inn
Colby Haugness – President / Head Coach Phone 858-964-8434 Fax 858-332-1721
[email protected] www.Colby-Company.com
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage and or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
Lake Street Plaza | 210-270 Lake Street Penn Yan, NY
• Road Map
• Overview Map
Colby Haugness – President / Head Coach Phone 858-964-8434 Fax 858-332-1721
[email protected] www.Colby-Company.com
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage and or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
Lake Street Plaza | 210-270 Lake Street Penn Yan, NY
New York 280
Mile
City
s
Buffa
Subject Property
Ithaca
120
lo
MIle
s
50 Miles
Roche ra Sy
c
ster 45 M i le s
e us
75
le Mi
s
Penn Yan, New York
Colby Haugness – President / Head Coach Phone 858-964-8434 Fax 858-332-1721
[email protected] www.Colby-Company.com
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage and or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
Lake Street Plaza | 210-270 Lake Street Penn Yan, NY
Colby Haugness – President / Head Coach Phone 858-964-8434 Fax 858-332-1721
[email protected] www.Colby-Company.com
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage and or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
Lake Street Plaza | 210-270 Lake Street Penn Yan, NY Suite/ Street
Tenant
GLA
Lease Commence
Lease Expire
Current Mo. Rent
Rent/ SF
Options
212 Kimball
Church’s Warehouse
1,224 SF
1/1/03
12/31/11
$484.00
$0.40
1(5yr)
230 Lake
Church’s Creative Flooring
5,570 SF
1/1/02
12/31/11
$1,870.00
$0.34
1(5yr)
272 Lake
Community Bank
3,176 SF
11/16/01
8/9/10
$2,468.40
$0.77
3(5yr)
218 Lake
Council on Alcoholism
1,500 SF
5/1/98
4/30/13
$723.50
$0.48
1(5yr)
109 Kimball
Curves
1,500 SF
9/23/01
11/23/10
$699.00
$0.45
2(5yr)
226 Lake
CVS Drugs
7,200 SF
11/1/77
10/31/12
$7,200.00
$1.00
3(5yr)
252 Lake
Dollar General
10,995 SF
3/1/05
2/28/12
$4,416.66
$0.40
3(5yr)
108 Kimball
Dr. Janet Lewis
768 SF
3/1/03
2/28/12
$650.00
$.85
2(5yr)
108 Kimball
Dr. Wayne Strouse
1,540 SF
3/1/02
2/28/12
$1,410.00
$0.92
2(5yr)
230B Lake
Earthworks Art Gallery
1,000 SF
3/1/05
2/28/12
$550.00
$0.55
-
232 Lake
Eaton’s Plaza Jewelers
1,200 SF
2/1/97
7/31/10
$576.00
$0.48
2(5yr)
Colby Haugness – President / Head Coach Phone 858-964-8434 Fax 858-332-1721
[email protected] www.Colby-Company.com
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage and or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
Lake Street Plaza | 210-270 Lake Street Penn Yan, NY Suite/ Street
Tenant
GLA
Lease Commence
Lease Expire
Current Mo. Rent
Rent/ SF
Options
256 Lake
Family Hair Care
1,443 SF
4/1/91
3/31/11
$385.88
$0.27
2(5yr)
234 Lake
Go Wireless
485 SF
8/15/03
8/14/13
$346.50
$0.71
1(5yr)
244-246 Lake
H&R Block
1,365 SF
5/1/02
4/30/12
$506.00
$0.37
1(5yr)
230A Lake
Lake Street Plaza Theater
9,852 SF
5/1/04
4/30/14
$1,000.00
$0.10
3(5yr)
248 Lake
Lake Street Wine & Spirits
3,850 SF
4/15/05
4/14/10
$1,604.17
$0.42
1(5yr)
238 Lake
Lifeline Chiropractic
702 SF
8/1/03
7/31/13
$353.10
$0.50
1(5yr)
250 Lake
Movie Gallery
3,825 SF
6/20/05
6/19/10
$3,825.00
$1.00
3(3yr)
218 Lake
Five Star Bank
3,875 SF
8/1/96
7/31/11
$528.00
$0.14
3(5yr)
210 Lake
Penn Yan Plumbing
8,000 SF
1/1/97
12/31/11
$360.00
$0.05
6(5yr)
268 Lake
Plaza Car Wash
2,100 SF
12/1/00
11/30/10
$465.75
$0.22
1(5yr)
224 Lake
Plaza Launderette
3,560 SF
3/15/03
3/14/13
$995.50
$0.28
1(5yr)
Colby Haugness – President / Head Coach Phone 858-964-8434 Fax 858-332-1721
[email protected] www.Colby-Company.com
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage and or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
Lake Street Plaza | 210-270 Lake Street Penn Yan, NY Suite/ Street
Tenant
GLA
Lease Commence
Lease Expire
