Net Leased Investment PetSmart 529 Atlantic Ave, Oceanside NY Prime single tenant investment ideally suited for 1031 exchange buyer or net leased investor For additional info on this investment: Exclusive Agent: Corey Gluckstal corey@fivepointre.com 631-683-8003 ext. 102 516-660-0423 cell Guy Canzoneri guy@fivepointre.com 631-683-8003 ext. 101 516-607-7722 cell Five Point Real Estate 35 Pinelawn Road Suite 214E Melville, NY 11747 www.fivepointre.com
ABOUT US Five Point Real Estate is a leading commercial real estate firm located in Melville, New York focused on the sale and management of income producing properties. Concentrated in Long Island s Nassau and Suffolk counties, the firm specializes in selling all asset classes including multifamily apartment buildings, retail strip centers, retail grocery anchored shopping centers, net leased investments, medical office buildings, multitenant office buildings, special use properties such as sports facilities and land and development deals. In addition to the brokerage and sale of investment properties, Five Point Real Estate s core services include Property Management, Portfolio and individual property evaluations and opinions of value, and 1031 Exchange guidance and advisory services. Using state of the art web based technologies, Five Point offers value add services allowing local and out of state owners of properties located in Nassau and Suffolk counties to collect revenues stress and hassle free. If you are interested in our Property Management services, please email us at info@fivepointre.com. Five Point Real Estate s Principals have guided dozens of clients through the complete life-cycle of a 1031 exchange including initial tax benefits of a proposed sale, corporate entity and structure review in advance of disposition, client engagement for the sale of the asset, and then replacement property identification and acquisition. Five Point Real Estate s deep network of professional colleagues include legal, accounting and qualified intermediary support required to effectively and successfully navigate the complexities of a 1031 tax free exchange. For more information, please email info@fivepointre.com.
PRICING Asking Price - $5,078,864 NOI - $279,337.50 Cap Rate - 5.5% INVESTMENT SUMMARY This subject investment property is a free standing single tenant Petsmart location in Oceanside, NY. Operating under a double net (NN) lease with minimal landlord responsibilities or expenses, the tenant has 8 years remaining in the initial 10 year lease term, with attractive 10% rental increases every 5 years and two, five year options. The building was constructed in 2015 allowing for no deferred maintenance for the new owner. This PetSmart location also features a Banfield Pet Hospital within the store, which is only offered in select PetSmart locations. The Banfield Pet Hospital makes this location not only a go to pet supplies store, but also a preventative care, surgery and emergency care facility as well. TRADE AREA The location of the subject property is offers excellent demographics and population growth. The immediate area has seen several new developments recently such as Beechwood Homes Marina Pointe and supporting retail tenants poised to succeed with the increase in population. These surrounding national tenants include Stop & Shop, Wendy s, CVS, and Best Market. In addition, proximity to the LIRR East Rockaway station demonstrates further commitment toward residential absorption and growth at this location. There are also extremely high barriers to entry in this area resulting in minimal competition in this market for this product time. This is a popular area as PetSmart sits along the inlets of the Mill River, nearby yacht clubs and marinas, where numerous new homes are being built. This rare Long Island net lease offering offers affluent demographics and discretionary income with the average household incomes over $110,000 in the 1 and 3 mile rings. This is also a densely populated area with over 24,000 people in the 1 mile ring, over 167,000 people in the 3 mile ring and over 486,000 people in the 5 mile ring. Situated at the signalized corner of Atlantic Avenue and Lawson Boulevard, PetSmart benefits from excellent access and visibility for a combined traffic count over 56,000 vehicles per day. TENANT OVERVIEW PetSmart, Inc. is an American retail chain operating in the United States, Canada, and Puerto Rico engaged in the sale of specialty pet supplies and services such as grooming and dog training, cat and dog boarding facilities, and daycare. PetSmart also offers a varied selection of animals for sale and adoption such as birds, fish, amphibians, reptiles, and several breeds of small animals like guinea pigs, chinchillas, gerbils, hamsters, and mice. PetSmart operates over 1,500 stores and various locations with PetSmart s PetsHotels and Doggie Day Camps. Certain locations also share space with their corporate partner, Banfield Pet Hospital.
LEASE OVERVIEW LEASE SUMMARY Tenant Name Pet Smart Lease Guarantor Corporate Guarantee Lease Type Fee Simple Roof and Structure Landlord Resposibility Lease Term 10 Years Lease Commencement 07/18/14 Rent Commencement Date 02/01/16 Lease Expiration Date 01/31/26 Term Remaining on Lease 7.5 Years Increases 10% every five years Options Two Five Year Building SF 7,449 Lot Size (Acres) 0.653 RENT SCHEDULE Rent Period Annual Rent Current $ 279,338 Years 6-10 $ 307,271 Option 1 $ 338,036 Option 2 $ 371,854
subject property
Marina Pointe Homes LIRR East Rockaway