835 Orange Avenue, West Haven, CT Offering Memorandum For Sale / Investment Opportunity
Presented by:Kravet Realty [email protected]
Confidentiality & Disclaimer StatementThis Offering Memorandum contains select information pertaining to the businessand affairs of the Property at 835 Orange Avenue, West Haven, CT. It has beenprepared by Kravet Realty LLC. This Offering Memorandum may not be all-inclusiveor contain all of the information a prospective purchaser may desire. The informationcontained in this Offering Memorandum is confidential and furnished solely for thepurpose of a review by a prospective purchaser of the Property. It is not to be usedfor any other purpose or made available to any other person without the writtenconsent of Seller or Kravet Realty LLC. The material is based in part upon informationsupplied by the Seller and in part upon financial information obtained by 835Orange Avenue, West Haven, CT from sources it deems reliable. Owner, nor theirofficers, employees, or agents makes any representation or warranty, express orimplied, as to the accuracy or completeness or this Offering Memorandum or anyof its contents and no legal liability is assumed or shall be implied with respectthereto. Prospective purchasers should make their own projections and form theirown conclusions without reliance upon the material contained herein and conducttheir own due diligence.
By acknowledging your receipt of this Offering Memorandum from 835 OrangeAvenue, West Haven, CT, you agree:
1) The Offering Memorandum and its contents are confidential;
2) You will hold it and treat it in the strictest of confidence; and
3) You will not, directly or indirectly, disclose or permit anyone else to disclose thisOffering Memorandum or its contents in any fashion or manner detrimental to theinterest of the Seller.
Owner and Kravet Realty LLC expressly reserve the right, at their sole discretion,to reject any and all expressions of interest or offers to purchase the Property andto terminate discussions with any person or entity reviewing this OfferingMemorandum or making an offer to purchase the Property unless and until a writtenagreement for the purchase and sale of the Property has been fully executed anddelivered.
If you wish not to pursue negotiations leading to the acquisition of 835 OrangeAvenue, West Haven, CT or in the future you discontinue such negotiations, thenyou agree to purge all materials relating to this Property including this OfferingMemorandum.
A prospective purchaser’s sole and exclusive rights with respect to this prospectivetransaction, the Property, or information provided herein or in connection with thesale of the Property shall be limited to those expressly provided in an executedPurchase Agreement and shall be subject to the terms thereof. In no event shall aprospective purchaser have any other claims against Seller or Kravet Realty LLC orany of their affiliates or any of their respective officers, directors, shareholders,owners, employees, or agents for any damages, liability, or causes of action relatingto this solicitation process or the marketing or sale of the Property.
This Offering Memorandum shall not be deemed to represent the state of affairsof the Property or constitute an indication that there has been no change in thestate of affairs of the Property since the date this Offering Memorandum.
Table of Contents
Executive Summary . . . . . . . . . . . . . . . . 5
Property Information . . . . . . . . . . . . . . . .6
Valuation . . . . . . . . . . . . . . . . . . . . . . . .7
Site Plans . . . . . . . . . . . . . . . . . . . . . . . .8
Overview . . . . . . . . . . . . . . . . . . . . . .10
Demographics . . . . . . . . . . . . . . . . . . .11
P. 3
Kravet Realty LLC P. 5
Executive Summary
Kravet Realty is pleased to offer this NNN leased investment. The property is leased to Enterprise Car Rental on atriple net basis. Enterprise has spent $300,000 in capital improvements prior to opening this facility. AlthoughEnterprise has lease termination rights, as they do in almost all of their leases, the probability of this location closing isextremely unlikely given their very competitive rent, significant barriers to entry regarding automotive use and therecent capital expenditure of $300,000 to get the facility open.
The property has undergone Phase 1 envionmental testing, and it is free and clear of environmental issues.
This is a safe, secure, perfect 1031 investment being offered at a competitive cap rate 7.2%. The sale price offering is$499,000.
P. 6 358 Orange Avenue, West Haven, CT
Property InformationMblu 053-0017-0-0000 Assessment $233,380
Acct# 00020561 Appraisal $333,400Owner MARGUS PROPERTIES LLC
Year Built 1987 Land Use 3220 STORE MDL-94 Living Area 1,896 Land Class C
Acerage .58 Zoning Code RBBuilding Count 1 Neighborhood C800
Primary Construction Details
Field Description
Stories 1
Building Style Store
Building Use BComm/Ind
Occupancy 1
Extra Fixtures 0
Bath Style NA
Kitchen Style NA
AC Type 03
Heating Type Forced Air-Duc
Heating Fuel Gas
Bldg Use Store MDL-94
Building Grade Average
Heat / AC HEAT/AC PKGS
Frame Type Wood Frame
Baths / Plumbing Average
Ceiling/Wall SUS-CEIL & WL
Rooms/Prtns Average
Wall Height 12.00
First Floor Use 3220
Building Sub-Areas (sq ft) Legend
Description Gross LivingArea Area
First Floor 1,896 1,896
Canopy 219 0
15,507 2,115 1,896
Outbuilding & Extra Features
TYPE DESCRIPTION
W/DOUBLE LIGHT 2 UNITS
PAVING-CONC 20,000 S.F.
