792-830 ATLANTIC AVENUE - Massey Knakal ATLANTIC AVENUE BALDWIN, ... these summaries are not...

792-830 ATLANTIC AVENUEBALDWIN, LONG ISLAND

CONFIDENTIAL OFFERING MEMORANDUM

GRAND AVENUE

ATLANTIC AVENUE

cushmanwakefield.com2

Stephen R. PreussSenior Managing Director+1 718 512 [email protected]

Kevin LouieAssociate+1 718 512 [email protected]

Denise PreveteAssociate Director+1 718 512 [email protected]

ASKING SALE PRICE

$7,250,000

Offering Memorandum Disclaimer

For more information, please contact

one of the following individuals:

This Confidential Offering Memorandum (“Memorandum”) is being delivered subject to the terms of the Confidentiality Agreement (the

“Confidentiality Agreement”) signed by you and constitutes part of the Confidential Information (as defined in the Confidentiality Agreement).

It is being given to you for the sole purpose of evaluating the possible investment in 792-830 Atlantic Avenue (the “Project”), and is not to

be used for any other purpose or made available to any other party without the prior written consent of 830 Atlantic Avenue LLC (“Managing

Member”), or its exclusive broker, Cushman & Wakefield. This Memorandum was prepared by Cushman & Wakefield based primarily on

information supplied by Managing Member. It contains select information about the Project and the real estate market but does not contain

all the information necessary to evaluate the Project. The financial projections contained herein (or in any other Confidential Information)

are for general reference only. They are based on assumptions relating to the overall economy and local competition, among other factors.

Accordingly, actual results may vary materially from such projections. Various documents have been summarized herein to facilitate your

review; these summaries are not intended to be a comprehensive statement of the terms or a legal analysis of such documents. While the

information contained in this Memorandum and any other Confidential Information is believed to be reliable, neither Cushman & Wakefield nor

Managing Member guarantees its accuracy or completeness. Because of the foregoing and since the investment in the Project is being offered

on an “As Is, Where Is” basis, a prospective investor or other party authorized by the prospective investor to use such material solely to facilitate

the prospective purchaser’s investigation, must make its independent investigations, projections and conclusions regarding the investment in

the Project without reliance on this Memorandum or any other Confidential Information. Although additional Confidential Information, which

may include engineering, environmental or other reports, may be provided to qualified parties as the marketing period proceeds, prospective

purchasers should seek advice from their own attorneys, accountants, engineers and environmental experts. Neither Cushman & Wakefield

nor Managing Member guarantees the accuracy or completeness of the information contained in this Memorandum or any other Confidential

Information provided by Cushman & Wakefield and Managing Member. Managing Member expressly reserves the right, at its sole discretion,

to reject any offer to invest in the Project or to terminate any negotiations with any party at any time with or without written notice. Managing

Member shall have no legal commitment or obligations to any prospective investor unless and until a written sale agreement has been fully

executed, delivered and approved by Managing Member and any conditions to Managing Member’s obligations thereunder have been satisfied

or waived. Managing Member has retained Cushman & Wakefield as its exclusive broker and will be responsible for any commission due to

Cushman & Wakefield in connection with a transaction relating to the Project pursuant to a separate agreement. Cushman & Wakefield is not

authorized to make any representation or agreement on behalf of Managing Member. Each prospective investor will be responsible for any

claims for commissions by any other broker in connection with an investment in the Project if such claims arise from acts of such prospective

investor or its broker. This Memorandum is the property of Managing Member and all parties approved by Managing Member and may be

used only by parties approved by Managing Member. No portion of this Memorandum may be copied or otherwise reproduced or disclosed to

anyone except as permitted under the Confidentiality Agreement.

TO INSERT FOOTER TEXT, GO TO: Type>Text Variables>Define>MASTER Footer Text 3

Table of Contents

Executive Summary ...............................................4

Property Information ............................................8

Property Financials .............................................. 10

Leasing Opportunity ............................................ 13

Neighborhood Information ............................... 18


Executive SummaryCushman & Wakefield has been retained on an exclusive basis for the sale of an approximately 96,285 square foot (2.21 acres) corner lot located at a four-way traffic light intersection with retail re-devel-opment potential. It is currently improved with three buildings equating to a combined 32,464 square feet (approximately). The corner retail building is currently vacant previously operating as a Bank of America, and the remaining buildings are currently occupied by Synergy Fitness, medical offices, and an HVAC company.

