OFFERING MEMORANDUM 6-16 EMMA STREET BINGHAMTON, NY FOR SALE

Transcription

1 OFFERING MEMORANDUM 6-16 EMMA STREET BINGHAMTON, NY FOR SALE

2 Table of Contents Section I Confidentiality and Conditions Offering Summary Section II The Property Property Description Tax Map Assessments & Taxes Zoning Rent Roll Current Income/Expenses Property Photos Site Plan Floor Plan Survey Section III Location Information About the Area Location Map Location Aerial Demographics

3 SECTION I Confidentiality and Conditions Offering Summary

4 Confidentiality and Conditions SECTION I This Brochure was prepared by Pyramid Brokerage Company and has been reviewed by the owner of the Property ( Owner ). It contains selected information pertaining to the Property and does not purport to be all-inclusive or to contain all of the information, which a prospective purchaser might desire. All financial projections are provided for general reference purposes only and are based on assumptions relating to the general economy, competition, and other factors beyond control, and therefore, are subject to material change or variation. In this Brochure, certain documents and other materials are described in summary form. The summaries do not purport to be complete, nor necessarily accurate descriptions of the full agreements involved, nor do they constitute a legal analysis of such documents. Interested parties are expected to independently review all documents. This Brochure is subject to prior placement, error, omissions, changes or withdrawal without notice and does not constitute a recommendation, endorsement or advise as to the value of the Property by Pyramid Brokerage Company or the Owner. Each prospective purchaser is to rely upon its own investigation, evaluation and judgment as to the advisability of purchasing the Property described herein. Nothing contained in this Brochure shall constitute a representation or warranty of Pyramid Brokerage Company or the Owner. Owner and Pyramid Brokerage Company expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offer to purchase the Property and/or terminate discussions with any party at any time with or without notice. Owner shall have no legal commitment or obligation to any purchaser reviewing this Brochure or making an offer to purchase the Property unless a written agreement for the purchase of the Property has been fully executed, delivered, and approved by the Owner and any conditions to Owner s obligations hereunder have been satisfied or waived. Pyramid Brokerage Company is not authorized to make any representations or agreement on behalf of Owner. This Brochure is the Property of Pyramid Brokerage Company and may be used only by parties approved by Pyramid Brokerage Company. The Property is privately offered and by accepting this Brochure, the party in possession hereof agrees (i) to return it to Pyramid Brokerage Company immediately upon request of Pyramid Brokerage Company or Owner and (ii) that this Brochure and its contents are of a confidential nature and will be held and treated in the strictest confidence. No portion of this Brochure may be copied or otherwise reproduced or disclosed to anyone without the prior written authorization of Pyramid Brokerage Company and Owner. The terms and conditions set forth above apply to this Brochure in its entirety. For additional information regarding the proposed transaction with respect to the Property, please contact the following: JOHN P CURRENT ASSOCIATE REAL ESTATE BROKER (607) X 316 jcurrent@pyramidbrokerage.com

5 Offering Summary SECTION I THE OFFERING Pyramid Brokerage Company has been retained to exclusively represent ownership ( Owner) in the sale of existing building located at 6-16 Emma Street, Binghamton, New York (the Property ). The property is an Industrial site with a former manufacturing building consisting of approximately 140,000 sq/ft. Building was listed on the National Register of Historic Places in OFFERING PROCEDURES The Owner will consider all qualified offers on the property. Offers and letters of interest or intent are to be submitted through Pyramid Brokerage Company.

6 Property Description Tax Map Assessments & Taxes Zoning Rent Roll Current Income/Expenses Property Photos Site Plan Floor Plan Survey

7 Property Description Address: 6-16 Emma Street, Binghamton, NY Tax ID: Site Size: Gross Building Area: Breakdown: Frontage: Shape/Topograp hy: Ingress/Egress: 3.29 AC Appx.145,000 sq/ft 400 x60 per floor, 4 floors plus 20,000 addition 268 on the East side of Emma Street Rectangle shape 268 x 495 From Emma St through 20 gate Utilities: NYSEG, Natural Gas, Electric Municipal Water and Sewer Year Built: with addition built in 1950 Foundation: Exterior Walls: Interior Walls: Roof: Windows & Doors: Lighting: Concrete Brick Drywall, wood Rubber membrane Metal frame, single pane glass Suspend 8 tube HVAC: Parking: Single source low pressure steam 250 spaces

8 Tax Map

9 Assessment and Taxes According to the tax records of the City of Binghamton, NY, the current assessment for the subject property is as follows: TAX ID# LAND ASSESSMENT FULL MARKET VALUE TOTAL ASSESSMENT $233, $602, $500, TAX ID # SCHOOL TAX TOWN/COUNTY TAX TOTAL TAXES $20, $25, $45,900.01

10 Zoning According to the Code Enforcement Office for the City of _Binghamton, the subject property is zoned _Industrial_. Uses permitted within this district include: Presently zoned I-2 Industrial, allows for light and medium intensity industrial development.

