The Silver Building. 519 Campbell Avenue West Haven, CT 06516

Transcription

1 For more information contact: Managing Director Bradley Balletto Regional Manager Rich Edwards Licensed Associate (203) /- 21,588sf Multi-Tenant Retail & Office Property Main-on-Main Location in Downtown West Haven On Green Value-Add Opportunity Priced at 6% Cap Rate on In-Place NOI with 40% Physical Vacancy Possible Apartment Conversion Ample Parking in Municipal Lot in Rear of Property Strong Pedestrian & Vehicle Traffic Counts $200 Million, 347,826sf Waterfront Development Project Planned Within Walking Distance of Property Phone: Fax: (203) Trap Falls Road, Suite 312 Shelton, CT

2 Maps and Aerials page 2 of 10

3 Maps and Aerials page 3 of 10

4 Property Description Northeast Private Client Group is pleased to present The Silver Building in the Central Business District of West Haven, CT. The property sits at the very heart of the CBD across from City Hall and diagonal to the West Haven Green. This offering is priced on current occupancy and Net Operating Income. The opportunity exists to grow NOI through leasing up the vacant office space or through the conversion of existing vacancy to multifamily is a 21,588 SF mixed-use property with parking. The six ground floor retail units are 100% leased. The upper floors comprise two occupied office suites and 8,485 square feet of vacant space with proposed plans to convert to multifamily units. The property shares use and access of a large parking lot that spans the rear of the property. The lot is leased to the City and maintained and insured by the City for use of the tenants and the public. All ground floor retail suites are accessible from the parking lot. Additionally, there is heavy pedestrian and traffic count along Campbell Avenue from the City Hall located across the street. page 4 of 10

5 Real Estate Investment Details Analysis Analysis Date July 2017 Property Property Property Address Year Built 1900 The Silver Building Purchase Information Property Type Retail Purchase Price $1,400,000 Tenants 13 Total Rentable Sq. Ft. 21,588 Financial Information All Cash Loans Type Debt Term Amortization Rate Payment LO Costs All Cash Income & Expenses Gross Operating Income $138,180 Monthly GOI $11,515 Total Annual Expenses ($52,567) Monthly Expenses ($4,381) Contact Information Bradley Balletto Rich Edwards (203) The calculations and data presented are deemed to be accurate, but not guaranteed. They are intended for the purpose of illustrative projections and analysis. The information provided is not intended to replace or serve as substitute for any legal, accounting, investment, real estate, tax or other professional advice, consultation or service. The user of this software should consult with a professional in the respective legal, accounting, tax or other professional area before making any decisions. page 5 of 10

6 Executive Summary ACQUISITION COSTS Purchase Price, Points and Closing Costs $1,400,000 Investment - Cash $1,400,000 INVESTMENT INFORMATION Purchase Price $1,400,000 Price per Tenant $107,692 Price per Sq. Ft. $64.85 INCOME, EXPENSES & CASH FLOW Gross Scheduled Income $138,180 Total Vacancy and Credits $0 Operating Expenses ($52,567) Net Operating Income $85,613 Debt Service $0 Cash Flow Before Taxes $85,613 FINANCIAL INDICATORS Cash on Cash Return Before Taxes 6.12% Debt Coverage Ratio N/A Capitalization Rate 6.12% Gross Income / Square Feet $6.40 Gross Expenses / Square Feet ($2.44) Operating Expense Ratio 38.04% page 6 of 10

7 Lease Rent Roll Suite Tenant Start Date Expire Date RSF $/RSF Annualized Rent Tenant Improvements Commissions Renewal Term Renewal Increase Notes NY Beauty Supply 05/01/ /30/2019 5,000 $9.60 $48,000 $0.00 $ year $0.00 Gross + Utilities + 60% of Tax Increase Over Base Year Leslie Jewelers 10/01/ /31/2017 1,600 $10.50 $16,800 $0.00 $ year $0.00 Gross + Utilities Month to Month Flower Affair 01/01/ /31/2017 1,600 $9.00 $14,400 $0.00 $ year $0.00 Gross + Utilities Month to Month Atlantic Insurance 08/01/ /31/ $18.00 $10,800 $0.00 $ year $0.00 Gross + Utilities; 3% Annual Increases LA Nails 05/01/ /30/ $14.87 $13,380 $0.00 $ year $0.00 Gross + Utilities Sheer Brilliance 06/01/ /31/2017 2,383 $11.58 $27,600 $0.00 $ year $0.00 Gross + Utilities; renewal lease negotiated Vacant 01/01/ /31/ $0.00 $0 $0.00 $ year $0.00 Vacant 01/01/ /31/ $0.00 $0 $0.00 $ year $0.00 Vacant 01/01/ /31/ $0.00 $0 $0.00 $ year $0.00 Vacant 01/01/ /31/ $0.00 $0 $0.00 $ year $0.00 Office Tenent 01/01/ /31/ $16.00 $4,800 $0.00 $ year $0.00 Month to Month Office Tenant 01/01/ /31/ $12.00 $2,400 $0.00 $ year $0.00 Month to Month Vacant 01/01/ /31/2017 5,785 $0.00 $0 $0.00 $ year $0.00 page 7 of 10

