FOR SALE > BANK OWNED REO > MULTI-FAMILY BUILDING OFFERING MEMORANDUM

Transcription

1 FOR SALE > BANK OWNED REO > MULTI-FAMILY BUILDING OFFERING MEMORANDUM Multi-Family 23 Silver Street Norwich, NY 13815

2 Table of Contents > EXECUTIVE SUMMARY Property Overview... 3 Aerial... 4 > FINANCIAL OVERVIEW Rent Roll... 5 Proforma Income & Expenses... 6 > MARKET AND AREA OVERVIEW Demographics... 7 Regional Map... 8 EXCLUSIVELY REPRESENTED BY: CHRIS MALING COLLIERS INTERNATIONAL Executive Vice President License No chris.maling@colliers.com DAVID MALING COLLIERS INTERNATIONAL Executive Vice President License No DIR david.maling@colliers.com LOCAL MARKET AGENT: JACK THYFAULT NORTHEAST REALTY Associate Real Estate Broker License No. 30TH realestate607@hotmail.com 23 SILVER STREET OFFERING MEMORANDUM

3 Property Overview PROPERTY DETAILS PROPERTY TYPE Multi-Family Building PRICE $35,000 PRICE PER SF $12.01 PRICE PER UNIT $5,000 PRO FORMA CAP RATE / NOI 40.00% / $14,017 APN GROSS LEASABLE AREA (GLA) 2,914 SF LAND AREA 0.12 AC YEAR BUILT 1890 NO. OF STORIES 2 INVESTMENT SUMMARY INVESTMENT HIGHLIGHTS > > Bank Owned REO Asset > > Seven (7) Total Units > > Ideal for Owner/User or Investor > > Easy Access to Interstates 81 & 88 The subject property located at 23 Silver Street in Norwich, New York is a 2,914 square foot multi-family building on a 0.12 acre lot. Built in 1890, the property consists of seven (7) units with four (4) studio apartments and three (3) one bedroom/one bathroom units. Currently, all seven (7) units are vacant and are in the process of being boarded up. The subject is located within close proximity to Interstate 81 and 88. According to a recent appraisal, the building previously was analyzed as having 5 studio units with a shared bathroom/living/kitchen and two 1 bedroom/1 bath units. Please Note: This is a lender owned property where the seller acquired the property through a foreclosure. At the present time, the majority of the units have been boarded up and the entire property requires significant repairs and improvements. No historical information has been provided. Buyer to verify all information including unit mix, square footage, condition of property and zoning. P. 3 COLLIERS INTERNATIONAL

4 Property Aerial SUBJECT PROPERTY P. 4 COLLIERS INTERNATIONAL

5 Rent Roll No. of Units Unit Type Lease Start Monthly Total Annual Rent 1 VACANT Studio $ $4, VACANT Studio $ $4, VACANT Studio $ $4, VACANT Studio $ $4, VACANT 1 Br 1 Ba $ $6, VACANT 1 Br 1 Ba $ $6, VACANT 1 Br 1 Ba $ $6, Total 100% $3, $37, Vacant 100% $0.00 $0.00 Occupied 0% $3, $37, This is a lender owned property where the seller acquired the property through a foreclosure. No historical information was provided. Buyer to verify all information including square footage, condition and zoning. P. 5 COLLIERS INTERNATIONAL

6 Income and Expenses PRO FORMA Full Occupancy Rental Income $31,200 Less Vacancy $1,560 3% Effective Rental Income: $29,640 Gross Operating Income $29,640 Operating Expenses: Property Taxes $5,392 Insurance $2,348 Utilities $4,200 Repair and Maintenance $2,009 Management Fee $1,674 Total Operating Expenses $15,623 Net Operating Income $14,017 This is a lender owned property where the seller acquired the property through a foreclosure. No historical information was provided. Buyer to verify all information including square footage, condition and zoning. P. 6 COLLIERS INTERNATIONAL

7 Market and Demographic Overview POPULATION 1 - Mile 3 - Miles 5 - Miles 2022 Projection 6,930 10,292 12, Estimate 7,065 10,498 12, Census 7,333 10,927 13,321 Avg Household Income $52,257 $56,040 $56,853 LOCATION OVERVIEW Norwich is a city in Chenango County, New York, United States. Surrounded on all sides by the town of Norwich, the city is the county seat of Chenango County. The name is taken from Norwich, England. Its population was 7,190 at the 2010 census. NBT Bancorp and Chobani are both headquartered in Norwich. Route 12 bisects the city on a north-south axis, becoming North and South Broad Street within city limits. A community of downtown businesses is found along it. On the north side of town lies the North Plaza, desolate since the departure of anchor tenant Jamesway, and a commercial strip of gas stations and fast food outlets. To the south are three plazas just outside city limits, featuring supermarkets, gas stations, fast food, a new Lowe s home center and a recently upgraded Super Walmart. P. 7 COLLIERS INTERNATIONAL

8 Regional Map SUBJECT PROPERTY P. 8 COLLIERS INTERNATIONAL

9 CONFIDENTIALITY AGREEMENT This Offering Memorandum contains select information pertaining to the business and affairs of 23 Silver Street, Norwich, NY It has been prepared by Colliers International. This Offering Memorandum may not be all-inclusive or contain all of the information a prospective purchaser may desire. The information contained in this Offering Memorandum is confidential and furnished solely for the purpose of a review by a prospective purchaser of the Property. It is not to be used for any other purpose or made available to any other person without the written consent of Seller or Colliers International. The material is based in part upon information supplied by the Seller and in part upon financial information obtained from sources it deems reliable. Owner, nor their officers, employees, or agents makes any representation or warranty, express or implied, as to the accuracy or completeness or this Offering Memorandum or any of its contents and no legal liability is assumed or shall be implied with respect thereto. Prospective purchasers should make their own projections and form their own conclusions without reliance upon the material contained herein and conduct their own due diligence. By acknowledging your receipt of this Offering Memorandum from Colliers, you agree: 1. The Offering Memorandum and its contents are confidential; 2. You will hold it and treat it in the strictest of confidence; and 3. You will not, directly or indirectly, disclose or permit anyone else to disclose this Offering Memorandum or its contents in any fashion or manner detrimental to the interest of the Seller. Owner and Colliers International expressly reserve the right, at their sole discretion, to reject any and all expressions of interest or offers to purchase the Property and to terminate discussions with any person or entity reviewing this Offering Memorandum or making an offer to purchase the Property unless and until a written agreement for the purchase and sale of the Property has been fully executed and delivered. If you wish not to pursue negotiations leading to the acquisition of 23 Silver Street, Norwich, NY or in the future you discontinue such negotiations, then you agree to purge all materials relating to this Property including this Offering Memorandum. A prospective purchaser s sole and exclusive rights with respect to this prospective transaction, the Property, or information provided herein or in connection with the sale of the Property shall be limited to those expressly provided in an executed Purchase Agreement and shall be subject to the terms thereof. In no event shall a prospective purchaser have any other claims against Seller or Colliers International or any of their affiliates or any of their respective officers, Directors, shareholders, owners, employees, or agents for any damages, liability, or causes of action relating to this solicitation process or the marketing or sale of the Property. This Offering Memorandum shall not be deemed to represent the state of affairs of the Property or constitute an indication that there has been no change in the state of affairs of the Property since the date this Offering Memorandum. 865 S. Figueroa Street, Suite 3500 Los Angeles, CA CHRIS MALING Executive Vice President License No: christopher.maling@colliers.com DAVID MALING Executive Vice President License No: david.maling@colliers.com JACK THYFAULT Associate Real Estate Broker License No: 30TH realestate607@hotmail.com