Current Mo. Rent
Rent/ SF
Options
236 Lake
Rape & Abuse Crisis Center
1,450 SF
12/1/03
11/30/13
$637.50
$0.44
2(5yr)
220 Lake
Sutherland Shop
7,200 SF
6/1/04
5/31/09
$250.00
$0.03
5(5yr)
220 Lake
Sutherland Corp. Offices
1,441 SF
6/1/04
5/31/09
$500.00
$0.35
1(5yr)
270 Lake
Van Dyke
ROW
12/1/95
Month to Month
$25.00
-
-
112 Kimball
Yates NYSARC
2,700 SF
2/1/03
1/31/13
$1,550.00
$0.57
1(5yr)
112 Kimball
Wise Guys Pizza
1,500 SF
TBD
TBD
$1,250.00
$0.83
2(5yr)
112 Kimball
Vacant
5,365 SF
-
-
$3,000.00
$0.56
-
258 Lake
Radio Shack
3,200 SF
6/9/07
6/9/12
$1,175.00
$0.37
1(5yr)
258 Lake
Peebles
16,000 SF
TBD
TBD
$8,000.00
$0.50
4(5yr)
258 Lake
Penn Yan Self Storage
23,578 SF
10/1/07
9/30/10
$5,000.00
$0.21
2(5yr)
Colby Haugness – President / Head Coach Phone 858-964-8434 Fax 858-332-1721
[email protected] www.Colby-Company.com
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage and or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
Lake Street Plaza | 210-270 Lake Street Penn Yan, NY
Scheduled Rent Income:
$633,659.52
Expense Reimbursement:
Schedule Gross Income:
Total Expense:
$198,775
$832,434.52
($230,409.79)
Effective Gross Income:
Less: Vacancy @ 5%
$602,024.73
$31,682.97
Net Operating Income:
$570,341.75
Colby Haugness – President / Head Coach Phone 858-964-8434 Fax 858-332-1721
[email protected] www.Colby-Company.com
Thisinformation informationhas hasbeen beensecured securedfrom fromsources sourceswe webelieve believetotobe bereliable, reliable, but but we we make make no no representations representations or or warranties, warranties, expressed expressed or or implied, implied, as as to to the the accuracy This accuracy of of the information. References to footage square footage andare or age are approximate. Buyer mustthe verify the information and all any risk inaccuracies. for any inaccuracies. the information. References to square and or age approximate. Buyer must verify information and bears allbears risk for
Lake Street Plaza | 210-270 Lake Street Penn Yan, NY
Taxes
$155,000
Insurance
$14,000
Common Area Maintenance
$29,000
Management 3%
$19,009.76
Reserves @ $.10/SF
$13,400
Total Expenses:
$230,409.79
Expenses/SF:
$1.68/SF
NET OPERATING INCOME:
$570,341.75
Colby Haugness – President / Head Coach Phone 858-964-8434 Fax 858-332-1721
[email protected] www.Colby-Company.com
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage and or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
Lake Street Plaza | 210-270 Lake Street Penn Yan, NY
Summary
Location
Price:
$6,495,500 (35%) $2,273,425
Lake Street Plaza 210-270 Lake Street Penn Yan, NY 14527
GLA:
137,164 SF
Financing Summary
Price/GLA:
$47.36/SF
Down Payment:
Current Cap Rate:
8.78%
Proposed Financing: Loan Amount: Interest Rate: Due In: Amortization:
$4,222,075 7.0% 5 Years 25 Years
Annualized Operating Data INCOME
Current
Contact Alex Chenidaris (562) 225-2911 For Information
Annualized Expenses
Scheduled Rent Income:
$633,659.52
Expense Reimbursement
$198,775
Scheduled Gross Income:
$832,434.52
Taxes:
Total Expenses:
$230,409.79
Insurance:
$14,000
Effective Gross Income:
$602,024.73
Common Area Maint.:
$29,000
Less Vacancy @ 5%: Net Operating Income: Debt Service:
$31,682.97 $570,341.75 $358,089
Pre-Tax Cash Flow:
Principal Reduction: Total Return Before Taxes:
(9.34%) $212,252.75 $64,590
EXPENSES
Current $155,000
Management:
$19,009.79
Reserves @ $.10/SF: TOTAL EXPENSES:
$13,400 $230,409.79
EXPENSES/SF:
$1.68/SF
Tenant Summary
(12.18%) $276,872.75
Colby Haugness – President / Head Coach Phone 858-964-8434 Fax 858-332-1721
[email protected] www.Colby-Company.com
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage and or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
