REDEVELOPMENT 58-80 EAST ROUTE 59 NANUET, NEW YORK MEMORANDUM
Transcript of REDEVELOPMENT 58-80 EAST ROUTE 59 NANUET, NEW YORK MEMORANDUM
58-80 EAST ROUTE 59
NANUET, NEW YORKOFFERING
MEMORANDUM
850 Bronx River Road I Bronxville, NY 10708www.RoyalPropertiesInc.com
All information furnished herein is from sources deemed reliable. No warranty or representation is made to the accuracy thereof and it is submitted subject to errors, omissions and/or changes without notice.
CONTACT: 914-237-3400
www.RoyalPropertiesInc.comJeff Kintzer - Ext. 103
David Landes – Ext. 104
REDEVELOPMENT
Royal Properties, Inc. (“Broker“) has been retained as the exclusive advisor and broker for this offering.
In receiving this Offering Memorandum (“Offering Memorandum“), you confirm that you have read this Confidentiality Agreementand agree to the terms. The Offering Memorandum has been prepared by Broker for use by a limited number of parties and it doesnot purport to be necessarily accurate or all-inclusive or to contain all of the information which prospective Buyers may need ordesire. All projections have been developed by Broker and designated sources and are based upon assumptions relating to thegeneral economy and other factors beyond the control of the Seller and therefore are subject to variation. No representation ismade by Broker or the Seller as to the accuracy or completeness of the information contained herein, and nothing containedherein shall be relied on as a promise or representation as to the future performance of the property. Although the informationcontained herein is believed to be correct, the Seller and its employees disclaim any responsibility for inaccuracies and expectprospective purchasers to exercise independent due diligence in verifying all such information. Further, Broker, the Seller and theiremployees disclaim any and all liability for representations and warranties, expressed and implied, contained in or omitted fromthe Offering Memorandum or any other written or oral communication transmitted or made available to the Buyer. The OfferingMemorandum does not constitute a representation that there has been no change in the business or affairs of the property or theOwner since the date of preparation of the Offering Memorandum. Analysis and verification of the information contained in theOffering Memorandum are solely the responsibility of the prospective Buyer. Additional information and an opportunity to inspectthe property will be made available upon written request to interested and qualified prospective Buyers.
By accepting the Offering Memorandum, you agree to indemnify, defend, protect and hold Seller and Broker and any affiliate ofSeller or Broker harmless from and against any and all claims, damages, demands, liabilities, losses, costs or expenses (includingreasonable attorney fees, collectively “Claims”) arising, directly or indirectly from any actions or omissions of Buyer, its employees,officers, directors or agents.
Buyer shall indemnify and hold Seller and Broker harmless from and against any claims, causes of action or liabilities, including,without limitation, reasonable attorney’s fees and court costs which may be incurred with respect to any claims for other realestate commissions, broker’s fees or finder’s fees in relation to or in connection with the property to the extent claimed, throughor under Seller.
The Seller and Broker each expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offersregarding the property and/or to terminate discussions with any entity at any time with or without notice. The Seller shall have nolegal commitment or obligations to any entity reviewing the Offering Memorandum or making an offer to purchase the propertyunless a written agreement for the purchase of the property has been fully executed, delivered, and approved by the Seller and itslegal counsel, and any conditions to the Seller’s obligation thereunder have been satisfied or waived.
The Offering Memorandum and the contents, except such information which is a matter of public record or is provided in sourcesavailable to the public, are of a confidential nature. By accepting the Offering Memorandum, you agree that you will hold and treatit in the strictest confidence, that you will not photocopy or duplicate it, that you will not disclose the Offering Memorandum orany of the contents to any other entity (except to outside advisors retained by you, if necessary, for your determination of whetheror not to make an offer and from whom you have obtained an agreement of confidentiality) without prior written authorization ofthe Seller or Broker, and that you will not use the Offering Memorandum or any of the contents in any fashion or mannerdetrimental to the interest of the Seller or Broker.
No employee of Seller or Tenant(s) at the subject property is to be contacted without the written approval of the Broker and doingso would be a violation of this confidentiality agreement.
Broker and their prospective Buyers agree not to contact the Tenants, their employees or customers of any business on theproperty without prior permission from the Seller.
