Aprime industrial / commercial

Transcription

1 Stamford - For Sale or Lease GLENBROOK COMMERCIAL / INDUSTRIAL BUILDING 119 RESEARCH DRIVE Aprime industrial / commercial building in an industrial park. Located at park entrance. Up to 4 discrete rental units. Generous parking or storage. 3 on-grade overhead doors Easy access to I-95 Exit 9. Building: 5,595 SF on 2 floors includes partial bsmt. Land: 8,276 SF ML Zone - (Light Industrial) Sale: $1,800,000 Rent: $18.00 PSF Net Please call: Michael Tedesco (203) View our listings online: Mike@TedescoRealty.com P.O. Box Greenwich, CT The information contained herein, was assembled from various sources of varying degrees of reliability. Any information that is critical to your buying/leasing decision should be independently verified.

2 119 Research Drive Page 2 LOCATION DESCRIPTION AND AREA DEMOGRAPHICS The subject is located at the entrance to an industrial / commercial complex known as Research Park. The liberal light industrial zone allows a variety of uses. The subject is within close proximity to both I-95 Exit 9 and the Stamford downtown. Train service to the area is either the Glenbrook or Springdale stations which are part of the Metro North system. Local amenities such as restaurants and shops are within easy reach of either the Glenbrook and Springdale sections of Stamford. LOCATION MAP

3 119 Research Drive Page 3 Land Area: Zone:. Topography: Relatively level Utilities: Parking: SITE 8,276 SF (019 acres) with 83+/- feet of frontage on Research Drive. ML (Light manufacturing. The ML zone allows for a variety of commercial and light industrial uses. Electric, gas, water and city sewer. Onsite parking for 14 cars. SURVEY

4 IMPROVEMENTS 119 Research Drive Page 4 Year Built: 1942 Renovated: 2016 Gross Rentable Floor Area: Floors: Ceiling Heights: Construction Roof: Facade: Windows: HVAC: 5,595 SF 2 floors plus partial basement for boiler. 1 st floor north - 10 FT. All other areas 8 FT. A portion of the building is wood frame and other sections are concrete wall bearing. One half is a built up bitumen flat roof and the other half ridge with asphalt shingles. Masonry facade. Fixed and operable casement windows. Four zone gas fired. 1 st floor - Partial hot water baseboard and partial hanging units. Window and wall A/C units. 2 nd floor has split forced air HVAC units. Utilities: Electric - Four (4) electric meters Amp, 3 phase. Gas - Four (4) gas meters. Water - Public water. Sewer - City sewer.

5 FLOOR PLANS 119 Research Drive Page 5 1 ST Floor 2 nd Floor

6 119 Research Drive Page 6 FINANCIALS - PRO FORMA Estimated Market Rental Rates (1) FINANCIAL MODEL Prep Date: 12/11/18 Units Mkt Growth Research Drive 4:57 PM By: MJT Commercial 3.00% $18.00 $18.54 $19.10 $19.67 Office 3.00% $22.00 $22.66 $23.34 $24.04 Rentable Operating Lease Year Tenant / Rent Schedule (2) Size (SF) Share Floor Type Expiration Option(s) Rent PSF South - 1st 1, % 1 Comm'l. $18.00 $35,028 $36,079 $37,161 $38,276 South - 2nd 1, % 2 Office $22.00 $22,594 $23,272 $23,970 $24,689 North - 1st 1, % 1 Comm'l. $18.00 $24,858 $25,604 $26,372 $27,163 North - 2nd 1, % 2 Office $22.00 $27,302 $28,121 $28,965 $29,834 Column Totals 5, % Scheduled Rental Income $109,782 $113,075 $116,468 $119,962 Avg. Rent / SF $19.62 $20.21 $20.82 $21.44 NOTES & ASSUMPTIONS 1) This section is intended to reflect potential rental rates. 2) Rents divided among individual units. 3) As the leases in this category are net, tenants pay for all expenses. 4) Expenses as scheduled by owner. FOR FURTHER INFORMATION PLEASE CALL Michael J. Tedesco (203) Pass Throughs (3) $28,575 $29,433 $30,316 $31,225 Effective Gross Rent $138,357 $142,508 $146,783 $151,187 Expense Schedule (4) Rate/SF Growth Yr1 Factor Repairs and Maintenance $ % $5,595 $5,763 $5,936 $6,114 Insurance $ % $3,787 $3,901 $4,018 $4,138 Taxes R/E $ % $14,452 $14,886 $15,332 $15,792 Water $ % $350 $361 $371 $382 Management 4.0% $4,391 $4,523 $4,659 $4,798 No warranty or representation is made as to the accuracy 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 our principals. Buyers and Lessees should conduct their own validation of the facts hereof. (C) 2018 M.J.TEDESCO Total Expenses $28,575 $29,433 $30,316 $31,225 Rate/SF $5.11 $5.26 $5.42 $5.58 Net Operating Income $109,782 $113,075 $116,468 $119,962 Rate/SF $19.62 $20.21 $20.82 $21.44 Purchase Price $1,800,000 $ /SF 6.10% Cap Rate