792-830 Atlantic Avenue, Baldwin 5

GREAT POTENTIAL FOR RE-DEVELOPMENT

The lot has tremendous potential for investment or redevelopment as the property lies in Business zoning which allows for a large amount of commercial uses including a convenience store pad site, fast food, or office building among others. The property also benefits from five ways of egress on Atlantic Avenue and Grand Avenue.

Property inspections are to be done by appointment only, please inquire within.


PROPERTY INFORMATION


Property Information


Property Features:

SECTION / BLOCK / LOTS 54 / N / 4323 54 / N / 4324 54 / N / 180 & 4334

ADDRESS 792 Atlantic Avenue (corner) 816 Atlantic Avenue 830 Atlantic Avenue

LOT DIMENSIONS (IRR.) 215’ x 184’ 40’ x 193’ 220.24’ x 157.45’

LOT SQUARE FOOTAGE (approx.) 31,937 SF 7,720 SF 56,628 SF

BUILDING SQUARE FOOTAGE (approx.)

3,185 SF 4,800 SF 24,479 SF

COMBINED SQUARE FOOTAGE (approx.)

32,464 SF

ZONING Business

GROSS LOT SQUARE FOOTAGE 96,285 SF

ASSESSMENT $32,691 $4,126 $22,793

REAL ESTATE TAXES (16/17) $52,750.13 $37,435.32 Tax Exempt *

Municipal Industrial Development Agency Exemption*

Property InformationCushman & Wakefield has been retained on an exclusive basis for the sale of an approximately 96,285 square foot (2.21 acres) corner lot located at a four-way traffic light intersection with retail re-development potential.

It is currently improved with three buildings equating to a combined 32,464 square feet (approximately). The corner retail building is currently vacant previously operating as a Bank of America, and the remaining buildings are currently occupied by Synergy Fitness, medical offices, and an HVAC company.

The lot has tremendous potential for investment or redevelopment as the property lies in Business zoning which allows for a large amount of commercial uses including a convenience store pad site, fast food, or office building among others. The property also benefits from five ways of egress on Atlantic Avenue and Grand Avenue.

792 Atlantic Avenue (former bank building) is also available for lease individually. Property inspections are to be done by appointment only, please inquire within.

ASKING SALE PRICE

$7,250,000

Property Tax Map:



ATLANTIC792-830AVENUE


PROPERTY FINANCIALS



Property Financials


OPPORTUNITY FOR INVESTMENT & RE-DEVELOPMENT

792-830 Atlantic Avenue in Baldwin in comprised of four adjacent tax lot which make up approximately 96,285 square feet or 2.21 acres. The property is currently improved with three buildings including a 24,479 square foot building currently used by Synergy Fitness, three medical tenants, and one commercial tenant. It also includes an additional building used by Synergy Fitness of about 4,800 square feet, and a vacant former bank building of about 3,185 square feet. Currently there are a total of 82 parking spaces on the combined four lots.

Currently, the Synergy is owner-operated and can be delivered vacant or with a lease in place. The medical spaces can also be delivered vacant or with leases in place from 2018 and one 5-year option for each. The commercial tenant is an HVAC company which is currently leased on a month-to-month basis and can be delivered vacant as well.

The property also poses a great opportunity for re-development including a potential pad site for retailers such as a convenience store or a fast-food restaurant, or commercial/office space.

Investors also have the option to keep the existing tenants with in-place cash flow and partially re-develop only a portion of the property; the corner lot at 792 Atlantic Avenue is about 31,937 square feet and has tremendous potential for re-development.

Property Financials


Rent Roll

ADDRESS / UNIT LEASE EXPIRATION (1) SQ. FTPRICE PER SQ. FT. MONTHLY RENT ANNUAL RENT

792 ATLANTIC AVENUE

Vacant Retail N/A 3,185 $50 $13,270.83 $159,250

816 ATLANTIC AVENUE

Synergy Fitness (2) 5-year term w/ (1) 5-year option 4,800 $15 $6,000 $72,000

830 ATLANTIC AVENUE

Synergy Fitness (2) 5-year term w/ (1) 5-year option 16,500 $17 $24,000 $288,000

Dr. Kim Berlin April 2018 w/ 3% increases and (1) 5-yr option 2,000 $23 $3,824.54 $45,894.53

Dr. Reyes April 2018 w/ 3% increases and (1) 5-yr option 1,200 $38 $3,824.54 $45,894.53

Dr. Kromblit September 2018 w/ 2% increases and (1) 5-yr option 1,200 $25 $2,473.94 $29,687.29