DISCLAIMERTABLE OF
CONTENTS
▪ INVESTMENT OVERVIEW
▪ INCOME STATEMENT
▪ SITE PLAN
▪ TAX MAP
▪ AREA OVERVIEW
▪ AERIAL
▪ DEMOGRAPHICS
▪ ABOUT ROYAL PROPERTIES
850 Bronx River Road
Bronxville, NY 10708
All information furnished herein is from sources deemed reliable. No warranty or representation is made to the accuracy thereof and it is submitted subject to errors, omissions and/or changes without notice. www.RoyalPropertiesInc.com
Jeff Kintzer914-237-3400 - Ext. 103
David Landes914-237-3400 - Ext. 104
58-80 EAST ROUTE 59
NANUET, NEW YORK
SITE AREA:
Section 64.05, Block 1, Lots 15-20
AREA RETAILERS
ALDI, TJ Maxx, Sierra, HomeGoods, Kirkland’s Home Décor,
Michaels, PetSmart, Party City, Big Lots, AutoZone, Lumber
Liquidators, McDonald’s, Chili’s, Five Guys, H&R Block, At
Home (Coming Soon), J. Crew, Gap, Michael Kors, Sur La
Table, 24 Hour Fitness, Apple Store, Stop & Shop, Barnes &
Noble, Petco, Modell’s, Marshalls, Five Below, Vitamin
Shoppe, Verizon, Dollar Tree, Target, Starbucks, Home
Depot, Bed Bath & Beyond, Kohls and many more
INVESTMENT
OVERVIEW
OFFERING SPECIFICATIONS
NOI $402,789
SQUARE FOOTAGE
BUILDING 1
BUILDING 2
36,796
28,800
7,996
LOT SIZE 2.75 Acres
ANNUAL TAXES $193,466.73
850 Bronx River Road
Bronxville, NY 10708
All information furnished herein is from sources deemed reliable. No warranty or representation is made to the accuracy thereof and it is submitted subject to errors, omissions and/or changes without notice. www.RoyalPropertiesInc.com
Jeff Kintzer914-237-3400 - Ext. 103
David Landes914-237-3400 - Ext. 104
PROPERTY
2.75 acre property with two buildings totaling 36,796± square feet. Building 1 is a
one and part two-story, 28,800± square foot retail/office building. Building 2 is a
one and part two-story, 7,996± square foot office building.
TENANTS
Huntington Learning Center, In Style Nail Salon & Spa, Vista Furniture, David’s
Check Cashing, Tiny Trims, Momoyama Sushi House, Hwarang Tae Kwondo,
LOCATION
Situated in the Hamlet of Nanuet, in the Town of Clarkstown in Rockland County,
NY
PARKING
On-Site Parking at the Front, Sides and Rear of the Site
ACCESS
Route 59
YEAR BUILT
BI – 1975
B2 - 1955
SHAPE:
Irregular
FRONTAGE:340± feet of grade level frontage along the northern side of East Route 59, 338±
feet of grade level frontage along the western side of College Avenue and 366±
feet of grade level frontage along the southern side of West Nyack Road
ZONING:
• RS (Regional Shopping District)
• PO(Professional Office)
LOT 15 - 0.49± AcresLOT 16 - 0.24± Acres LOT 17 - 0.37± Acres
LOT 18 - 0.33± Acres LOT 19 - 0.75± Acres LOT 20 - 0.57± Acres
58-80 EAST ROUTE 59
NANUET, NEW YORKOVERVIEW
BUILDING 1
850 Bronx River Road
Bronxville, NY 10708
All information furnished herein is from sources deemed reliable. No warranty or representation is made to the accuracy thereof and it is submitted subject to errors, omissions and/or changes without notice. www.RoyalPropertiesInc.com
Jeff Kintzer914-237-3400 - Ext. 103
David Landes914-237-3400 - Ext. 104
DESCRIPTION
Building 1 is a one and part two-story, 28,800± square
foot retail/office building
CONSTRUCTED:
1975
FOUNDATION:
Masonry and concrete block
STRUCTURAL:
Masonry and steel frame
EXTERIOR WALLS:
Brick, stucco, wood and vinyl siding
ROOF:
Mostly flat with a built-up composition surface and
partly pitched with asphalt shingles
WINDOWS:
Aluminum framed, fixed pane storefront windows
BATHROOMS:
Each store has a minimum of one bathroom equipped
with at least two fixtures. Momoyama Sushi has
multiple restrooms
ELECTRIC:
Modern electrical system protected by circuit
breakers. Each unit is individually metered
BUILDING BREAKDOWN:
2,500± square feet – Huntington Learning Center
5,000± square feet – Vacant Retail
1,600± square feet – Vacant Retail
1,600± square feet – In Style Nails
3,800± square feet – Vista Dinettes
1,700± square feet – David’s Check Cashing
1,700± square feet – Tiny Trims
2,100± square feet – Momoyama Sushi