8 Pro Forma Summary INCOME Actual Per SF Pro Forma Per SF Gross Potential Rent $138,180 $6.40 $261,686 $12.12 Less: Vacancy $0 $0.00 ($52,337) ($2.42) Effective Gross Income $138,180 $6.40 $209,349 $9.70 OPERATING EXPENSES Actual Per SF Pro Forma Per SF Property Management Fee $6,909 $0.32 $13,084 $0.61 Replacement Reserves $5,397 $0.25 $5,397 $0.25 Accounting $1,250 $0.06 $1,250 $0.06 Repairs & Maintenance $5,000 $0.23 $5,000 $0.23 Building Insurance $3,243 $0.15 $3,243 $0.15 Taxes - Real Estate $20,794 $0.96 $20,794 $0.96 Utilities - Electric $2,300 $0.11 $2,300 $0.11 Utilities - Gas $1,200 $0.06 $1,200 $0.06 Utilities - Water $400 $0.02 $400 $0.02 Utilities - Sewer $6,074 $0.28 $6,074 $0.28 Total Expenses ($52,567) ($2.44) ($58,742) ($2.72) Net Operating Income $85,613 $3.97 $150,607 $6.98 page 8 of 10

9 Pro Forma Summary TENANT ANNUAL SCHEDULED INCOME Tenant Actual Pro Forma TOTALS $138,180 $261,686 INVESTMENT SUMMARY Price: $1,400,000 Year Built: 1900 ANNUALIZED INCOME Actual Pro Forma Gross Potential Rent $138,180 $261,686 Less: Vacancy $0 ($52,337) Effective Gross Income $138,180 $209,349 Less: Expenses ($52,567) ($58,742) Net Operating Income $85,613 $150,607 Tenants: 13 RSF: 21,588 Price/RSF: $64.85 Lot Size: 0.43 acres Floors: 3 Cap Rate: 6.12% Pro Forma Cap Rate: 10.76% ANNUALIZED EXPENSES Actual Pro Forma Property Management Fee $6,909 $13,084 Replacement Reserves $5,397 $5,397 Accounting $1,250 $1,250 Repairs & Maintenance $5,000 $5,000 Building Insurance $3,243 $3,243 Taxes - Real Estate $20,794 $20,794 Utilities - Electric $2,300 $2,300 Utilities - Gas $1,200 $1,200 Utilities - Water $400 $400 Utilities - Sewer $6,074 $6,074 Total Expenses $52,567 $58,742 Expenses Per RSF $2.44 $2.72 page 9 of 10

10 Biography Professional Bio WHO WE ARE Northeast Private Client Group is the fastest-growing mid market investment sales firm in the Northeast. We provide unmatched results by combining specialized market intelligence with a relationshipbased marketing strategy that caters to our individual clients needs. Our experienced team is at the forefront of sourcing and transacting mid-market investment opportunities between Boston and New York, offering clients local submarket intelligence and rich industry expertise. Our collaborative and research-driven solutions are tailored to meet the individual needs of investors and property owners across the Northeast who are looking to buy, sell or exchange mid-market properties, including mixed-use, multifamily, retail and office assets. We have a proven track record of matching our clients with qualified buyers of multifamily and commercial properties. Throughout all market cycles, our team works closely with building owners to help meet their needs for preserving capital, repositioning assets, growing returns and maximizing value. We are your strategic partner, offering the accessibility, commitment and knowledge necessary to effectively achieve your goals. With offices in Connecticut, Massachusetts and New York, Northeast Private Client Group delivers institutional quality support to our mid-market clients. This highly-disciplined process is just one of the many reasons we have earned the CoStar Power Broker designation year after year. page 10 of 10