EXCLUSIVE OFFERING 2929 Expressway Drive

Transcription

1 2929 Expressway Dr. Hauppauge (Long Island), NY Joel J. Gorjian Acquisitions & Dispositions ext. 121

2 PROPERTY DESCRIPTION: 2929 Expressway is widely considered to be among the highest quality office buildings in its competitive market. The highly visible, easily accessible, three-story building has traditionally catered to the who s who of corporate America, attracted by its architecturally superior design, complete amenity package, timeless finishes, and an acre site that affords an above standard parking ratio on 5.3 spaces per 1,000 square feet. TENANT OVERVIEW MetLife serves 90 million customers and is the largest life insurer in the United States. Through its subsidiaries and affiliates, MetLife holds leading market positions in the United States, Japan, Latin America, Asia, Europe, the Middle East and Africa. As of May 2, 2012, its senior unsecured debt is rated A- by Standard & Poor s. Microsoft is made up of eight business divisions: Online services division; Server and tools business; Microsoft business solutions; Microsoft Office division; Interactive entertainment division; Windows phone division; Windows & Windows live division; and Skype. Microsoft has a senior unsecured debt rating of AAA by Standard & Poor s. INVESTMENT OVERVIEW Among the highest quality office buildings in central Long Island Extraordinary signage and branding opportunity along one of the NYC Metro s most heavily traveled roadways Investment grade tenants and a history of strong tenant retention Abundant parking, full-service cafeteria, tenant storage spaces, onsite conference facility and banking Over $1.6 million of capital improvements since 2008 including lobby and common area renovations, upgraded conference facilities, elevators, hallways and restrooms

3 Address 2929 Expressway Dr. Hauppauge, NY Lot Size Acres Gross Leasable Area 164,351 SF Year Built Renovated

4 Financial Information INCOME Base Rent $3,789,597 Reimbursments $474,983 Total Income $4,264,580 OPERATING EXPENSES Landscaping 27,330 Snow 15,000 Elevator 4,980 Janitorial 135,624 Security 36,000 Trash 13,000 HVAC Repair 20,000 Super Management 71,260 ElectricUility 240,000 Water & Sewer 14,400 Insurance 17,000 Repair 12,000 Telephone 3,000 Taxes 578,805 Total Operating Expense $1,188,399 Total Net Operating Income $3,076,181

5 Tenant Suite SF. Lease Start Lease Expiration Tenant , $24.04 Tenant 2 100B $28.63 Rent Roll PSF. Rentsteps (PSF) Jul-2016 Jul-2017 Jul-2018 Jul-2019 Jul-2020 Jan-2016 Jan-2017 Jan-2018 Tenant , $29.63 Apr-2016 Apr-2017 Tenant ,319 Tenant , $29.63 Jan-2016 Jan-2017 Jan-2018 $23.34 $24.04 $24.76 $25.50 $26.27 $27.06 $27.66 $28.63 $29.63 $30.67 $28.63 $29.63 $30.67 $28.63 $29.63 $30.67 $31.74 Monthly Rent Annual Rent Electric Reimb. Tax Reimb. CAM Total Annual Reimb. Total Income $ 41,435 $497,219 $5,601 $67,212 $564,431 $ 1,892 $22,703 $182 $35 $2,598 $25,301 $ 28,618 $343,412 $2,656 $747 $40,841 $384,253 $ 6,407 $76,890 $594 $302 $10,752 $87,642 Tenant , $ 1,054 $12,648 $1,100 $54 $13,848 $26,496 Tenant , $26.66 Jan-2016 Jan-2017 Jan-2018 Jan-2019 Jan-2020 $25.89 $26.66 $27.46 $28.29 $29.14 $30.01 $ 82,446 $989,353 $12,000 $1,562 $162,744 $1,152,097 * Tenant 8 200A 16, $ % annually $32.00 $ 43,203 $518,432 $5,063 $60,756 $579,188 Tenant , $25.95 Mar-2016 $25.20 $25.95 $ 58,413 $700,961 $900 $2,553 $233 $44,232 $745,193 * Tenant , $23.50 $ 29,375 $352,500 $352,500 Tenant ,176 $0 Tenant ,372 $0 Tenant 13 $ 40 $480 $480 * Tenant 14 (Ground Lease) OutParcel 10, $27.50 $ 22,917 $275,000 $6,000 $72,000 $347,000 Total Building SF 164,351 $315,800 $3,789,597 $28,096 $5,253 $6,233 $474,983 $4,264,580 Occupied SF 143, % Vacant SF 20, % * Seller Will Fund All Tenant Improvement. (Approx. $1,500,000 Per Each)

6 Demographics Population 5 Miles of Subject Nassau & Suffolk County 2000 Census Total Population 240,658 2,753, Estimated Total Population 257,223 2,846, Forecast Total Population 263,220 2,886,838 Forecast Population Growth % 2.73% Households 2000 Census Total Households 71, , Estimated Total Households 75, , Forecast Total Households 77, ,885 Forecast Household Growth % 3.83% Income 2012 Estimated Average Household Income $98,457 $107,580 Occupation 2012 Est. Civilian Employed Population Age 16+ % White Collar 60% 68%

7 Local Map

8 Local Map

9 Site Description Building Highlights Irreplaceable site at the intersection of the Long Island Expressway and Long Island Motor Parkway High visibility promotes building and tenant branding via surrounding roadway s high traffic counts Ample parking (807 spaces or 5.3 spaces per 1,000 SF) Complete amenity package including conference facilities, onsite banking, a full service cafeteria and Verizon fiber optics Full common area upgrades in Includes opportunity for retail pad site development

10 Site Plan