Luxaire Month-to-Month w/ 3% increases 2,100 $25 $4,375 $52,500

TOTAL $57,768.85 $693,226.20

(1) All units can be delivered vacant or with stated leases in place Projected rent due to vacancy or lease coming due(2) Proposed lease terms per owner

Property Financials

Expenses

ESTIMATED

Real Estate Taxes Actual $90,440.19

Insurance Projected @ $1.00 / Sq. Ft. $32,464

Water / Sewer Tenants Pay -

Electric Tenants Pay -

Fuel Tenants Pay -

Repairs & Maintenance Tenants Pay -

Management Projected @ 3% / EGI $18,716.81

TOTAL $141,621

Gross RevenueGROSS REVENUE $693,226.20

VACANCY & CREDIT LOSS Projected @ 10% / Gross Income

$69,322.62

EFFECTIVE GROSS INCOME (EGI) $623,893.58

Net Operating IncomeEFFECTIVE GROSS INCOME $623,893.58

EXPENSES ($141,621)

NET OPERATING INCOME $482,272.58


LEASING OPPORTUNITY

Property Financials


Leasing Opportunity


LEASING OPPORTUNITY - 792 ATLANTIC AVENUE

792 Atlantic Avenue (corner property) is available for lease. It is an approximately 3,185 square foot building formerly operated as a Bank of America on a ~.75 acre lot. The building is situated at a four-way traffic light corner with two ways of egress into the property, one via Grand Avenue and the other via Atlantic Avenue.

The property enjoys high traffic with an average daily traffic count of approximately 30,000 cars passing at this corner. Atlantic Avenue is home to multiple national brand retailers including Stop & Shop, 7-Eleven, Subway, Dunkin Donuts / Baskin Robbins, and Starbucks all within proximity to the subject property.

The 31,937 square foot lot includes parking for 40 cars plus two ADA compliant spaces. The current Business zoning allows for a variety of uses including but not limited to a bank, restaurant, retail, and laundromat.

The building enjoys great visibility and frontage on both Atlantic and Grand Avenues. The convenience of the traffic light allows for easy flow of traffic and access to the property. Public transporation is conveneintly located via the N36 bus line located directly outside the building offering service to and from Lynbrook and Freeport.

Property inspections are to be done by appointment only, please inquire within.

ASKING RENT:

$55 / SQ. FT. (gross)

Leasing Opportunity


Leasing Opportunity


BALDWIN RETAIL MARKET

DEMOGRAPHICS (Census 2010)

Population: 24,033

Households: 7,868

Families: 6,081

Median Income Per Household: $78,400

RETAIL, DINING, & SERVICES

1. Ridgewood Savings Bank 12 Deli Boy2. 7-Eleven 13 Milk N’ Things

3. Milkstop 14 Maison Scissors Salon

4.Baldwin Harbor Shopping CenterStop & ShopGamestopCVS PharmacyBPWestern UnionStarbucksGino’s PizzaSovereign Bank ATMBagel ShopChase Bank

15 BP

16 The Baja Main T-Shirt Factory

17 Dunkin’ Donuts / Baskin Robins

18 Subway

19 Melvin Barber Shop

20 Mayflower Chinese

21 Beauty Salon

22 Tutor Time

5. Toyo Japanese Restaurant 23 Milburn Laundromat6. Nail Salon 24 Pat’s Cleaners7. Little Ochie Caribbean Cuisine 25 Baldwin Sports8. Raagini Indian Cuisine 26 99 Cents Plus9. Harbor French Cleaners 27 UHaul10 Jonathan Altus M.D. 28 Steele School11 Sunoco 29 Harbor Delicatessen

Leasing Opportunity


BALDWIN RETAIL MARKET

DEMOGRAPHICS (Census 2010)

Population: 24,033

Households: 7,868

Families: 6,081

Median Income Per Household: $78,400

ATLANTIC792-830AVENUE

RETAIL MAP

1. Ridgewood Savings Bank 12 Deli Boy2. 7-Eleven 13 Milk N’ Things

3. Milkstop 14 Maison Scissors Salon

4.Baldwin Harbor Shopping CenterStop & ShopGamestopCVS PharmacyBPWestern UnionStarbucksGino’s PizzaSovereign Bank ATMBagel ShopChase Bank