3,200± square feet – Hwarang Tae Kwondo
2,000± square feet – Vacant Retail (Rear)
1,200± square feet – Vacant Retail (Rear)
1,200± square feet – 2nd Floor Vacant Office
1,200± square feet – 2nd Floor Vacant Office
28,800± square feet – Total
ENTRANCES:
Units 1-8 have an entrance at the front of the building facing
East Route 59. Units 8 & 9 have entrances on the side of the
building facing College Avenue and units 10 & 11 have
entrances at the rear building facing West Nyack Road. The
second floor office units have access on the side of the
building
HVAC:
Each unit has a separate gas-fired HVAC unit
SPRINKLERS:
Fully sprinklered with a wet system
58-80 EAST ROUTE 59
NANUET, NEW YORKOVERVIEW
BUILDING 2
850 Bronx River Road
Bronxville, NY 10708
All information furnished herein is from sources deemed reliable. No warranty or representation is made to the accuracy thereof and it is submitted subject to errors, omissions and/or changes without notice. www.RoyalPropertiesInc.com
Jeff Kintzer914-237-3400 - Ext. 103
David Landes914-237-3400 - Ext. 104
DESCRIPTION
Building 2 is a one and part two-story, 7,996± square foot
office building
CONSTRUCTED:
1955 and expanded in 1975
FOUNDATION:
Masonry and concrete block
STRUCTURAL:
Wood frame
EXTERIOR WALLS:
Brick, stucco, wood and vinyl siding
ROOF:
Mostly pitched with asphalt shingles and partly flat with a
built-up composition surface
WINDOWS:
Wood framed, fixed pane storefront windows
ENTRANCES:
Each unit has its own entrance with the former dance
studio facing the parking lot and two additional units
facing West Nyack Road
BUILDING BREAKDOWN:
5,152± square feet – Vacant Dance Studio (1st and 2nd floor)
1,548± square feet – Owner-Occupied Grade Level Office
1,296± square feet – 2nd Floor Office
7,996± square feet – Total
BUILDING FINISHING:
Finished with carpet and vinyl tile flooring with painted
sheetrock and wood paneling walls and acoustic tile and
painted sheetrock ceilings. There is fluorescent lighting
throughout
BATHROOMS:
Four bathrooms, each equipped with a sink and toilet
ELECTRIC:
Modern electrical system protected by circuit breakers. Each
unit is individually metered
HVAC:
Window mounted air conditioning units
SPRINKLERS:
Hardwired smoke detectors and battery backups
58-80 EAST ROUTE 59
NANUET, NEW YORKINCOME
STATEMENT
INCOMERent $798,295.00
Retail Vacancy Loss (7%) ($45,667.00)
Office Vacancy Loss (9%) ($13,132.00)
TOTAL REVENUE $739,496.00
EXPENSESReal Estate Taxes $193,466.73
Insurance $18,400.00
Repairs & Maintenance $55,200.00
Professional Fees $5,000.00
Water $3,680.00
Electric (Common Area) $5,520.00
Management Fees $29,600.00
Misc. $14,800.00
Reserves (Replacement) $11,040.00
TOTAL EXPENSES $336,707.00
NET OPERATING INCOME $402,789.00
TENANT SQUARE FEET RENT/SFANNUAL
RENT
LEASE
EXPIRATION
DATE
Huntington Learning Center 2,500 $25.16 $62,889 4/30/22
Vacant Retail 5,000 $22.00 $110,000
Vacant Retail (Former Subway) 1,600 $31.15 $49,836
In Style Nails 1,600 $27.45 $43,928 11/30/23
Vista Dinettes 3,800 $18.95 $72,000 1/31/21
David’s Check Cashing 1,700 $31.60 $53,724 2/29/24
Tiny Trims 1,700 $28.24 $48,000 5/31/20
Momoyama Sushi 2,100 $35.05 $73,596 10/31/24
Hwarang Tae Kwondo 3,200 $22.50 $72,000 10/15/21
Vacant Retail (Rear) 2,000 $20.00 $40,000
Vacant Retail (Rear) 1,200 $22.00 $26,400
Vacant Office* 1,200 $18.00 $21,600
Vacant Office* 1,200 $18.00 $21,600
Vacant Dance Studio** 5,152 $10.00 $51,520
Owner-Occupied Off** 1,548 $18.00 $27,864
Vacant 2nd Floor Off** 1,296 $18.00 $23,328
TOTAL 36,796 $798,295
850 Bronx River Road
Bronxville, NY 10708
All information furnished herein is from sources deemed reliable. No warranty or representation is made to the accuracy thereof and it is submitted subject to errors, omissions and/or changes without notice. www.RoyalPropertiesInc.com
Jeff Kintzer914-237-3400 - Ext. 103
David Landes914-237-3400 - Ext. 104
*Second Floor Office
**Second Building
58-80 EAST ROUTE 59
NANUET, NEW YORKSITE PLAN
850 Bronx River Road