Lake Street Plaza | 210-270 Lake Street Penn Yan, NY
Property:
Lake Street Plaza 210-270 Lake Street Penn Yan, New York 14527
Purchase Price:
$6,495,500
Gross Leasable Area:
137,164 SF
Financing Quote:
$4,222,075 Proposed Loan, 7.0% Interest Rate Due In 5 Years, 25 Year Amortization, $358,089 Debt Service Contact Alex Chenidaris (562) 225-2911 For Information
Returns: Current NOI:
$570,341.75
Current CAP Rate:
8.78%
Current Cash on Cash:
$276,872.75
Cash on Cash %:
12.18%
Investment Highlights:
9
Largest Retail Center In Town & County
9
Strong Upside Opportunity For a Seasoned Shopping Center Owner
9
Terrific Mix of National, Regional, and Local Tenants
9
Finger Lakes Location Between Rochester & Syracuse
9
Strong Tourism Region Due To Boating & Popular Wineries
9
At Intersection of State Routes 14 & 54
9
Local Highlights Include: Best Western, Soldiers & Sailors Memorial, etc.
Colby Haugness – President / Head Coach Phone 858-964-8434 Fax 858-332-1721
[email protected] www.Colby-Company.com
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage and or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
Lake Street Plaza | 210-270 Lake Street Penn Yan, NY
5 Mile Radius Population
Households
Income
Colby Haugness – President / Head Coach Phone 858-964-8434 Fax 858-332-1721
[email protected] www.Colby-Company.com
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage and or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
Lake Street Plaza Penn Yan, New York (Finger Lakes)
Colby Haugness – President / Head Coach Phone 858-964-8434 Fax 858-332-1721
[email protected] www.Colby-Company.com
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage and or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
Lake Street Plaza | 210-270 Lake Street Penn Yan, NY
SECTION 1 – THE PROPERTY & MARKET OVERVIEW Area Location Description Investment Highlights Maps Aerial Site Plan Rent Roll SECTION 2– FINANCIAL ANALYSIS Income Expenses Financial Summary Financial Overview SECTION 3– DEMOGRAPHIC INFORMATION Demographic Executive Summary
Colby Haugness – President / Head Coach Phone 858-964-8434 Fax 858-332-1721
[email protected] www.Colby-Company.com
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage and or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
Lake Street Plaza | 210-270 Lake Street Penn Yan, NY Finger Lakes City Profile The beautiful region we call Finger Lakes Wine Country stretches across the south central portion of New York State...Entering the region from the North, you'll find yourself in Yates County, one of New York's smallest but most celebrated counties. Yates County is filled with everything that gave Finger Lakes Wine Country its name. We border on three glorious Finger Lakes Seneca, Keuka and Canandaigua - and are home to no less than 20 of the region's finest wineries. The combination of lakes, wineries and scenic beauty creates a vacation experience that is second to none. It's easy to drink in the beauty of the lakes and the country sides that surround them. Your senses will be charged as you travel along a wine trail and enjoy the award winning wines and foods that are prepared especially for you. Yates County has a wealth of historic and comfortable bed and breakfast inns, an eclectic blend of lakeside restaurants and shopping opportunities that range from country shops to historic shipping districts. Don't miss the Windmill Farm & Craft Market in Penn Yan, which is the largest farmer's market in the state. Recreations, relaxation, tasting and touring - it's all here. This web site will offer a glimpse of the Finger Lakes Countryside and helps you decide to visit - again and again. Yates County welcomes you with a smile that is real!!
