The North Fort Town Plaza Northport, NY Prime Shopping Plaza with C6 Zoned Mixed-Use Development Rights ASKING PRICE: $14,600,000 HOME HIGHLIGHTS RENT ROLL $427 PER SQ. FT. FINANCIAL SUMMARY 6.0% CAP RATE ZONING PHOTOS 3.7 ACRES OF LAND SURVEY AREA MAP
Property Highlights Asking Price: $14,600,000 - $437/Sq. Ft. - 6.0% Cap Rate has been retained on an exclusive basis to arrange for the sale of 1015-1019 Fort Salonga Road in Northport, NY. The property is a prime retail and office plaza in the Town of Huntington. Currently the property is improved by a 33,400 sq. ft. two-story retail strip with a boutique grocery store, gourmet pizzeria, and several local retail businesses and professional offices. Additionally, the property has 146 lined parking spaces. The property benefits from 360 of frontage on Fort Salonga Road which has an average daily traffic count of 15,000+ cars. The picturesque building sits on a lot of over 3.7 acres, or 161,234 sq. ft. The property is split zoned between C6 and R40. C6 is the most ideal zoning for a mixed-use development in the Town of Huntington. For further clarity on the property s development potential please refer to our Zoning Analysis. The highest and best use of the property is a long-term repositioning to a threestory mixed-use building with retail on the ground floor and apartments above. The neighborhood, which has a median household income of over $129,000, has a growing demand for high quality market rate housing. The apartments will benefit from the property s proximity to the Northport LIRR Station and the Sagtikos Pkwy. Contact the Exclusive Brokers for our Confidentiality Agreement Address: Neighborhood: Town: Property Type: Gross Square Footage: The North Fort Town Plaza 1015-1019 Fort Salonga Road Northport / Fort Salonga Huntington Shopping Plaza with Professional Offices 33,400 (Approx.) Total Units (Retail / Office): 16-8 Retail Units / 8 Office Units Lot Acreage / Square Footage: 3.7 / 161,234 Parking Spaces (Lined): 146 (Including six handicap spaces) Property Zoning: C6 (General Business) & R40 Property Taxes (17-18 ): $114,575 ($3.43 per Sq. Ft.) Copyright 2018. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.
Tenant Type Sq. Ft. Rent Roll as of December 2017 Lease Start Lease Exp. Option Monthly Rent Monthly CAM Monthly RE Tax Total Monthly Rent Annual Rent $ / SF Annual Increases Dog Grooming Retail 1,100 9/1/2010 8/31/2020 1 - (5) Year $3,628 $153 $329 $4,110 $49,321 $44.84 3.00% The UPS Store Retail 1,100 8/1/2003 9/30/2018 1 - (5) Year $3,006 $153 $329 $3,488 $41,855 $38.05 3.00% Hair Salon Retail 1,100 10/1/2012 10/31/2022 $3,375 $153 $329 $3,857 $46,278 $42.07 3.00% Nail Salon & Spa Retail 3,300 12/15/2013 11/30/2023 1 - (5) Year $9,270 $460 $986 $10,716 $128,589 $38.97 3.00% Grocery Store Retail 8,500 11/1/2016 10/31/2026 2 - (5) Year $22,145 $1,074 $2,300 $25,518 $306,221 $36.03 3.00% Dry Cleaners Retail 1,100 10/1/2016 11/30/2021 1 - (5) Year $3,100 $153 $329 $3,582 $42,983 $39.08 3.00% Gourmet Pizzeria Retail 1,100 3/1/2017 10/31/2026 2 - (5) Year $3,000 $153 $329 $3,482 $41,783 $37.98 3.00% Gourmet Pizzeria Retail 1,100 7/1/2014 10/31/2026 2 - (5) Year $4,913 $153 $329 $5,395 $64,738 $58.85 3.00% Medical Office Office 2,200 7/1/1995 2/28/2021 $4,437 $14 N/A $4,451 $53,408 $24.28 4.00% Professional Office Office 2,200 11/1/2015 10/31/2020 $3,650 $307 $657 $4,614 $55,366 $25.17 3.00% Professional Office Office 1,100 11/1/2016 10/31/2021 $1,838 $153 $329 $2,320 $27,842 $25.31 3.00% Security Company Office 1,100 1/1/2017 12/31/2022 $2,060 $153 $329 $2,542 $30,503 $27.73 3.00% Tutoring Office Office 2,200 5/1/2007 10/31/2021 $3,193 $307 $657 $4,157 $49,882 $22.67 3.00% Health Foods Company Office 1,100 8/1/2015 6/30/2020 $1,838 $153 $329 $2,320 $27,842 $25.31 3.00% Health Foods Company Office 3,300 1/1/2017 6/30/2020 $4,950 $460 $986 $6,396 $76,749 $23.26 3.00% Health Foods Company Office 1,800 8/1/2015 6/30/2020 $4,510 $153 $329 $4,992 $59,901 $33.28 3.00% Parking Lease Parking M/M M/M $1,063 N/A N/A $1,063 $12,750 Total: 33,400 $79,975 $4,155 $8,871 $93,001 $1,116,012
