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I N V E S T M E N T S A LE S O P P O R T U N I T Y O F F E R I N G M E M O R A N D U M
72 SCHOOL STREETGlen Cove, NY
G LE N C OV E , N YO F F E R I N G M E M O R A N D U M
| 2 |
EXECUTIVE SUMMARY
72 School Street is a detached 3-story mixed-use building with two ground floor retail spaces, two second floor office spaces and two apartments (one 1-bedroom/1-bathroom unit and one 2-bedroom/1-bathroom duplex). The property also has a barn in the back with three separately metered garages and second-floor storage space.
The building is currently fully occupied with 5 tenants on month-to-month leases. Gold Coast Deli signed a new 5-year lease in November 2020. All of the tenants have been in the building for several years. One-year leases or estoppels can be delivered with 1-year leases at purchaser’s request.
All units are separately metered for gas heat and electric, and tenants are responsible for paying their own gas and electric directly. The ground floor retail tenants are also on separate water meters and responsible for snow removal and trash removal. The landlord is responsible for common area electric and the water/sewer charges for the office and apartment spaces.
The property is located on the east side of School Street between North Lane and Highland Road in the City of Glen Cove and is on the public sewer system. The Glen Street Long Island Rail Road station is located one mile from the property.
The property is located less than 1,000 feet from the new Village Square mixed-use development, which consists of 146 luxury apartments, retail and restaurant space. The property is approximately one mile from the new Garvies Point mixed-use development, which consists of 569 condominiums, 541 rental apartments and restaurants.
PROPERTY SUMMARY
THE OFFERING
Property Address 72 School StreetGlen Cove, NY
Section 23
Block 53
Lot 26
Price $1,220,000
NOI $85,506
Cap Rate 7.0%
Price Per SF $188
BUILDING INFORMATIONStories 3
Gross Square Footage 6,478 (approx.)
Residential Units 2
Commercial Units 4
Zoning B-1
Lot Dimensions 60 FT x 109 FT (approx.)
Lot Size 6,826
Total Taxes $36,484
G LE N C OV E , N YO F F E R I N G M E M O R A N D U M
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EXECUTIVE SUMMARY
Barn and Garage space
N
SEACLIFF
GLEN STREET
LOCUST VALLEY
GLEN COVE
GLEN STGLEN ST
CED
AR
SWA
MP R
DC
EDA
R SW
AM
P RD
GLEN
CO
VE A
VE
GLEN
CO
VE A
VE
FOREST AVE
FOREST AVE
GLEN COVE
LOCUST VALLEY
SEACLIFF
RALLYE
SENIOR LIVING
NASSAU COUNTRY CLUB
PIPING ROCK CLUB
THE CREEK CLUB GLEN COVE GOLF CAMPS
BROOKSIDE C.C. GLEN HEAD C.C. CEDAR BROOK GOLF & TENNIS CLUB
VILLAGE SQUARE 146 FUTURE RESIDENCES
GLEN COVE H.S.
FRIENDS ACADEMY
ROBERT M. FINLEY MIDDLE SCHOOL
EUGUNE GRIBBIN ELEMENTARY SCHOOL
LANDINGELEMENTARY
SCHOOL
PORTLEDGE SCHOOL
ST. HYACINTH SCHOOL
COLES SCHOOL
SEA CLIFF YACHT CLUB
GLEN COVE MARINA
JOHN MACCARONE JOHN MACCARONE BASEBALL FIELDSBASEBALL FIELDS
WELWYNE WELWYNE PRESERVEPRESERVE
HEMPSTEAD HARBOR CLUB
GLEN COVE YACHT CLUB
LEGEND YACHT & BEACH CLUB
CONNOLLY SCHOOL
LOCUST VALLEY H.S.