Economic Information From award-winning wine tastings in our friendly, family-owned wineries to breathtaking views of the deep blue Keuka, Seneca and Cayuga lakes, Finger Lakes Wine Country is waiting to exceed every expectation. Learn the art of glassmaking at The Corning Museum of Glass; experience the wild west at the Rockwell Museum of Western Art ; marvel at the spectacular scenic beauty of the 19 waterfalls in Watkins Glen State Park; thrill at the speed of IndyCar, NASCAR and vintage racing at Watkins Glen International; take in the historical significance of the Chemung Valley at the Mark Twain Study; or revel in a Broadway show at the Clemens Center. For every person, in every season, the Finger Lakes offer a perfect vacation spot to enjoy your favorite activities and pursue your ultimate relaxation. Savor all that the Finger Lakes have to offer by traversing our Keuka, Seneca and Cayuga Lake wine trails and participating in wine tastings at the variety of different wineries. Meet our winemakers, tour the vineyards and enjoy a glass of our internationally acclaimed Riesling to make your Finger Lakes vacation truly memorable. More than just a wine tasting Utopia, the Finger Lakes also offer access to cultural and historical experiences for all ages. Learn the art of glassmaking at The Corning Museum of Glass, see the old west come alive at the Rockwell Museum of Western Art or experience Broadway at the Clemens Center. Discover the agricultural paradise of the Finger Lakes as you visit a local Farmer’s Market, hand-pick fresh fruits and vegetables, experience life on a farm or enjoy an afternoon at one of our many local food or craft markets. The iconic Watkins Glen International is nestled at the heart of Finger Lakes Wine Country, New York and hosts, each summer, IndyCar, NASCAR and the historical Watkins Glen Grand Prix. The Glen’s Thunder Road Tours and private car club racing throughout the year are great additions to any Finger Lakes vacation.
Colby Haugness – President / Head Coach Phone 858-964-8434 Fax 858-332-1721
[email protected] www.Colby-Company.com
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage and or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
Lake Street Plaza | 210-270 Lake Street Penn Yan, NY •
Largest Retail Center in the County
•
Strong Upside Opportunity
•
At Intersection of State Routes 14 & 54
•
Conveniently Situated Within the New York’s Finger Lakes Between Rochester & Syracuse
•
Main Retail Corridor of Yates County
•
Fantastic Mix of National, Regional, and Local Tenants
•
Strong Tourism Due to Boating & Popular Wineries
•
Penn Yan Is County Seat Of Yates With Largest Population
•
Great Asset For The Avid Boater Or Pilot With Lakes Surrounding & The Nearby Penn Yan Airport
•
Local Highlight Include Nations Biggest & Best: •Best Western
•Subway
•McDonald’s
•Sunoco
•Family Dollar
•Lyons Bank
•Pizza Hut
•Soldiers & Sailors Memorial
•Aldi
•Seneca Farms
•Walgreens
•Wells Fargo
•Dunkin Donuts
•Windmill Farmer’s Market
•Rite Aid
•Vagabond Inn
Colby Haugness – President / Head Coach Phone 858-964-8434 Fax 858-332-1721
[email protected] www.Colby-Company.com
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage and or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
Lake Street Plaza | 210-270 Lake Street Penn Yan, NY
• Road Map
• Overview Map
Colby Haugness – President / Head Coach Phone 858-964-8434 Fax 858-332-1721
[email protected] www.Colby-Company.com
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage and or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
Lake Street Plaza | 210-270 Lake Street Penn Yan, NY
New York 280
Mile
City
s
Buffa
Subject Property
Ithaca
120
lo
MIle
s
50 Miles
Roche ra Sy
c
ster 45 M i le s
e us
75
le Mi
s
Penn Yan, New York
Colby Haugness – President / Head Coach Phone 858-964-8434 Fax 858-332-1721
[email protected] www.Colby-Company.com
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage and or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