Bronxville, NY 10708
All information furnished herein is from sources deemed reliable. No warranty or representation is made to the accuracy thereof and it is submitted subject to errors, omissions and/or changes without notice. www.RoyalPropertiesInc.com
Jeff Kintzer914-237-3400 - Ext. 103
David Landes914-237-3400 - Ext. 104
BUILDING 2
BUILDING 1
58-80 EAST ROUTE 59
NANUET, NEW YORKTAX MAP
850 Bronx River Road
Bronxville, NY 10708
All information furnished herein is from sources deemed reliable. No warranty or representation is made to the accuracy thereof and it is submitted subject to errors, omissions and/or changes without notice. www.RoyalPropertiesInc.com
Jeff Kintzer914-237-3400 - Ext. 103
David Landes914-237-3400 - Ext. 104
58-80 EAST ROUTE 59
NANUET, NEW YORKAREA
OVERVIEW
NANUET – NEW YORK
The subject property is located within the southwesterly section ofthe Hamlet of Nanuet in the Town of Clarkstown, New York. TheTown of Clarkstown is located in the east central portion of
Rockland County and is bounded to the north by the Town ofHaverstraw, to the east by the Hudson River, to the south by theTown of Orangetown and to the west by the Town of Ramapo.
The immediate neighborhood boundaries are defined by the NewYork State Thruway (I-87) located to the north; Route 304 locatedto the east and south and South Pascack Road to the west. Route59 is a primary commercial thoroughfare traversing Rocklandcounty in an east-west direction. Improvements along Route 59 in
the immediate vicinity of the subject consist of a Wendy’sRestaurant just east and a Capital One Bank just to the west of thesubject. There is also a car dealership located directly across thestreet. Improvements on Route 59 include shopping centers withlocal, regional and national retailers, multi-tenanted retailbuildings, banks, gas stations, office buildings as well as “big box”retailers. West Nyack Road and College Avenue are secondarycommercial thoroughfares. West Nyack Road in the vicinity of thesubject property is improved with St. Anthony’s Church and Schooland becomes industrial to the east. College Avenue in the vicinityof the subject property is improved with a converted residenceand a side entrance to a shopping center.
Access to the subject neighborhood is provided by the New YorkState Thruway (I-87) with full service access ramps located ¼ mileto the north and the Palisades Interstate Parkway located ¼ mileto the east. These two roadways are major thoroughfares thatprovide either direct or by connection, access to all points in thecounty and the surrounding areas. Additionally, Route 59 and
Route 304 provide easy access to all points east, west, north andsouth of the subject. Bus service is available on Route 59.
850 Bronx River Road
Bronxville, NY 10708
All information furnished herein is from sources deemed reliable. No warranty or representation is made to the accuracy thereof and it is submitted subject to errors, omissions and/or changes without notice. www.RoyalPropertiesInc.com
Jeff Kintzer914-237-3400 - Ext. 103
David Landes914-237-3400 - Ext. 104
w w w . R o y a l P r o p e r t i e s I n c . c o m
ROCKLAND CENTER43 EAST ROUTE 59
NANUET, NY
RTL NANUET
SPRING VALLEY
MARKETPLACE
ROCKLAND PLAZA
SITE
ROCKLAND CENTER
58-80 EAST ROUTE 59
NANUET, NEW YORKLOCATION
AERIAL
850 Bronx River Road
Bronxville, NY 10708
All information furnished herein is from sources deemed reliable. No warranty or representation is made to the accuracy thereof and it is submitted subject to errors, omissions and/or changes without notice. www.RoyalPropertiesInc.com
Jeff Kintzer914-237-3400 - Ext. 103
David Landes914-237-3400 - Ext. 104
SHOPS AT NANUET
58-80 EAST ROUTE 59
NANUET, NEW YORK
DEMOGRAPHICS
850 Bronx River Road
Bronxville, NY 10708
All information furnished herein is from sources deemed reliable. No warranty or representation is made to the accuracy thereof and it is submitted subject to errors, omissions and/or changes without notice. www.RoyalPropertiesInc.com