LOCUST VALLEY ELEMENTARY SCHOOL
Hempstead Bay
Long Island Sound
HOTEL
GARVIES POINT 1,110 FUTURE RESIDENCES
RETAIL, PARKS & MANHATTAN FERRY
72 SCHOOL STREET
GLEN COVE FERRY
G LE N C OV E , N YO F F E R I N G M E M O R A N D U M
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AERIAL MAP
BREW
STER
STR
EET
BREW
STER
STR
EET
BRID
GE
STRE
ETBR
IDG
E ST
REET
GLEN STREETGLEN STREET
HIGHLAND ROADHIGHLAND ROADPU
LASK
I STREETPU
LASK
I STREET
GLEN COVE AVENUEGLEN COVE AVENUE
21,000 VPD21,000 VPD
7,000 VPD7,000 VPD
23,0
00 V
PD
23,0
00 V
PD
10,0
00 V
PD
10,0
00 V
PD
111
RETA
IL F
112
PRO
FESS
ION
ALO
FFIC
E
110
RETA
IL E
3
108
RETA
IL E
1
107
RETA
IL D
106
RESI
DENT
IAL
LOBB
Y
105
RETA
IL C
104
RETA
IL B
2
103
RETA
IL B
1
102
RETA
IL A
210
1RE
TAIL
A1
116
RETA
ILTR
ASH
RM
ST1
-1ST
AIR
- 1
118
BLD
GM
AIN
TENA
NCE
SHO
P/ST
OR
AGE
HAL
LWAY
ST3
-1ST
AIR
3
EL2
-1EL
EV. 2
EL1
-1EL
EV. 1
EL3
-1EL
EV. 3
HAL
LWAY
114
RETA
ILTR
ASH
RM
ST5
-1ST
AIR
5C
LG. H
EIG
HT
19'-0
"C
LG. H
EIG
HT
19'-0
"
CLG
. HE
IGH
T 15
'-9"
CLG
. HE
IGH
T 15
'-9"
CLG
. HE
IGH
T 14
'-6"
CLG
. HE
IGH
T 14
'-0"
CLG
. HE
IGH
T 14
'-0"
CLG
. HE
IGH
T 14
' -9"
CLG
. HE
IGH
T 14
'-9"
CLG
. HE
IGH
T 14
' -9"
CLG
. HE
IGH
T 14
'-0"
CLG
. HE
IGH
T 14
'-0"
55' -
7 7
/8"
28' - 2"
23' - 2 3/8"
71' -
2 1
/8"
13' - 10 3/8"
42' -
4"
17' -
11
3/8"
21' - 10 1/8"
23' -
5 3
/8"
29' - 2 1/8"
18' -
9 3
/8"
32' - 9 1/2"
23' -
10
3/8"
38' - 5 7/8"
25' -
10
3/8"
23' - 6 1/2"
39' -
0 7
/8"
26' - 5 3/4"
36' - 8"
34' - 8"
29' -
9 7/8"
40' - 11 5/8"
18' - 4 3/8"
26' -
0 7/8"
47' - 0 1/4" 47' - 1 3/4"
46' -
7 5
/8"
44' -
6"
18' - 4"
59' -
0"
48' -
8"
28' - 11"
37' - 6"
37' -
3"
37' -
3"
38' -
6"
39' -
0"
39' -
0"
38' -
3"
38' -
3"
38' -
3"
39' -
0"
39' -
0"
34' -
0"
34' -
0"
MINNOWASKO ARCHITES CTS AAER NNN DPL
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VILLAGE SQUAREGLEN COVENASSAU COUNTY, NY
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6-94
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80 LAMBERT LANE, SUITE 105LAMBERTVILLE, NEW JERSEY 08530PHONE 609.397.9009MINNOWASKO.COM
SCAL
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'-0"
FIR
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PROGRE
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NOT F
OR
CONSTR
UCTIO
N
No.
Date
Desc
riptio
n11
-21-
1750
% C
ONS
TRUC
TIO
N DO
CUM
ENTS
SET
RESI
DEN
TIA
L LO
BBY
N
±104 SPACES
PARKING GARAGE553 SPACES
PARKING GARAGE520 SPACES
±65 SPACES
RESIDENTIAL UNITS ABOVE
RESIDENTIALUNITS ABOVE
VillageSquare
LIBRARY POST OFFICE POLICE DEPT.
FIRE DEPT.
American CafeAmerican Cafe
Iglezia de DiosIglezia de Dios
PizzaPizza
Star NailsStar Nails
GLYGLY
TokyoTokyoSushiSushi
Hen
ry’s
Hen
ry’s
Aca
dem
y of
A
cade
my
of
Fine
Art
Fine
Art
Cas
abel
laC
asab
ella
Furn
iture
Furn
iture
F&F
Des
ign
F&F
Des
ign
Cen
ter
Cen
ter
Villa
gio
Villa
gio
Tann
ing
Spa
Tann
ing
Spa
Para
dise
Pa
radi
se
Bake
ryBa
kery
Gle
nnn
Opt
ics
Gle
nnn
Opt
ics
Inte
rcom
Tra
vel
Inte
rcom
Tra
vel
Del
iD
eli
Stud
io 12
Stud
io 12
Del
iD
eli
Stat
iona
rySt
atio
nary
Den
tal
Den
tal
Cha
rles
of
Cha
rles
of
Gle
n C
ove
Gle
n C
ove
Att
orne
y La
wA
ttor
ney
Law
Life
’s A
BC’s
Life
’s A
BC’s
City
Hal
lC
ity H
allStevenson Stevenson
PrintingPrinting
367 UNITS/4 STORIES
111 UNITS/4 STORIES
G LE N C OV E , N YO F F E R I N G M E M O R A N D U M
| 5 |
NEIGHBORHOOD MAP
72 SCHOOL STREET
G LE N C OV E , N YO F F E R I N G M E M O R A N D U M
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LONG ISLAND RAIL ROAD MAP
AIRTRAIN
JFKCITY TERMINAL ZONE
PORT WASHINGTON BRANCH
OYSTER BAY BRANCH
HEMPSTEAD BRANCH
BABYLON BRANCH
FAR ROCKAWAY BRANCHLONG BEACH BRANCH
WEST HEMPSTEAD BRANCH
RONKONKOMA BRANCH
MONTAUK BRANCH
PORT JEFFERSON BRANCH
North Ferry Co. (Greenport-Shelter Island)
South Ferry Co. (North Haven- Shelter Island)
Sayville Ferry Service, Inc.