15 BP

16 The Baja Main T-Shirt Factory

17 Dunkin’ Donuts / Baskin Robins

18 Subway

19 Melvin Barber Shop

20 Mayflower Chinese

21 Beauty Salon

22 Tutor Time

5. Toyo Japanese Restaurant 23 Milburn Laundromat6. Nail Salon 24 Pat’s Cleaners7. Little Ochie Caribbean Cuisine 25 Baldwin Sports8. Raagini Indian Cuisine 26 99 Cents Plus9. Harbor French Cleaners 27 UHaul10 Jonathan Altus M.D. 28 Steele School11 Sunoco 29 Harbor Delicatessen

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THE NEIGHBORHOOD

Leasing Opportunity


Baldwin, Long Island is located in the town of Hempstead in Nassau County. It has a population of over 24,000 and it is bound by Rockville Centre to the west, Roosevelt to the east, Hempstead

to the North, and Oceanside fo the South.

Neighborhood Information


Original inhabitants of the area between Parsonage Creek near Oceanside and Milburn Creek near Freeport were Native Americans known as Merokes, or Merrick, an Algonquian tribe indigenous to most of the South Shore of Long Island, who lived in two villages along Milburn Creek. In 1643, the land became known as Hick’s Neck after two of Hempstead’s early settlers, John Spragg from England and John Hicks from Flushing, who extended Hempstead village south to the salt meadows. The grist mill built by John Pine in 1686 on Milburn Creek attracted more settlers who engaged in fishing, farming, marshing, raising longwood, and breeding and raising sheep. Between the American Revolutionary War and the War of 1812, growing Hick’s Neck came to be called the village of Milburn. The first churches were built in 1810 and 1872, and the first school was built in 1833.

After the area was previously regarded as Hick’s Neck and later Milburn, Baldwin was founded in 1855 (as Baldwinsville) and named in honor of Thomas Baldwin (1795–1872), who was a sixth-generation member of the Baldwin family of Hempstead and the leading merchant of Milburn at the time. Mr. Baldwin owned a general store named T. Baldwin and Sons, as well as a hotel at a location that would now be considered the northwest corner of Merrick Road and Grand Avenue. He also owned and operated a sawmill by Silver Lake just southeast of the hotel.

In 1867, the South Side Rail Road began operating with a station in Baldwinsville. In 1870, one of Thomas Baldwin’s sons, Francis Baldwin, became a member of the New York State Assembly representing Queens County’s 2nd District; he later served as the Queens County treasurer.(During this time, Baldwinsville was part of Queens County.) A year later, the name of the village was changed from Baldwinsville to Baldwins by the U.S. Postal Service so as to not confuse it with the village of Baldwinsville in upstate New York. By 1892, by an act of local government, the village was officially named Baldwin.

Shortly after Hempstead separated from Queens County in 1899, people began to move to “Beautiful Baldwin”, as it was called by Charles Luerssen, a village realtor, for the village’s fine boating, bathing, and fishing. By 1939, ten years after the opening of Sunrise Highway, Baldwin became the largest unincorporated village in New York State—a title that was lost to Levittown by 1960.

In 1990, the area south of Atlantic Avenue was designated as Baldwin Harbor,a hamlet (and census-designated place) with the 1990 United States Census. Baldwin Harbor remains a part of the town of Baldwin’s ZIP code, school district, and library system.

In May 1910, near the current Plaza Elementary School on Seaman Avenue and Rockville Drive in Baldwin, a breakthrough in American aviation history was made. The first all-American monoplane was designed, built, and successfully flown at this location by brothers Arthur and Albert Heinrich. In the plane’s initial and subsequent models, its unique designs featured controls that were combined into one stick which allowed the pilot to fly the plane using one hand.

BALDWIN HISTORY

Baldwin has its own school district, officially named the Baldwin Union Free School District (formerly Union Free School District No. 10, Town of Hempstead). The boundaries of the Baldwin School District are not identical with those of Baldwin itself, also containing the Stearns Park neighborhood of Freeport, up to Knollwood Road in Rockville Centre and a few blocks from other neighboring villages. On the other hand, a small portion of Baldwin, located to the West of Silver Lake, is included in the Oceanside Union Free School District.

As of September 2012, the Baldwin Public Schools consist of seven schools with a total enrollment of approximately 5500 students. There is one high school, Baldwin Senior High School, and one middle school, Baldwin Middle School. There are five elementary schools spaced throughout the town: Brookside, Lenox, Meadow, Plaza, and Steele.

