retail property for sale - loopnet · submarket eastern suffolk building information building size...

Ron Koenigsberg, CCIM516.393.2300 [email protected]

For More Information:

OFFERING MEMORANDUMRETAIL PROPERTY FOR SALE

600 Old Country Road, Suite 227, Garden City, NY 11530www.aiprops.com

CENTER MORICHES STRIP CENTER408 MAIN ST, CENTER MORICHES, NY 11934

PROPERTY INFORMATION 3

FINANCIAL ANALYSIS 7

LOCATION INFORMATION 11

ADVISOR BIOS 23

600 Old Country Road, Suite 227, Garden City, NY 11530www.aiprops.comTABLE OF CONTENTS




Section /

ContentsConfidentiality & DisclaimerAll materials and information received or derived from American Investment Properties itsdirectors, officers, agents, advisors, affiliates and/or any third party sources are provided withoutrepresentation or warranty as to completeness , veracity, or accuracy, condition of the property,compliance or lack of compliance with applicable governmental requirements, developability orsuitability, financial performance of the property, projected financial performance of the propertyfor any party’s intended use or any and all other matters.

Neither American Investment Properties its directors, officers, agents, advisors, or affiliatesmakes any representation or warranty, express or implied, as to accuracy or completeness of theany materials or information provided, derived, or received. Materials and information from anysource, whether written or verbal, that may be furnished for review are not a substitute for aparty’s active conduct of its own due diligence to determine these and other matters ofsignificance to such party. American Investment Properties will not investigate or verify anysuch matters or conduct due diligence for a party unless otherwise agreed in writing.

EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUEDILIGENCE.

Any party contemplating or under contract or in escrow for a transaction is urged to verify allinformation and to conduct their own inspections and investigations including throughappropriate third party independent professionals selected by such party. All financial datashould be verified by the party including by obtaining and reading applicable documents andreports and consulting appropriate independent professionals. American Investment Propertiesmakes no warranties and/or representations regarding the veracity, completeness, or relevance ofany financial data or assumptions. American Investment Properties does not serve as a financialadvisor to any party regarding any proposed transaction. All data and assumptions regardingfinancial performance, including that used for financial modeling purposes, may differ fromactual data or performance. Any estimates of market rents and/or projected rents that may beprovided to a party do not necessarily mean that rents can be established at or increased to thatlevel. Parties must evaluate any applicable contractual and governmental limitations as well asmarket conditions,vacancy factors and other issues in order to determine rents from or for theproperty.

Legal questions should be discussed by the party with an attorney. Tax questions should bediscussed by the party with a certified public accountant or tax attorney. Title questions shouldbe discussed by the party with a title officer or attorney. Questions regarding the condition of theproperty and whether the property complies with applicable governmental requirements shouldbe discussed by the party with appropriate engineers, architects, contractors, other consultantsand governmental agencies. All properties and services are marketed by American InvestmentProperties in compliance with all applicable fair housing and equal opportunity laws.




SECTION 1 / PROPERTY INFORMATION



Section 1 /

OFFERING SUMMARY

Sale Price: $1,600,000

Cap Rate: 6.8%

NOI: $108,858

Building Size: 9,200

Lot Size: 0.4 Acres

Parcel Number: 0200-857-00-05-00-020-000

The property located at 408 Main St, Center Moriches, NY consists of 8 retail tenants. The property is

100% occupied and thriving. The building sits on Main st and has over 9,000 square feet.

PROPERTY OVERVIEW

PROPERTY HIGHLIGHTS

• Sale Price: $1,600,000

• 100% Occupied

• 8 Tenants: Phone House, Karate School, Vanity Hair, The Pool Man, Barber Shop, Classic Floral,

Community Counseling, and Brighter Tomorrows

•

600 Old Country Road, Suite 227, Garden City, NY 11530www.aiprops.comEXECUTIVE SUMMARY




Section 1 /

The property located at 408 Main St, Center Moriches, NY consists of 8 retail tenants. The

property is 100% occupied and thriving. The building sits on Main st and has over 9,000

square feet.

PROPERTY OVERVIEW

Center Moriches is a hamlet and census-designated place located in Suffolk County, Long

Island, New York. It is within the Town of Brookhaven.

As of the 2010 census, there were 7,580 people, 2,754 households and 2,098 families

residing in the CDP. The median income for a household in the CDP was $91,591 and the

median income for a family was $105,673. Males had a median income of $57,480 and

$50,787 for females. The latitude of Center Moriches is 40.800N. The longitude is -72.79W.

It is in the Eastern Standard time zone. Elevation is 26 feet.