Lake Street Plaza | 210-270 Lake Street Penn Yan, NY
Colby Haugness – President / Head Coach Phone 858-964-8434 Fax 858-332-1721
[email protected] www.Colby-Company.com
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage and or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
Lake Street Plaza | 210-270 Lake Street Penn Yan, NY Suite/ Street
Tenant
GLA
Lease Commence
Lease Expire
Current Mo. Rent
Rent/ SF
Options
212 Kimball
Church’s Warehouse
1,224 SF
1/1/03
12/31/11
$484.00
$0.40
1(5yr)
230 Lake
Church’s Creative Flooring
5,570 SF
1/1/02
12/31/11
$1,870.00
$0.34
1(5yr)
272 Lake
Community Bank
3,176 SF
11/16/01
8/9/10
$2,468.40
$0.77
3(5yr)
218 Lake
Council on Alcoholism
1,500 SF
5/1/98
4/30/13
$723.50
$0.48
1(5yr)
109 Kimball
Curves
1,500 SF
9/23/01
11/23/10
$699.00
$0.45
2(5yr)
226 Lake
CVS Drugs
7,200 SF
11/1/77
10/31/12
$7,200.00
$1.00
3(5yr)
252 Lake
Dollar General
10,995 SF
3/1/05
2/28/12
$4,416.66
$0.40
3(5yr)
108 Kimball
Dr. Janet Lewis
768 SF
3/1/03
2/28/12
$650.00
$.85
2(5yr)
108 Kimball
Dr. Wayne Strouse
1,540 SF
3/1/02
2/28/12
$1,410.00
$0.92
2(5yr)
230B Lake
Earthworks Art Gallery
1,000 SF
3/1/05
2/28/12
$550.00
$0.55
-
232 Lake
Eaton’s Plaza Jewelers
1,200 SF
2/1/97
7/31/10
$576.00
$0.48
2(5yr)
Colby Haugness – President / Head Coach Phone 858-964-8434 Fax 858-332-1721
[email protected] www.Colby-Company.com
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage and or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
Lake Street Plaza | 210-270 Lake Street Penn Yan, NY Suite/ Street
Tenant
GLA
Lease Commence
Lease Expire
Current Mo. Rent
Rent/ SF
Options
256 Lake
Family Hair Care
1,443 SF
4/1/91
3/31/11
$385.88
$0.27
2(5yr)
234 Lake
Go Wireless
485 SF
8/15/03
8/14/13
$346.50
$0.71
1(5yr)
244-246 Lake
H&R Block
1,365 SF
5/1/02
4/30/12
$506.00
$0.37
1(5yr)
230A Lake
Lake Street Plaza Theater
9,852 SF
5/1/04
4/30/14
$1,000.00
$0.10
3(5yr)
248 Lake
Lake Street Wine & Spirits
3,850 SF
4/15/05
4/14/10
$1,604.17
$0.42
1(5yr)
238 Lake
Lifeline Chiropractic
702 SF
8/1/03
7/31/13
$353.10
$0.50
1(5yr)
250 Lake
Movie Gallery
3,825 SF
6/20/05
6/19/10
$3,825.00
$1.00
3(3yr)
218 Lake
Five Star Bank
3,875 SF
8/1/96
7/31/11
$528.00
$0.14
3(5yr)
210 Lake
Penn Yan Plumbing
8,000 SF
1/1/97
12/31/11
$360.00
$0.05
6(5yr)
268 Lake
Plaza Car Wash
2,100 SF
12/1/00
11/30/10
$465.75
$0.22
1(5yr)
224 Lake
Plaza Launderette
3,560 SF
3/15/03
3/14/13
$995.50
$0.28
1(5yr)
Colby Haugness – President / Head Coach Phone 858-964-8434 Fax 858-332-1721
[email protected] www.Colby-Company.com
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage and or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
Lake Street Plaza | 210-270 Lake Street Penn Yan, NY Suite/ Street
Tenant
GLA
Lease Commence
Lease Expire
Current Mo. Rent
Rent/ SF
Options
236 Lake
Rape & Abuse Crisis Center
1,450 SF
12/1/03
11/30/13
$637.50
$0.44
2(5yr)
220 Lake
Sutherland Shop
7,200 SF
6/1/04
5/31/09
$250.00
$0.03
5(5yr)
220 Lake
Sutherland Corp. Offices
1,441 SF
6/1/04
5/31/09
$500.00
$0.35
1(5yr)
270 Lake
Van Dyke
ROW
12/1/95
Month to Month
$25.00
-
-
112 Kimball
Yates NYSARC
2,700 SF
2/1/03
1/31/13
$1,550.00
$0.57
1(5yr)
112 Kimball
Wise Guys Pizza
1,500 SF
TBD
TBD
$1,250.00
$0.83
2(5yr)
112 Kimball
Vacant
5,365 SF
-
-
$3,000.00
$0.56
-
258 Lake
Radio Shack
3,200 SF
6/9/07
6/9/12
$1,175.00
$0.37
1(5yr)
258 Lake
Peebles
16,000 SF
TBD
TBD
$8,000.00
$0.50
4(5yr)
258 Lake
Penn Yan Self Storage
23,578 SF
10/1/07
9/30/10
$5,000.00
$0.21
2(5yr)
Colby Haugness – President / Head Coach Phone 858-964-8434 Fax 858-332-1721
[email protected] www.Colby-Company.com
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage and or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
Lake Street Plaza | 210-270 Lake Street Penn Yan, NY
Scheduled Rent Income:
$633,659.52
Expense Reimbursement:
Schedule Gross Income:
Total Expense:
$198,775
$832,434.52
($230,409.79)
Effective Gross Income:
Less: Vacancy @ 5%
$602,024.73