Financial Summary as of December 2017 Potential Revenue Monthly Revenue Annual Revenue Gross Rent $79,975 $959,700 CAM Reimbursement $4,155 $49,860 Tax Reimbursements $8,871 $106,452 Gross Revenue $93,001 $1,116,012 Vacancy & Credit Loss Estimated @ 5% $55,801 Effective Gross Revenue $1,060,212 Expenses Monthly Annually $ / Sq. Ft. Real Estate Taxes (17-18 ) $9,548 $114,575.16 $3.43 Insurance $1,382 $16,589.96 $0.50 Electric / Water / Cesspool $833 $13,248 $0.40 Landscaping, Repairs & Maintenance $1,412 $13,770 $0.41 Management Fee 3% of EGI $8,871 $31,806 $0.95 Total Expenses: $15,826 $189,990 $5.69 Summary Annually $ / Sq. Ft. Effective Gross Revenue $1,060,212 Total Expenses 18% $189,990 Net Operating Income $870,222
Zoning Highlights - Mixed-Use Development Potential 1015-1019 Fort Salonga Road is a 3.7 acre property located within the C6 - General Business district of the Town of Huntington. The rear of the property is located within the R40 Residential district. The Northport/Fort Salonga marketplace had an estimated median household income of over $129,000 in 2016. There is a significant demand for high quality market rate rental apartments in the neighbhorhood. The C6 - General Business district allows for several types of retail and professional office uses. For a full list of permissable and restricted uses can be found here: Town of Huntington - C6 Zoning Text C6 Zoning permits Mixed-use Buildings on the following critera: Mixed use buildings can be established where a permitted commercial use occupies the ground floor and a residential use occupies space on upper floors, provided that (a) no upper floor exceeds the footprint of the ground floor, and (b) the buildings meet all of the height, area and bulk requirements of the zoning district. Notwithstanding any other section of this chapter to the contrary, parking for residences above commercial uses shall be calculated at the rate of one (1) space per dwelling unit. Parking lots and residential apartments shall not be considered permitted uses on the ground floor of the building. Click Here for the Off-Street Parking Requirements in the Town of Huntington Click Here for the Height, Area and Bulk Regulations in the Town of Huntington Initial Architectural Elevations Drawn for Three-Story Redevelopment 1015-1019 Fort Salonga Road, Northport NY Zoning: C6 & R40 Town: Huntington Lot Size: 3.7 Acres / 161,234 Square Feet Permitted Uses Includes: Mixed-Use - Retail/Office + Apartments Maximum Building Height - C6 3 Stories / 45 Feet Multifamily Parking Required: 1 space per dwelling unit Buildable Square Footage: ~55,200+ (Approx.) - Consult Architect
The North Fort Town Plaza Northport, NY HOME HIGHLIGHTS RENT ROLL FINANCIAL SUMMARY ZONING PHOTOS SURVEY AREA MAP HOME HIGHLIGHTS RENT ROLL FINANCIAL SUMMARY ZONING PHOTOS SURVEY AREA MAP
Full Survey Available Upon Request
1015-1019 FORT SALONGA ROAD 7 9 5 6 3 2 8 10 1 Points of Interest 1 Northport LIRR Station 4 2 Sunken Meadow Parkway 3 Northport Village & Harbor 4 Huntington Village 5 Indian Hills Country Club 6 Sunken Meadow State Park & Beach 7 Caumsett State Park 8 Huntington Harbor 9 Crab Meadow Golf Course 10 Huntington Crescent Club Copyright 2018. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.