Davis Park Ferry Co.
Cross Sound Ferry (Orient Point, LI-New London, Conn)
Fire IslandFerries, Inc.
Bridgeport & Port Jefferson Steamship Co.
BROOKLYN
THE BRONX
QUEENS
NA SSAU
SUFFOLK
MA
NH
ATTA
N
Belmont P
kHunterspoint Av
St. Albans
Pinelawn
MedfordYaphank
Riverhead
Mattituck
Southold
Greenport
Mets-Willets Point
Locust Manor
Laurelton
Rosedale
Valley S
tream
East New
York
Kew Gard
ens
Forest H
ills
Nostrand Av
Atlantic
Terminal
Brooklyn
Long
Island City
Woodside
Broadway
Auburndale
Murray Hill
Hollis
Queens Village
Bellerose
Floral Park
New Hyde Pk
Stewart
Manor
Nassau
Blvd
Garden City
RockvilleCentre
Baldwin
Freeport
Merillon Av
Mineola
Locust Valley Northport
Bellmore
Wantagh
Massapequa
Massapequa Park
Amityville
Copiague
Lindenhurst
Babylon
Country Life
Press
Merrick
Seaford
Glen Cove
Kings Park
GreenlawnHuntington
Penn Station
Bayside
Jamaica
GibsonHewlett
WoodmereCedarhurst
Lawrence
Far RockawayInwood
Douglaston
Little Neck
Great Neck
Manhasset
Port Washington
Plandome
Oyster Bay
Glen StreetSea CliffGlen Head
Greenvale
RoslynAlbertsonEastWilliston
SyossetCold Spring Harbor
Hicksville
WestburyCarle Place Bethpage Farmingdale
Hempstead
WyandanchDeer Park
LynbrookCentre
Av E. RockawayOceanside
Island ParkLong Beach
WestwoodMalverne
LakeviewHempstead Gardens
West Hempstead
Bay ShoreIslip
GreatRiver
BrentwoodCentral Islip
Ronkonkoma
Smithtown
Oakdale
Sayville
PatchogueBellport
Mastic-Shirley
SpeonkWesthampton
Hampton Bays
Southampton
Bridgehampton
East HamptonAmagansett
Montauk
Port Jefferson
Stony Brook
St. James
Flushing–Main St
Jamaica Bay
PeconicBay
Great South Bay
L o n g I s l a n d S o u n d
A t l a n t i c O c e a n
N
Long Island Rail Road
Full Time rail station
Major Transit Hub
Part Time rail station
© 2017 Metropolitan Transportation Authority
Key
Accessible station
72 SCHOOL STREET
GLEN COVE FERRY
G LE N C OV E , N YO F F E R I N G M E M O R A N D U M
| 7 |
AREA DEMOGRAPHICS
5 MILE RADIUS
3 MILE RADIUS
1 MILE RADIUS 72 SCHOOL STREET
1 MILE 3 MILES 5 MILES
POPULATION 19,811 48,804 108,360
NUMBER OF HOUSEHOLDS 7,200 7,676 38,472
MEDIANHOUSEHOLDINCOME
$79,031 $110,860 $131,387
COLLEGE GRADUATES
5,164 37.1%
17,292 49.8%
44,365 57.9%
TOTALBUSINESSES 1,297 2,556 5,699
TOTALEMPLOYEES 9,723 20,048 63,028
DAYTIME POPULATION 15,612 35,123 98,435
G LE N C OV E , N YO F F E R I N G M E M O R A N D U M
| 8 |
AREA DEMOGRAPHICS
72 SCHOOL STREET
72 SCHOOL STREET
5 MILE RADIUS5 MILE RADIUS
3 MILE RADIUS3 MILE RADIUS
1 MILE RADIUS1 MILE RADIUS
G LE N C OV E , N YO F F E R I N G M E M O R A N D U M
| 9 |
RENT ROLL
RENT SCHEDULE FOR GOLD COAST DELI
TENANT NAME SF % OF GLA LEASE EXP MONTHLY % OF GROSS ANNUAL RENT RENT PSF LEASE TYPE NOTES
La Vicharra Peruvian Kitchen 1,234 19.05% MTM $2,900 26.6% $34,800 $28.20 Gross Restaurant