$31,682.97
Net Operating Income:
$570,341.75
Colby Haugness – President / Head Coach Phone 858-964-8434 Fax 858-332-1721
[email protected] www.Colby-Company.com
Thisinformation informationhas hasbeen beensecured securedfrom fromsources sourceswe webelieve believetotobe bereliable, reliable, but but we we make make no no representations representations or or warranties, warranties, expressed expressed or or implied, implied, as as to to the the accuracy This accuracy of of the information. References to footage square footage andare or age are approximate. Buyer mustthe verify the information and all any risk inaccuracies. for any inaccuracies. the information. References to square and or age approximate. Buyer must verify information and bears allbears risk for
Lake Street Plaza | 210-270 Lake Street Penn Yan, NY
Taxes
$155,000
Insurance
$14,000
Common Area Maintenance
$29,000
Management 3%
$19,009.76
Reserves @ $.10/SF
$13,400
Total Expenses:
$230,409.79
Expenses/SF:
$1.68/SF
NET OPERATING INCOME:
$570,341.75
Colby Haugness – President / Head Coach Phone 858-964-8434 Fax 858-332-1721
[email protected] www.Colby-Company.com
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage and or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
Lake Street Plaza | 210-270 Lake Street Penn Yan, NY
Summary
Location
Price:
$6,495,500 (35%) $2,273,425
Lake Street Plaza 210-270 Lake Street Penn Yan, NY 14527
GLA:
137,164 SF
Financing Summary
Price/GLA:
$47.36/SF
Down Payment:
Current Cap Rate:
8.78%
Proposed Financing: Loan Amount: Interest Rate: Due In: Amortization:
$4,222,075 7.0% 5 Years 25 Years
Annualized Operating Data INCOME
Current
Contact Alex Chenidaris (562) 225-2911 For Information
Annualized Expenses
Scheduled Rent Income:
$633,659.52
Expense Reimbursement
$198,775
Scheduled Gross Income:
$832,434.52
Taxes:
Total Expenses:
$230,409.79
Insurance:
$14,000
Effective Gross Income:
$602,024.73
Common Area Maint.:
$29,000
Less Vacancy @ 5%: Net Operating Income: Debt Service:
$31,682.97 $570,341.75 $358,089
Pre-Tax Cash Flow:
Principal Reduction: Total Return Before Taxes:
(9.34%) $212,252.75 $64,590
EXPENSES
Current $155,000
Management:
$19,009.79
Reserves @ $.10/SF: TOTAL EXPENSES:
$13,400 $230,409.79
EXPENSES/SF:
$1.68/SF
Tenant Summary
(12.18%) $276,872.75
Colby Haugness – President / Head Coach Phone 858-964-8434 Fax 858-332-1721
[email protected] www.Colby-Company.com
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage and or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
Lake Street Plaza | 210-270 Lake Street Penn Yan, NY
Property:
Lake Street Plaza 210-270 Lake Street Penn Yan, New York 14527
Purchase Price:
$6,495,500
Gross Leasable Area:
137,164 SF
Financing Quote:
$4,222,075 Proposed Loan, 7.0% Interest Rate Due In 5 Years, 25 Year Amortization, $358,089 Debt Service Contact Alex Chenidaris (562) 225-2911 For Information
Returns: Current NOI:
$570,341.75
Current CAP Rate:
8.78%
Current Cash on Cash:
$276,872.75
Cash on Cash %:
12.18%
Investment Highlights:
9
Largest Retail Center In Town & County
9
Strong Upside Opportunity For a Seasoned Shopping Center Owner
9
Terrific Mix of National, Regional, and Local Tenants
9
Finger Lakes Location Between Rochester & Syracuse
9
Strong Tourism Region Due To Boating & Popular Wineries
9
At Intersection of State Routes 14 & 54
9
Local Highlights Include: Best Western, Soldiers & Sailors Memorial, etc.
Colby Haugness – President / Head Coach Phone 858-964-8434 Fax 858-332-1721
[email protected] www.Colby-Company.com
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage and or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
Lake Street Plaza | 210-270 Lake Street Penn Yan, NY
5 Mile Radius Population
Households
Income
Colby Haugness – President / Head Coach Phone 858-964-8434 Fax 858-332-1721
[email protected] www.Colby-Company.com
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage and or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