Baldwin also has one Catholic school, St. Christopher’s. This school was established in 1925 as part of St. Christopher’s parish. The school serves students from Baldwin, Freeport, and surrounding areas, and it ranges from kindergarten to eighth grade. Although originally staffed by nuns, most of the school’s faculty consists of lay people. Originally the school was one building that housed all classes, however it has been expanded twice. The school now consists of the “original building” (now housing classrooms, a gym, stage, computer lab, and music room), the “middle building” (housing the school and religious education offices, classrooms and an art room), and the “new building” (housing a cafeteria, library, and classrooms). Over the years the school has gained a highly regarded reputation in the Baldwin community. Students from the school participate in a wide variety of both Catholic and community events. For example, students take religion classes from kindergarten to the eighth grade, as well as march in the Baldwin Memorial Day Parade and help out at Baldwin’s Big Sweep (a community event in which volunteers clean up Grand Avenue). He also owned and operated a sawmill by Silver Lake just southeast of the hotel.

BALDWIN SCHOOL SYSTEM

Neighborhood Description


Original inhabitants of the area between Parsonage Creek near Oceanside and Milburn Creek near Freeport were Native Americans known as Merokes, or Merrick, an Algonquian tribe indigenous to most of the South Shore of Long Island, who lived in two villages along Milburn Creek. In 1643, the land became known as Hick’s Neck after two of Hempstead’s early settlers, John Spragg from England and John Hicks from Flushing, who extended Hempstead village south to the salt meadows. The grist mill built by John Pine in 1686 on Milburn Creek attracted more settlers who engaged in fishing, farming, marshing, raising longwood, and breeding and raising sheep. Between the American Revolutionary War and the War of 1812, growing Hick’s Neck came to be called the village of Milburn. The first churches were built in 1810 and 1872, and the first school was built in 1833.

After the area was previously regarded as Hick’s Neck and later Milburn, Baldwin was founded in 1855 (as Baldwinsville) and named in honor of Thomas Baldwin (1795–1872), who was a sixth-generation member of the Baldwin family of Hempstead and the leading merchant of Milburn at the time. Mr. Baldwin owned a general store named T. Baldwin and Sons, as well as a hotel at a location that would now be considered the northwest corner of Merrick Road and Grand Avenue. He also owned and operated a sawmill by Silver Lake just southeast of the hotel.

In 1867, the South Side Rail Road began operating with a station in Baldwinsville. In 1870, one of Thomas Baldwin’s sons, Francis Baldwin, became a member of the New York State Assembly representing Queens County’s 2nd District; he later served as the Queens County treasurer.(During this time, Baldwinsville was part of Queens County.) A year later, the name of the village was changed from Baldwinsville to Baldwins by the U.S. Postal Service so as to not confuse it with the village of Baldwinsville in upstate New York. By 1892, by an act of local government, the village was officially named Baldwin.

Shortly after Hempstead separated from Queens County in 1899, people began to move to “Beautiful Baldwin”, as it was called by Charles Luerssen, a village realtor, for the village’s fine boating, bathing, and fishing. By 1939, ten years after the opening of Sunrise Highway, Baldwin became the largest unincorporated village in New York State—a title that was lost to Levittown by 1960.

In 1990, the area south of Atlantic Avenue was designated as Baldwin Harbor,a hamlet (and census-designated place) with the 1990 United States Census. Baldwin Harbor remains a part of the town of Baldwin’s ZIP code, school district, and library system.

In May 1910, near the current Plaza Elementary School on Seaman Avenue and Rockville Drive in Baldwin, a breakthrough in American aviation history was made. The first all-American monoplane was designed, built, and successfully flown at this location by brothers Arthur and Albert Heinrich. In the plane’s initial and subsequent models, its unique designs featured controls that were combined into one stick which allowed the pilot to fly the plane using one hand.

BALDWIN TRANSPORTATIONThe Baldwin LIRR is located approximately 1.5 miles north of the 792-830 Atlantic Avenue. It offers con-venient transporation along the Babylon train line to Manhattan and Eastern Long Island. The N36 Bus line services Atlantic Avenue as well. Also conveniently located 1.5 miles away is Sunrise Highway and the Meadowbrook State Parkway.

Broker NameExecutive Managing Director+1 234 567 [email protected]




118-35 Queens Boulevard, 14th Floor Forest Hills, NY 11375 cushmanwakefield.com

Denise PreveteAssociate Director+1 718 512 [email protected]

Kevin LouieAssociate+1 718 512 [email protected]

Stephen R. PreussSenior Managing Director+1 718 512 [email protected]

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