Gold Coast Deli 1,024 15.81% 10/31/2025 $2,600 23.9% $31,200 $30.47 Gross Restaurant
Office 2S 1,000 15.44% MTM $700 6.4% $8,400 $8.40 Gross Leased to Vitamin shop
Office 2N 1,200 18.52% MTM $1,000 9.2% $12,000 $10.00 Gross Leased to L&H Roofing
Apartment A 820 12.66% MTM $1,500 13.8% $18,000 $21.95 Gross 1 bedroom / 1 bathroom
Apartment B (Duplex) 1,200 18.52% MTM $1,500 13.8% $18,000 $15.00 Gross 2 bedrooms / 1 bathroom
Barn (2nd floor warehouse) MTM $200 1.8% $2,400 Gross Owner occupied - Approx 630sf
Garage 1 MTM $200 1.8% $2,400 Gross Leased to La Vicharra - Approx 245sf
Garage 2 MTM $100 0.9% $1,200 Gross Owner occupied - Approx 245sf
Garage 3 MTM $200 1.8% $2,400 Gross Leased to L&H Roofing - Approx 245sf
Total Gross Income 100% $130,800 $20.19
Total 6,478 100% $10,900 $130,800 $20.19
DATE MONTHLY ANNUAL
11/1/2020 - 10/31/2021 $2,600 $31,200
11/1/2021 - 10/31/2022 $2,650 $31,800
11/1/2022 - 10/31/2023 $2,750 $33,000
11/1/2023 - 10/31/2024 $2,850 $34,200
11/1/2024 - 10/31/2025 $2,950 $35,400
G LE N C OV E , N YO F F E R I N G M E M O R A N D U M
| 1 0 |
OPERATING STATEMENT OPEX PER SF % OF GROSS ANNUAL
UTILITIES (paid directly by tenants) paid directly by tenants
COMMON AREA ELECTRIC $0.31 1.5% $2,000
WATER / SEWER (for office/apartments) $0.09 0.5% $600
LANDSCAPING / SNOW REMOVAL (retail tenants responsible) paid directly by tenants
REPAIRS & MAINTENANCE $0.39 1.9% $2,500
TRASH REMOVAL (retail tenants responsible) paid directly by tenants
TOTAL REAL ESTATE TAXES $5.63 27.9% $36,484
School Taxes $3.43 $23,013
City of Glen Cove $1.33 $8,932
Nassau County $0.68 $4,539
TOTAL CAM $0.79 3.9% $5,100
INSURANCE $0.57 2.8% $3,710
TOTAL OPERATING EXPENSES $6.99 34.6% $45,294
NET OPERATING INCOME $13.20 65.4% $85,506
CAPITALIZATION RATE 7.0%
PROPOSED LOAN AMOUNT $793,000
LESS: DEBT SERVICE $(44,070)
NET OPERATING CASH FLOW $41,436
CASH ON CASH 9.70%
DEBT COVERAGE RATIO 1.94
The data and calculations presented herein, while not guaranteed, have been obtained from sources we believe to be reliable.
PROPOSED FINANCINGFINANCIAL SUMMARY
PROPOSED FINANCING
ASKING PRICE $1,220,000
EQUITY $427,000
LTV 65%
DEBT $793,000
INTEREST RATE 3.75%
AMORTIZATION (YEARS) 30
PAYMENT $3,673
ANNUAL DEBT SERVICE $44,070
NET OPERATING INCOME $85,506
CASH FLOW $41,436
CAP RATE 7.0%
CASH ON CASH 9.7%
This information has been secured from sources we believe to be reliable, but we make no representations as to the accuracy of the information. References to square footage are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
R I P C O R E A L E S TAT EI N V E S T M E N T S A LE S A DV I S O RY
CONTACTEXCLUSIVEAGENTSJ O N W I N Z E LB E [email protected]
G R E G B ATI S [email protected]
100 JERICHO QUADRANGLE, SUITE 120, JERICHO, NY 11753 | RIPCONY.COM