Greenwich - For Sale

Transcription

1 Greenwich - For Sale RARE 2,450 SF INDUSTRIAL BUILDING (CURRENTLY CARPENTER/WOOD SHOP) PLUS 2 RESIDENTIAL UNITS - TOTAL 4,000 SF Convenient Byram Location Easy Access to Route 1, I-95 and Train Well Equipped Wood Shop Buildings: Land: 129 NORTH WATER STREET Established Carpentry / Woodworking Business Available Oversized Exclusive Driveway A) A 2,450 SF, 1 story, on grade, masonry and wood frame industrial building. Flat built up bitumen roof with skylight. B) A 1,015 SF, 2 story with basement, wood frame, 3 bedroom house. Pitched asphalt shingle roof. C) A 490 SF, 1 story, on grade, masonry and wood frame, 1 bedroom building. Flat built up bitumen roof. All buildings have gas fired baseboard heat and separate gas and electric meters. Apartments have renovated kitchens and baths. 5,227 SF with 55+/- feet of frontage on North Water Street in the R-6 (Residential) Zone. Utilities include electric, gas and town sewer. Onsite parking. Price: $1,250,000. Please call: Michael Tedesco (203) View our listings online: Fax: (203) Contact@TedescoRealty.com P.O. Box 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 Page 2 NEIGHBORHOOD DESCRIPTION This area of the Byram section of is mostly comprised of single and multi-family homes along the shore of the Byram River. The mostly clustered residences are interspersed with a variety of commercial businesses and shops. The local proximity to the Byram and Port Chester retail areas as well as their respective convenience to the Metro North Train and I-95 exit 2 make this a ready access to a hub of activity. LOCATION MAP

3 Page 3 SITE Land Area: Zone: Topography: Utilities: Parking: 5,227 SF (0.12 acres) of land and 55+/- feet of frontage on North Water Street. R-6 (Residential). The R-6 zone allows for single and multi-family residential use. The wood working shop is legally non-confirming and can continue indefinitely. Slopes up from road. Electric, gas, water and town sewer. Oversized driveway used by residential tenants nights and weekends. Dedicated use for wood shop during week days. SURVEY

4 FLOOR PLANS 129 North Water Street Page 4

5 Page 5 FINANCIALS INVESTOR SCENARIO FINANCIAL MODEL Prep 1/14/ North Water Street Date: 1:10 PM By: MJT Rentable Operating Lease 2018 Future Tenant / Rent Schedule (1) Size (SF) Share Floor Type Expiration Option(s) Monthly Per SF Annual Monthly Per SF Annual Light Industrial Space-Woodwork Shop 2, % 1 Indust. $4, $19.59 $48,000 $4, $19.59 $48,000 3 Bedroom Apartment 1, % 1&2 Resid. 1 year $1, $18.03 $18,300 $2, $26.01 $26,400 1 Bedroom Apartment % 1 Resid. 1 year $1, $26.94 $13,200 $1, $31.84 $15,600 Column Totals 3, % Scheduled Rental Income $79,500 $90,000 Avg. Rent / SF $20.10 $90, NOTES & ASSUMPTIONS 1) Existing and future residential rents and market industrial rent. 2) In addition to separate electric gas and electic meters, the commercial tenant pays its proportionate share of the building expenses. 3) Expenses as scheduled by owner FOR FURTHER INFORMATION PLEASE CALL Michael J. Tedesco (203) No w arranty 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, w ithdraw al w ithout notice and to any special listing conditions imposed by our principals. Buyers and Lessees should conduct their ow n validation of the facts hereof. (C) 2017 M.J.TEDESCO Expense Pass Throughs (2) Woodwork Shop $10,308 $10,558 Effective Gross Income $89,808 $100,558 Expense Schedule (3) Rate/SF Growth Yr1 Factor 2018 Future Repairs & Maintenance $ % $2,037 $2,098 Refuse Removal $ % $865 $891 Insurance $ % $3,424 $3,526 Taxes R/E $ % $7,134 $7,348 Management 4.0% $3,180 $3,180 Total Expenses $16,640 $17,043 Rate/SF $4.21 $17, Net Operating Income $73,168 $83,514 Rate/SF $18.50 $83, Purchase Price $1,250,000 $ /SF 5.85% 6.68% Fees 2% $25,000 Total Acquisition Cost $1,275,000 Cash 25% $318,750 Mortg 75% $956,250 Interest Rate 4.00% Amortization 30 Annual Debt Service $54,783 $54,783 Net Cash Flow $18,385 $28,731 Return on Cash 5.77% 9.01%