Jeff Kintzer914-237-3400 - Ext. 103
David Landes914-237-3400 - Ext. 104
58 - 80 NY-59 1 mi radius
3 mi radius
5 mi radiusNanuet, NY 10954
PO
PU
LATI
ON
2020 Estimated Population 0 T 8,954 102,397 243,444
2025 Projected Population 0 T 9,079 103,712 247,027
2010 Census Population 0 T 8,698 97,038 228,495
2000 Census Population 0 T 8,260 88,232 208,055
Projected Annual Growth 2020 to 2025 - 0.3% 0.3% 0.3%
Historical Annual Growth 2000 to 2020 - 0.4% 0.8% 0.9%
2020 Median Age 42.1 36.1 35.1
HO
USEH
OLD
S 2020 Estimated Households 0 T 3,470 32,193 75,229
2025 Projected Households 0 T 3,535 32,666 76,437
2010 Census Households 0 T 3,306 30,466 70,547
2000 Census Households 0 T 3,086 28,301 65,740
Projected Annual Growth 2020 to 2025 - 0.4% 0.3% 0.3%
Historical Annual Growth 2000 to 2020 - 0.6% 0.7% 0.7%
RA
CE A
ND
ETH
NIC
ITY
2020 Estimated White - 72.2% 59.9% 71.0%
2020 Estimated Black or African American - 8.4% 21.7% 14.3%
2020 Estimated Asian or Pacific Islander - 13.4% 7.6% 7.3%
2020 Estimated American Indian or Native Alaskan - 0.2% 0.3% 0.2%
2020 Estimated Other Races - 5.8% 10.5% 7.2%
2020 Estimated Hispanic - 13.0% 19.2% 14.2%
INC
OM
E
2020 Estimated Average Household Income $0 T $135,758 $129,180 $137,587
2020 Estimated Median Household Income $0 T $108,923 $95,565 $101,287
2020 Estimated Per Capita Income $0 T $52,775 $40,723 $42,670
ED
UC
ATI
ON
(AG
E 2
5+
)
2020 Estimated Elementary (Grade Level 0 to 8) - 3.3% 6.5% 4.7%
2020 Estimated Some High School (Grade Level 9 to 11) - 4.6% 7.0% 6.6%
2020 Estimated High School Graduate - 17.4% 22.5% 22.0%
2020 Estimated Some College - 16.0% 16.8% 15.9%
2020 Estimated Associates Degree Only - 8.5% 8.5% 7.3%
2020 Estimated Bachelors Degree Only - 30.0% 22.0% 23.9%
2020 Estimated Graduate Degree - 20.2% 16.7% 19.6%
BU
SIN
ESS
2020 Estimated Total Businesses 0 T 979 4,553 10,881
2020 Estimated Total Employees 0 T 9,064 41,145 103,267
2020 Estimated Employee Population per Business - 9.3 9.0 9.5
2020 Estimated Residential Population per Business - 9.1 22.5 22.4
58-80 EAST ROUTE 59
NANUET, NEW YORK
Royal Properties, Inc. is a full service brokerage and consulting company
providing real estate solutions for landlords and retailers throughout New
York, New Jersey and Connecticut. Through constant market analysis,
current trend awareness and in-depth communication with our clients, our
management team has successfully completed numerous sales/lease
transactions resulting in millions of dollars in sales, savings and profits for our
clients. The Royal Properties management team has years of diversified
experience in retail/office leasing, shopping center ownership, property
management and actual hands-on retail store ownership.
Our 3 Areas of Expertise Are:
• Investment Sales
• Landlord Representation
• Tenant Representation
Over the years, we have successfully assisted landlords and retailers in the
evaluation of new markets and to assist in the development of strategic
plans for market entry/expansion. With our entrepreneurial spirit, we have
the ability to respond quickly and efficiently to our customers’ needs. Our
leasing strategy continually evolves as new and exciting ideas reach the
marketplace. Our success has been the direct result of team effort and
attention to detail. We understand the importance of each and every
transaction we are involved with and therefore, act with persistence,
dedication, patience and confidence. Our key objective is to provide high-
quality real estate services to help our clients achieve their short and long-
term goals.
ABOUT US
850 Bronx River Road
Bronxville, NY 10708
All information furnished herein is from sources deemed reliable. No warranty or representation is made to the accuracy thereof and it is submitted subject to errors, omissions and/or changes without notice. www.RoyalPropertiesInc.com
Jeff Kintzer914-237-3400 - Ext. 103
David Landes914-237-3400 - Ext. 104