Presentation title - Property Line
CHASE BANK ANCHORED NNN LEASED RETAIL STRIP CENTER 360-374 Hempstead Avenue, Malverne, NY 11565 FOR SALE PRICE REDUCED
Property Information Section / Block / Lot:
35 / 280 / 54-65 & 86-87
Lot Dimensions:
140’ x 200’ (approx.)
Lot Sq. Ft.:
28,000 (approx.)
Building Dimensions:
60’ x 130’ (approx.)
Stories:
1
Building Sq. Ft.:
7,800 SF (approx.)
Land Use:
485 – One-story small structure
Total Taxes:
$93,209 (Per Owner)
Projected NOI:
$336,480
Property Summary Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of a single-story retail strip center comprised of approximately 7,800 square feet (plus full basement), in the Malverne neighborhood of Nassau County, NY. The center is anchored by Chase Bank and consists of six total retail units, five of which are currently occupied and leased on a NNN basis. The property is located on the southeast corner of Hempstead Avenue and Arlington Avenue, in proximity to the Malverne Long Island Rail Road Station as well as the Southern State Parkway. With current rents averaging $43.55/SF and long term leases in place, this property poses an ideal investment or 1031 exchange opportunity. Please contact exclusive agents for additional information.
Asking Price: $5,025,000 or 6.7% Cap Rate For More Information, Please Contact Exclusive Agents:
Thomas A. Donovan
Tommy Lin
Eugene Kim
Robert Rappa
Vice Chairman (718) 512 2626
Director (718) 512 2609
Associate Director (718) 512 2618
Associate Director (718) 512 2601
[email protected]
[email protected]
[email protected]
[email protected]
Cushman & Wakefield 118-35 Queens Boulevard 14th Floor Forest Hills, NY 11375 (718) 275 3400 nyinvestmentsales.com
Cushman & Wakefield Copyright 2015. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, Cushman & wakefield copyright 2015. or Noother warranty or representation, express or implied, made thespecial accuracy or completeness of the information containedowner(s). herein, andAs same is submitted to errors, omissions,as change price, omissions, change of price, rental conditions, withdrawal without notice,isand to to any listing conditions imposed by the property applicable, we subject make no representation to theofcondition rental other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question. of theorproperty (or properties) in question.
360-374 Hempstead Avenue, Malverne Revenue (NNN Leases) UNIT
TENANT
LXP
SQ. FT.
TENANT’S SHARE
P.P.S.F.
ANNUAL INCREASES
MONTHLY BASE RENT
ANNUAL BASE RENT
360
Angelo’s Pizza
5/31/26
900
11.55%
$40.33
2%
$3,025
$36,300
362*
Vacant
N/A
900
12.04%
$40.00
N/A
$3,000
$36,000
364
Wok Express
3/31/19
900
11.54%
$39.33
2.5%
$2,950
$35,400
366
Italian Restaurant
M-M
900
12.04%
$49.93
2%
$3,745
$44,940
368-372
Chase Bank**
12/31/20
2,700
33.33%
$39.51
See below
$8,890
$106,680
374
Pristine Cleaners
12/31/20
1,500
19.5%
$51.44
2%
$6,430
$77,160
7,800
100%
$28,040
$336,480
Totals: *Rent is projected based on current vacancy
**Chase Bank has exercised the first of three 5-year options -- 2nd Option at $132,765/year and 3rd Option at $148,697/year
Expenses (Per Owner) 2015 Taxes (State, County, Village & School):
(Paid by Tenants)
$93,209
2015 General & Administrative:
(Paid by Tenants)
$19,541
2015 Common Area Maintenance:
(Paid by Tenants)
$21,055
Total:
$133,805
Subject Property
Cushman & Wakefield Copyright 2015. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.
360-374 Hempstead Avenue, Malverne Land Survey
Cushman & Wakefield Copyright 2015. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.
Property Information Section / Block / Lot:
35 / 280 / 54-65 & 86-87
Lot Dimensions:
140’ x 200’ (approx.)
Lot Sq. Ft.:
28,000 (approx.)
Building Dimensions:
60’ x 130’ (approx.)
Stories:
1
Building Sq. Ft.:
7,800 SF (approx.)
Land Use:
485 – One-story small structure
Total Taxes:
$93,209 (Per Owner)
Projected NOI:
$336,480
Property Summary Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of a single-story retail strip center comprised of approximately 7,800 square feet (plus full basement), in the Malverne neighborhood of Nassau County, NY. The center is anchored by Chase Bank and consists of six total retail units, five of which are currently occupied and leased on a NNN basis. The property is located on the southeast corner of Hempstead Avenue and Arlington Avenue, in proximity to the Malverne Long Island Rail Road Station as well as the Southern State Parkway. With current rents averaging $43.55/SF and long term leases in place, this property poses an ideal investment or 1031 exchange opportunity. Please contact exclusive agents for additional information.
Asking Price: $5,025,000 or 6.7% Cap Rate For More Information, Please Contact Exclusive Agents:
Thomas A. Donovan
Tommy Lin
Eugene Kim
Robert Rappa
Vice Chairman (718) 512 2626
Director (718) 512 2609
Associate Director (718) 512 2618
Associate Director (718) 512 2601
[email protected]
[email protected]
[email protected]
[email protected]
Cushman & Wakefield 118-35 Queens Boulevard 14th Floor Forest Hills, NY 11375 (718) 275 3400 nyinvestmentsales.com
Cushman & Wakefield Copyright 2015. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, Cushman & wakefield copyright 2015. or Noother warranty or representation, express or implied, made thespecial accuracy or completeness of the information containedowner(s). herein, andAs same is submitted to errors, omissions,as change price, omissions, change of price, rental conditions, withdrawal without notice,isand to to any listing conditions imposed by the property applicable, we subject make no representation to theofcondition rental other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question. of theorproperty (or properties) in question.
360-374 Hempstead Avenue, Malverne Revenue (NNN Leases) UNIT
TENANT
LXP
SQ. FT.
TENANT’S SHARE
P.P.S.F.
ANNUAL INCREASES
MONTHLY BASE RENT
ANNUAL BASE RENT
360
Angelo’s Pizza
5/31/26
900
11.55%
$40.33
2%
$3,025
$36,300
362*
Vacant
N/A
900
12.04%
$40.00
N/A
$3,000
$36,000
364
Wok Express
3/31/19
900
11.54%
$39.33
2.5%
$2,950
$35,400
366
Italian Restaurant
M-M
900
12.04%
$49.93
2%
$3,745
$44,940
368-372
Chase Bank**
12/31/20
2,700
33.33%
$39.51
See below
$8,890
$106,680
374
Pristine Cleaners
12/31/20
1,500
19.5%
$51.44
2%
$6,430
$77,160
7,800
100%
$28,040
$336,480
Totals: *Rent is projected based on current vacancy
**Chase Bank has exercised the first of three 5-year options -- 2nd Option at $132,765/year and 3rd Option at $148,697/year
Expenses (Per Owner) 2015 Taxes (State, County, Village & School):
(Paid by Tenants)
$93,209
2015 General & Administrative:
(Paid by Tenants)
$19,541
2015 Common Area Maintenance:
(Paid by Tenants)
$21,055
Total:
$133,805
Subject Property
Cushman & Wakefield Copyright 2015. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.
360-374 Hempstead Avenue, Malverne Land Survey
Cushman & Wakefield Copyright 2015. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.