6 Page 6 FINANCIALS SPACE USER SCENARIO FINANCIAL MODEL Prep 1/14/ North Water Street Date: 1:10 PM By: MJT Rentable Operating Lease 2018 Future Tenant / Rent Schedule (1) Size (SF) Share Floor Type Expiration Option(s) Monthly Per SF Annual Monthly Per SF Annual Light Industrial Space-Woodwork Shop 2, % 1 Indust. 3 Bedroom Apartment 1, % 1&2 Resid. 1 year $1, $18.03 $18,300 $2, $26.01 $26,400 1 Bedroom Apartment % 1 Resid. 1 year $1, $26.94 $13,200 $1, $31.84 $15,600 Column Totals 3, % Scheduled Rental Income $31,500 $42,000 Avg. Rent / SF $7.96 $42, NOTES & ASSUMPTIONS 1) Existing and future residential rents and market industrial rent. 2) Expenses as scheduled by owner FOR FURTHER INFORMATION PLEASE CALL Michael J. Tedesco (203) No w arranty 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, w ithdraw al w ithout notice and to any special listing conditions imposed by our principals. Buyers and Lessees should conduct their ow n validation of the facts hereof. (C) 2017 M.J.TEDESCO Expense Schedule (2) Rate/SF Growth Yr1 Factor 2018 Future Repairs & Maintenance $ % $2,037 $2,098 Refuse Removal $ % $865 $891 Insurance $ % $3,424 $3,526 Taxes R/E $ % $7,134 $7,348 Management 4.0% $1,260 $1,260 Total Expenses $14,720 $15,123 Rate/SF $3.72 $15, Net Operating Income $16,780 $26,877 Rate/SF $4.24 $26, Less User "Net" expenses $9,118 $9,368 Market Rent Comparison Amount $25,898.8 $36,245 Market Rent Comparison Per SF $10.57 $14.79 Purchase Price $1,250,000 $ /SF Fees 2% $25,000 Total Acquisition Cost $1,275,000 Cash 25% $318,750 Mortg 75% $956,250 Interest Rate 4.00% Amortization 30 Annual Debt Service $54,783 $54,783 Return on 5% $15,938 $15,938 Effective User Expense ($53,940) ($43,844) Effective User per SF $22.02 $17.90 Less User "Net" expenses $9,118 $9,368 Market Rent Comparison Amount $44,822.1 $34,476 Market Rent Comparison Per SF $18.29 $14.07

7 Page 7 WOODWORKING BUSINESS This woodworking business has been in business for the past 40+ years. It enjoys a stellar reputation and has provided quality craftsmanship in all areas of wood fabrication including, but not limited to, furniture, cabinets, moldings and millwork, etc. Below are lists of equipment, materials as well as recent financial performance. Equipment: SCMI Mini Max Delta 12" Joiner Unisaw / Bisemeyer Fence Delta 18" Planer Halsty 37" Sander Laguna Edge Bander Delta Dust Collector Delta 3/4" Shaper with Power Feed Delta Radial Arm Saw Delta Table Sander Williams Hussy and Knives Router and Shaper Cutters Value $25,000 Materials - Wood Maple White Oak Red Oak Poplar Cherry Alder Spanish Cedar Value $10,000 Average Annual Business Net Profit Over 4 Years No Salaries Deducted $200,000

8 INTERIOR PHOTOGRAPHS 129 North Water Street Page 8