11 Zoning BLUE PRINT BINGHAMTON Purpose and Intent: Update the City of Binghamton Comprehensive Plan The Use of Location and Planning as a Tool for Zoning In the fall of 2012, the City of Binghamton started the process of updating the City comprehensive plan. Part of that process was to review how zoning affects the redevelopment process in the commercial and business areas of the City. The Metrocenter was honored to act as a property host to the planning and design groups. In this capacity the Metrocenter was able to provide office space, meeting space and the use of the Metrocenter lobby for large community workshops and presentations. The following two pages illustrates the Form-Based Code For Main St/Court St Corridor. This process will provide a base for future development in this section of the City.

12 Zoning

13 Zoning

14 Zoning

15 Rent Roll TENANT SQUARE FEET PRO RATA SHARE BASE RENT LEASE EXP CAM TAXES OPTIONS TENANT 1 15,200 $2, /31/ None TENANT 2 10,800 $4, /31/ None TENANT 3 10,170 $2, /31/ None TENANT 4 9,000 $2, ALL OTHERS ROOF 1 $ $ $968.00

16 Income/Expenses Projection REVENUE14 Base Rent 192, Common Area Maintenance 13, Real Estate Taxes $45, TOTAL INCOME $205, EXPENSES NYSEG Electric $24, NYSEG Gas Heating Season Only $60, Water and Sewer $20, Snowplowing Sewer Drain/Maintenance Sweeping Parking lot repairs Sweeping/parking lot striping General repairs 10, Insurance ANNUAL COMMON AREA MAINTENANCE $114, REAL ESTATE TAXES 2015 Town/County $25, School $20, TOTAL REAL ESTATE TAXES $45, MANAGEMENT FEE (_5_%) $9, TOTAL EXPENSES $169, NET OPERATING INCOME $35,499.09

17 Property Photos

18 Property Photos

19 First Floor Plan

20 Second Floor Plan

21 Third Floor Plan

22 Fourth Floor Plan

23 I About the Area Location Map Demographics

24 About The Area I CITY OF BINGHAMTON Binghamton is located west of the Catskills Mountains and just south of the Finger Lakes region in upstate New York near the Pennsylvania border. Binghamton, along with the surrounding villages and cities, make up the region called the Greater Binghamton Area. The Binghamton MSA is comprised of Broome County, and neighboring Tioga County, with a total population of approximately 250,000. As of 2010, the City of Binghamton s population was 44,594 people. Known as the carousel capital of the world for its many historic wooden carousels located throughout various parks within the region, Binghamton is also home to the Binghamton Zoo one of the oldest zoos in the nation. There are many annual festivals and events, including the nationally known Dick s Sporting Goods Open, July Fest, the Spiedie Festival and Balloon Rally. In 2007 Country Home magazine named Binghamton the ninth greenest city in the nation making it a wonderful place to live. SIGNIFICANT COMPANIES Originally Binghamton s strength came from its manufacturing facilities. One of the first major manufacturers was shoe manufacturer Endicott Johnson. Later, IBM was founded in the region along with Link flight simulator, both leading to an influx of engineers to the area. Top companies today include defense contractors and electronics manufacturers such as BAE, Raymond Corporation Systems, Lockheed- Martin, Rockwell Collins, i3 Electronic, Inc., and L-3 Communications. Education and health care are also major area employers. Spurred by research and technology transfer from Binghamton University and a focus on technology programs at Broome Community College, the area is seeing a new generation of high tech start-up companies. Binghamton University, a major area college, was ranked 89th among all 4 year schools by US News America s Best Colleges and Universities in Approximately 15,000 students are enrolled in undergraduate and graduate programs at the University, increasing to 17,500 by In 2007 a downtown campus was created to draw students into the city and help boost the local economy. The University flourished downtown and sparked development of many new student housing projects expected to accelerate revitalization of the historic downtown district.

25 Location Map I TRAVEL TIMES TO LOCAL DESTINATIONS Thoroughfares & Destinations Distance Drive-Time I-81 3 miles 7 min drive I-86 I-88 RTE 7 8 miles 5.2 miles 1 miles 12 min drive 11 min drive 4 min drive RTE miles 5 min drive RTE 11 Greater Binghamton Airport Bus terminal Located on RTE 11 /aka Court 10.3 miles 0.3 miles 17 min drive 6 min walk BC Veterans Arena Walking 4 min walk NYSEG Stadium 0.5 miles 10 min walk UHS Hospital Syracuse Albany Scranton, PA NYC PA Border County, State and City offices 1 mile 73 miles 139 miles 58 miles 175 miles 13 miles Walking 3 min drive 1 hour drive 2 hour drive 1 hour drive 3 hour drive 20 min drive 1-2 min walk

26 Demographic Summary I RADIUS 1 Mile 3 Mile 5 Mile POPULATION 18,146 67,738 94,489 HOUSEHOLDS 8,645 29,481 38,721 AV HH INCOME $34,297 $48,487 $53,371

27 PREPARED BY: JOHN P. CURRENT Associate Real Estate Broker (607) x Court Street; Suite 300 Binghamton, NY