LOCATION OVERVIEW

600 Old Country Road, Suite 227, Garden City, NY 11530www.aiprops.comPROPERTY DESCRIPTION




Section 1 /

SALE PRICE $1,600,000

LOCATION INFORMATION

Building Name Center Moriches Strip Center

Street Address 408 Main St

City, State, Zip Center Moriches, NY 11934

County/Township Suffolk

Market Long Island

Submarket Eastern Suffolk

BUILDING INFORMATION

Building Size 9,200 SF

Occupancy % 100%

Tenancy Multiple

Load Factor Yes

PROPERTY DETAILS

Property Type Retail

Property Subtype Street Retail

Lot Size 0.4 Acres

APN# 0200-857-00-05-00-020-000

600 Old Country Road, Suite 227, Garden City, NY 11530www.aiprops.comPROPERTY DETAILS





SECTION 2 / FINANCIAL ANALYSIS



Section 2 /

INVESTMENT OVERVIEW

Price $1,600,000Price per SF $173.91CAP Rate 6.8%Cash-on-Cash Return (yr 1) 6.8 %Total Return (yr 1) $108,858Debt Coverage Ratio -

OPERATING DATA

Gross Income $153,313Operating Expenses $44,455Net Operating Income $108,858Pre-Tax Cash Flow $108,858

600 Old Country Road, Suite 227, Garden City, NY 11530www.aiprops.comFINANCIAL SUMMARY




Section 2 /

INCOME SUMMARY PER SF

Base Rent $151,389 $16.46Electric Reimbursement $232 $0.03Water Reimbursement $268 $0.03Permit Reimbursement $53 $0.01Maintenance $1,371 $0.15

Gross Income $153,313 $16.66

EXPENSE SUMMARY PER SF

Taxes $34,850 $3.79Electric $232 $0.03Water $268 $0.03Insurance $6,351 $0.69Alarms $964 $0.10Town Permits $53 $0.01Maintenance $1,737 $0.19

Gross Expenses $44,455 $4.83

Net Operating Income $108,858 $11.83

600 Old Country Road, Suite 227, Garden City, NY 11530www.aiprops.comINCOME & EXPENSES




Section 2 /

TENANTNAME

UNITSIZE (SF)

% OFGLA

PRICEPER SF/YR

ANNUALRENT

LEASEEND

Phone House 1,000 10.87 $18.60 $18,600 03/30/2018

Karate School 1,000 10.87 $16.88 $16,884 03/31/2018

Vanity Hair 1,000 10.87 $18.90 $18,900 04/30/2020

The Pool Man 1,000 10.87 $12.60 $12,600 m/m

Barber Shop 1,000 10.87 $11.40 $11,400 07/30/2018

Classic Floral 1,000 10.87 $11.10 $11,100 m/m

Community Counseling 2,000 21.74 $18.54 $37,080 11/30/2020

Brighter Tomorrows 1,200 13.04 $20.69 $24,825 m/m

Totals/Averages 9,200 $16.46 $151,389

600 Old Country Road, Suite 227, Garden City, NY 11530www.aiprops.comRENT ROLL





SECTION 3 / LOCATION INFORMATION



Section 3 /

600 Old Country Road, Suite 227, Garden City, NY 11530www.aiprops.comREGIONAL MAP




Section 3 /

600 Old Country Road, Suite 227, Garden City, NY 11530www.aiprops.comLOCATION MAPS




Section 3 /

600 Old Country Road, Suite 227, Garden City, NY 11530www.aiprops.comRETAILER MAP




Section 3 /

600 Old Country Road, Suite 227, Garden City, NY 11530www.aiprops.comAERIAL MAP




Section 3 /

600 Old Country Road, Suite 227, Garden City, NY 11530www.aiprops.comAERIAL MAP OUTLINED




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POPULATION 1 MILE 3 MILES 5 MILESTotal population 4,159 30,067 73,737