Kravet Realty LLC P. 7
Square Footaage 1,896@ $19/SF
Gross Income $36,000
Expenses* Enterprise pays: taxes, insurance, CAM, landscaping, snow removal & utilites
NOI $36,000
Asking Price $499,000
Asking CAP Rate 7.2%
Lease Start Date: 12/19/2016 Lease End Date: 12/18/2036**Rent Years 1-5 $36,000Rent Years 6-10 $39,600Rent Years 11-15 $43,200Rent Years 16-20 $47,400
*Landlord is responsible for roof and structure only.
**Tenant may exercise its termination rights with obligation to pay 3 months rent.
Valuation
Lease Abstract
P. 8 358 Orange Avenue, West Haven, CT
Site Plans
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610
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442.28
174.00
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108.48
251.00
176.20
69.83
250.66
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150
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20
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121(S)
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66.30
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45.41
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98.02
190.67
134.45
162.83
51.41
24.94
46.35
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136.46
59.21
.2 Ac..33 Ac.
.47 Ac.
.22 Ac.
.33 Ac.
. .35 Ac.
.71 Ac.
.17 Ac.
.13 Ac
.1 Ac.
.15 Ac.
.58 Ac.
.73 Ac.
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.21 Ac.
.14 Ac.
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.31 Ac..21 Ac.
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.15 Ac..23 Ac..21 Ac.
.18 Ac.
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.19 Ac. .14 Ac..25 Ac..14 Ac.
.2 Ac..33 Ac.
.47 Ac.
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.33 Ac.
. .35 Ac.
.71 Ac.
.17 Ac.
.13 Ac
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.58 Ac.
.73 Ac.
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.21 Ac.
.14 Ac.
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.31 Ac..21 Ac.
.21 Ac.
.23 Ac.
.21 Ac.
.15 Ac..23 Ac..21 Ac.
.18 Ac.
.14 Ac..21 Ac.
.19 Ac. .14 Ac..25 Ac..14 Ac.
18#18#
16#
14#
840#
2824#
812#
802#
2
156#
778#
835#
819#
851#
20#
26#
30#
5#38#
48#
4#
56#
37#12#64#
92#
74#20#
70# 28#80#51#
93# 76#
ARDALE ST
ORANGE AVE
NEWBERN ST
PALATKA ST
PEABODY ST
OGDEN ST
HA
MILTO
N S
T
ORANGE AVE
Disclaimer: This map is for informational purposes only.All information is subject to verification by any user.The City of West Haven and its mapping contractors
assume no legal responsibility for the informationcontained herein.
Map Produced: August 2019
City of West Haven, Connecticut - Assessment Parcel MapParcel: 053-0017-0-0000 Address: 835 ORANGE AVE
0 60 120 180 24030Feet¯ Approximate Scale: 1 inch = 100 feet
Kravet Realty LLC P. 9
P. 10 358 Orange Avenue, West Haven, CT
OverviewEducation & BusinessWest Haven was a shipping and industrial center. Home toArmstrong Rubber Co. Coleco (originally Connecticut LeatherCompany- later the toy & video game manufacturer), andSikorsky Aircraft, a division of United Technologies.
Bayer Pharmaceuticals North America had a plant in WestHaven, but after closing its operations in 2006, the 137-acreswas purchased by Yale University for biotechnology,pharmaceutical and other life sciences research.
West Haven is home to the University of New Haven, a U.S.Veterans Affairs hospital, and Yale Field, a baseball park for theYale University teams and formerly the home field for minorleague baseball teams. The Yale Bowl, the home field of theYale Bulldogs, is in New Haven, near the West Haven border.
TransportationInterstate 95, Route 34 and U.S. Route 1 run through WestHaven, between Orange and New Haven. Route 162, whichboth begins and ends at Route 1, starts in Orange, passesthrough West Haven, and ends in Milford. A north-south stateroad, Route 122, begins in New Haven up to the junction withI-95.
Public transportation is provided by Connecticut Transit NewHaven bus service. A rail line, used by Metro-North Railroadand Amtrak, runs through West Haven. In 2013, theConnecticut Department of Transportation opened a new Metro-North station in West Haven.
Tweed New Haven Regional Airport, in New Haven, is theclosest facility offering air service to West Haven.
Kravet Realty LLC P. 11
Demographics
1 Mile 3 Mile 5 Mile
Population 17,875 110,005 224,395
Houseolds 5,735 41,893 84,819
Averga HH Income $65,362 $67,417 $74,307
HIGHLIGHTS
• 24,000 cars per day pass by 835 Orange Avenue, West Haven, CT
• Subject Property is located at traffic light less than .5 mile from University of New Haven campus
835 ORANGE AVE, WEST HAVEN
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