Prime Greenwich Avenue Building Property FOR SALE as exclusive Agent is offering 151 Greenwich Avenue for Sale. This property offers a rare opportunity to purchase one of the premier retail buildings in one of the top 15 High Street Retail locations in the country. Greenwich CT. is generally considered the most affluent town in Fairfield County, otherwise known as the Gold Coast. Greenwich is strategically located within a short commute to Manhattan and surrounded by the ever expanding city of Stamford, Lower Westchester County and Long Island Sound. Providing a trade area of approximately 800,000 people with some of the highest disposable income in the Country. PRICE $15,250,000
Address: 151 Greenwich Ave Acres:.0924 acres or 4,024 SF Zone: CGBR (Central Business) Stories: 3 1st Fl:Lululemon 3,500+/- SF 2 nd Fl: Dream Spa 3,500+/- SF 3 rd Fl: Apts & retail 3,500+/- SF Total 10,500+/- SF Back Entrance Year Built: 1,900 Renovated 1,990, 2000, 2016 Capital Improv. New roof coating, 3 rd Fl hall way renovation in 2016/2017 Construction: Roof: Condition: Brick Exterior & Wood truss floors Flat Build up Excellent
151 GREENWICH AVENUE RENT ROLL APARTMENTS Unit Unit Unit Current Rent/SF Parking Storage No Type SF Rent 1 1 Bdrm 700+/- 1 bath 1700 34/yr No No 2 1 Bdrm 700+/- 1 bath 1750 35/yr No No TOTAL 951+/- 1900/mo RETAIL Floor Tenant GLA % of Lease Lease Annual Rent Expense Other Lease Commence GLA s Expires Rent SF Reimburse Options Type 1 Lululemon 7/1/2008 6/30/2023 570,008 No Yes N/N/N 2 Dream Spa 3/1/2012 2/28/2022 124,086 Yes see note Gross + Utilities OFFICE Floor Tenant GLA % of Lease Lease Annual Rent Expense Other Lease Commence GLA s Expires Rent SF Reimburse Options Type 3 Dream Spa 3/1/2012 2/28/2022 13,991 25.98 No Yes Gross Chemical Transport 2/15/2016 2/28/2018 18000 40 No Yes see note Gross Global Consultancy 9/1/2012 8/31/2018 18300 41 No Gross TOTAL 4,830SF 744,385 Comments: *Dream Spa has one 5 year Option at FMVon both 2nd and 3rd Fl space
INCOME 2018 2019 2020 2021 2022 2023 2024 Total Lululemon 533,457 503,126 515,705 528,597 541,812 555,357 569,241 Dream spa 156,783 160,703 164,720 168,838 173,059 177,386 181,820 Global Consutancy 18,600 19,200 19,680 20,172 20,676 21,193 21,723 Chemical Transport 18,000 18,000 18,450 18,911 19,384 19,869 20,365 2nd Floor Apts ($1,750/mo. & $1,700/mo) 41,400 42,435 43,496 44,583 45,698 46,840 48,011 pass through 123,692 126,784 129,954 133,203 136,533 139,946 143,445 Gross Income 891,932 870,248 892,005 914,304 937,162 960,591 984,606 6,450,848 Operating Expenses Real Estate Taxes (est) 60,098 61,901 63,758 65,671 67,641 69,670 71,760 Insurance (estimated) 14,000 14,350 14,709 15,076 15,453 15,840 16,236 Refuse removal 2,176 2,214 2,253 2,292 2,332 2,373 2,415 Cleaning 1,200 1,224 1,248 1,273 1,299 1,325 1,351 Management 21,600 22,032 22,473 22,922 23,381 23,848 24,325 Snow removal (estimated) 700 714 728 743 758 773 788 Electric (Common Areas) 4,600 4,692 4,786 4,882 4,979 5,079 5,180 Elevator 3,300 3,383 3,467 3,554 3,643 3,734 3,827 Gas 5,049 5,150 5,253 5,358 5,465 5,575 5,686 Water 1,500 1,530 1,561 1,592 1,624 1,656 1,689 HVAC repair 2,500 2,500 2,550 2,601 2,653 2,706 2,760 Repairs & Mntnce bldg (estimated) 7,500 7,650 7,803 7,959 8,118 8,281 8,446 Telephone 430 439 447 456 465 475 484 Pest Control 550 561 572 584 595 607 619 Alarm/sprinkler 1,600 1,632 1,665 1,698 1,732 1,767 1,802 Miscellaneous 500 510 520 531 541 552 563 Total Expense 127,303 130,481 133,793 137,192 140,680 144,259 147,933 Adjusted NOI 764,629 739,767 758,212 777,113 796,483 816,332 836,673 5,489,208 NOI after Debt 764,629 739,767 758,212 777,113 796,483 816,332 836,673 5,489,208 Cash on Cash return 0.0510 0.0493 0.0505 0.0518 0.0531 0.0544 0.0558 Deb Reduction Income approach to Value 2018 2019 2020 2021 2022 2023 2024 Mrkt Value of Bldg @ 5.0% $15,292,580 $ 14,795,336 $ 15,164,241 $15,542,258 $ 15,929,652 $ 16,326,640 $16,733,459 $ - Proceeds from Sale $16,733,459 Purchase Price $15,000,000 mortgage Cash to purchase $ 15,000,000
FOR SALE 151 GREENWICH AVE