Median age 42.8 39.2 37.9

Median age (male) 43.5 39.2 37.5

Median age (Female) 41.1 39.0 38.2

HOUSEHOLDS & INCOME 1 MILE 3 MILES 5 MILES

Total households 1,507 10,639 25,373

# of persons per HH 2.8 2.8 2.9

Average HH income $98,205 $93,603 $90,941

Average house value $418,916 $419,411 $417,419

ETHNICITY (%) 1 MILE 3 MILES 5 MILESHispanic 7.6% 10.2% 11.2%

RACE (%)White 96.4% 90.5% 88.9%

Black 2.1% 5.6% 5.9%

Asian 0.4% 1.2% 1.4%

Hawaiian 0.0% 0.0% 0.0%

American Indian 0.0% 0.4% 0.6%

Other 0.3% 0.9% 1.3%

* Demographic data derived from 2010 US Census

600 Old Country Road, Suite 227, Garden City, NY 11530www.aiprops.comDEMOGRAPHICS MAP




Section 3 /

1 MILE 3 MILES 5 MILES

Total population 4,159 30,067 73,737

Median age 42.8 39.2 37.9

Median age (male) 43.5 39.2 37.5

Median age (female) 41.1 39.0 38.2

Total households 1,507 10,639 25,373

Total persons per HH 2.8 2.8 2.9

Average HH income $98,205 $93,603 $90,941

Average house value $418,916 $419,411 $417,419

Total Population - White 4,009 27,210 65,562

% White 96.4% 90.5% 88.9%

Total Population - Black 89 1,697 4,387

% Black 2.1% 5.6% 5.9%

Total Population - Asian 16 372 1,046

% Asian 0.4% 1.2% 1.4%

Total Population - Hawaiian 0 0 0

% Hawaiian 0.0% 0.0% 0.0%

Total Population - American Indian 0 123 471

% American Indian 0.0% 0.4% 0.6%

Total Population - Other 12 276 965

% Other 0.3% 0.9% 1.3%

Total Population - Hispanic 317 3,054 8,280

% Hispanic 7.6% 10.2% 11.2%

* Demographic data derived from 2010 US Census

600 Old Country Road, Suite 227, Garden City, NY 11530www.aiprops.comDEMOGRAPHICS REPORT




Section 3 /

600 Old Country Road, Suite 227, Garden City, NY 11530www.aiprops.comADDITIONAL PHOTOS





SECTION 4 / ADVISOR BIOS



Section 4 /

600 Old Country Road, Suite 227Garden City, NY 11530T 516.393.2300 [email protected]

PROFESSIONAL BACKGROUND

Founder Ron Koenigsberg’s passion for real estate grew out of the childhood experience of watching his father survey buildings and construction sites. “Helping people like my father find the perfect property to call their own eventually

became my ultimate dream, “ he said. The path to that dream began in the fiercely competitive New York business world. Armed with a BS in accounting from American University’s Kogod Business School, Ron joined Arthur Andersen in

the late 1980s when it was one of the “Big 5” accounting firms. There, Ron proved his talent for meeting the rigorous demands of a numbers-oriented environment and gained valuable insight into the tax and financial aspects of real estate.

Seeking a more creative outlet for his skills, Ron went on to earn a master’s degree in real estate and development from New York University’s Real Estate Institute. He then started working in the New York office of Japanese insurance

giant Chiyoda Life as head of its real estate acquisition department. Entrusted with an annual budget of $360 million, he demonstrated his aptitude for large-scale capital management and deepened his financial expertise. While at Chiyoda,

Ron’s financial judgment was further strengthened by his extensive exposure to the seasoned wisdom of top executives from industry-leading real estate investment firms. Ron embraced the chance to learn from their experience. This

openness to diverse ideas and perspectives is one of the hallmarks of Ron’s career. “I believe every person I meet has the potential to teach me something new,” he said. His next move, to a position as Senior Vice President of a Long

Island–based commercial brokerage firm, enabled him to apply the knowledge he’d gained at Chiyoda to the specific opportunities and challenges of the Long Island market.

Drawing on the exceptional business acumen fostered by these roles, Ron then achieved his proudest accomplishment to date: founding the fastest-growing commercial real estate firm in Long Island: American Investment Properties. The

firm’s widespread reputation for excellence reflects the wisdom of Ron’s approach to doing business. “The key to building long-term relationships is to ensure your knowledge, your integrity, and your service surpass your clients’

expectations. “I’m a true believer in going the extra mile for my clients,” he said. “I’ve gotten down on my hands and knees at 5 a.m. to measure a building, so my client would have exactly what he needed when he needed it. That’s what

commitment to your client’s success is all about.”

EDUCATION

American University, BS in Accounting

New York University, Masters in Real Estate Development

Certified Commercial Investment Member

2017 LIBN Commercial Broker of the Year

MEMBERSHIPS & AFFILIATIONS

Ron’s latest accomplishment is being honored as a CCIM. Awarded by CCIM Institute, a CCIM (Certified Commercial Investment Member) is a recognized expert in the commercial and investment real estate industry. Only 6% of all CCIM

commercial real estate practitioners hold the elite designation, which reflects not only the caliber of the program, but why it’s one of the most respected designations in the industry. Ron has worked tirelessly to earn this elite designation. On

March 24, 2015, in Chicago, IL, the CCIM Institute and their local chapter members honored CCIM’s newest 146 designees during a pinning ceremony and reception. The 146 new CCIMs hail from diverse states and countries and have

varying degrees of experience in commercial real estate. As commercial real estate broker Ron practices integrity on a daily basis, and utilizes, invests in, and supports the CCIM’s network and community. Ron’s credible portfolio and

proven track record support his positive measurement. For these reasons and many more, Ron is a prime example of the very pillars of what CCIM represents.

RON KOENIGSBERG, CCIM

President

600 Old Country Road, Suite 227, Garden City, NY 11530www.aiprops.comADVISOR BIO & CONTACT 1


retail property for sale - loopnet · submarket eastern suffolk building information building size...

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