4373-4401 AUSTIN BLVD9 Tenant Shopping Center W/ 28 Parking SpacesLOCATED IN ISLAND PARK, LONG ISLAND
4373-4401 AUSTIN BOULEVARD // 2CUSHMAN & WAKEFIELD
• Strong Retail Corridor along the gateway to Long Beach
• Located two blocks from the Long Island Railroad
RETAIL MAP
4373-4401 AUSTIN BOULEVARD - PROPERTY OVERVIEW
TAX MAP
Situated in Island Park, 4373-4401 Austin Boulevard is a corner shopping center with nine units anchored by a nursery, A&T Garden Center, supplying the affluent, residential neighborhood. The shopping center hosts a variety of local stores and 28 free parking spaces. Austin Boulevard is one of two main roads leading directly south over the Long Beach Bridge to The City of Long Beach. Additionally, the Island Park LIRR station is just two blocks away servicing both East and Westbound commuters with trains every 20-30 minutes depending on peak hours.
PROPERTY DESCRIPTION
HIGHLIGHTS
4401Austin Blvd.
(Garden Center)
4373 Austin Blvd.
Austin Boulevard
Traymo
re Bo
ulevard
Broadway
4373-4401 AUSTIN BLVD
4373-4401 AUSTIN BOULEVARD // 3CUSHMAN & WAKEFIELD
ASKING PRICE: $4,190,000
PROPERTY FEATURES
Location The subject property is located on the southeast corner of Austin Boulevard & Traymore Boulevard.
Lot Size 37,026 sq ft (approx.)
Building SF 8,601
Number Of Tenants 9
FINANCIAL SUMMARY
Effective Gross Annual Revenue $393,691
Less Expenses: ($132,105)
Net Operating Income: $261,586
Capitalization Rate 6.24%
REAL ESTATE TAX
4373 Austin Boulevard 4385-4401 Austin Boulevard
Taxes (19/20): $14,255 $69,643
4373-4401 AUSTIN BOULEVARD - PROPERTY FEATURES
4373-4401 AUSTIN BOULEVARD // 4CUSHMAN & WAKEFIELD
4373-4401 AUSTIN BOULEVARD - COMMERCIAL REVENUE
ADDRESS TENANT LEASE START LEASE END OPTIONS RENT INCREASES NET SF RPSF MONTHLY RENT
4373 Garden Center Jun-95 May-25 100% of CPI 1,500 $42.22 $5,277
4385 A&T Florist Jul-18 Jun-23 5 Years 3.5% 1,250 $29.81 $3,105
4387 Panda House Sep-96 Sep-25 5 Years 4.0% 1,000 $44.63 $3,719
4389 Vacant 850 $3,050
4391 Park Nail Aug-00 Jul-20 5 Years 5.0% 850 $43.17 $3,058
4393 LockSmith Feb-19 Jan-24 4.0% 800 $30.00 $2,000
4395 AC Laundry Oct-00 Nov-23 5 Years 4.0% 1,000 $44.88 $3,740
4397 Treat Your Pet Oct-18 Sep-28 4.0% 1,200 $19.10 $1,910
4401 Madeline's Hair Jun-02 May-22 $50 / Year 600 $42.00 $2,100
7,030
Gross Monthly Commercial Rent: $27,959
Gross Annual Commercial Rent: $335,507
Average Rent Per Unit: $3,107
Average Rent Per Net Square Foot: $37.07
4373-4401 AUSTIN BOULEVARD // 5CUSHMAN & WAKEFIELD
4373-4401 AUSTIN BOULEVARD - REIMBURSEMENTS
ADDRESS TENANT TAX REIMB. 2019 TOTAL INSURANCE REIMB. 2019 TOTAL CAM REIMB. TOTAL REIMB.
4373 Garden Center 100% Above Base Year 90/91 $14,255 - - - $14,255
4385 A&T Florist 15% Above Base Year 17/18 - - - - -
4387 Panda House 14% $9,750 - - - $9,750
4389 Vacant - - - - - -
4391 Park Nail 10% Above Base Year 99/00 $4,721 10% Above Base
Year 00/01 - - $4,721
4393 Lock Smith 10% Above Base Year 14/15 $1,052 - - $1,020 $2,072
4395 AC Laundry 15% $10,447 - - $720 $11,167
4397 Treat Your Pet 18% $12,536 10% $1,267 - $13,803
4401 Madeline's Hair 9% Above Base Year 02/03 $2,416 - - - $2,416
$55,176 $1,267 $1,740 $58,183
4373-4401 AUSTIN BOULEVARD // 6CUSHMAN & WAKEFIELD
4373-4401 AUSTIN BOULEVARD - EXPENSES & INVESTMENT VALUE
RESIDENTIAL REVENUE
Gross Annual Residential Revenue $243,914
Vacancy Allowance @ 3% of Gross Annual Income ($7,317)
Effective Gross Annual Revenue $236,597
EXPENSES (ESTIMATED) CW PROJECTED
Taxes 2018 / 2019 Actual $83,898
Water/Sewer Actual $1,194
Insurance Actual $12,668
Fuel (Gas) Tenant Pays -
Common Electric Actual $786
Repairs & Maintenance @ $500 / Month $6,000
Total Expenses: $104,546
Effective Gross Annual Residential Revenue $366,132
Less Expenses: 29% ($104,546)
Net Operating Income: $261,586
COMBINED REVENUE
Gross Annual Commercial Revenue $335,507
Annual Reimbursement $58,183
Gross Annual Commercial Revenue $393,691
Vacancy Allowance @ 7% of Gross Annual Revenue ($27,558)
Effective Gross Annual Commercial Revenue $366,132
TRANSPORTATION MAP
ISLAND PARK
55min to Penn Station via
Cushman & Wakefield Copyright 2019. 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.
For more information contact:
Jonathan Squires(212) 660 [email protected]
Michael Fioravanti(212) 589 [email protected]
Josh Neustadter(212) 660 [email protected]
Addison Berniker(212) 841 [email protected]
Shayne Soltan(212) 660 [email protected]
Stephen Preuss(718) 512 [email protected]
Kevin Schmitz(718) 512 [email protected]
Kevin Louie(718) 512 [email protected]
Andreas Efthymiou(718) 512 [email protected]