4373-4401 austin blvd

4373-4401 AUSTIN BLVD9 Tenant Shopping Center W/ 28 Parking SpacesLOCATED IN ISLAND PARK, LONG ISLAND

4373-4401 AUSTIN BOULEVARD // 2CUSHMAN & WAKEFIELD

• Strong Retail Corridor along the gateway to Long Beach

• Located two blocks from the Long Island Railroad

RETAIL MAP

4373-4401 AUSTIN BOULEVARD - PROPERTY OVERVIEW

TAX MAP

Situated in Island Park, 4373-4401 Austin Boulevard is a corner shopping center with nine units anchored by a nursery, A&T Garden Center, supplying the affluent, residential neighborhood. The shopping center hosts a variety of local stores and 28 free parking spaces. Austin Boulevard is one of two main roads leading directly south over the Long Beach Bridge to The City of Long Beach. Additionally, the Island Park LIRR station is just two blocks away servicing both East and Westbound commuters with trains every 20-30 minutes depending on peak hours.

PROPERTY DESCRIPTION

HIGHLIGHTS

4401Austin Blvd.

(Garden Center)

4373 Austin Blvd.

Austin Boulevard

Traymo

re Bo

ulevard

Broadway

4373-4401 AUSTIN BLVD


ASKING PRICE: $4,190,000

PROPERTY FEATURES

Location The subject property is located on the southeast corner of Austin Boulevard & Traymore Boulevard.

Lot Size 37,026 sq ft (approx.)

Building SF 8,601

Number Of Tenants 9

FINANCIAL SUMMARY

Effective Gross Annual Revenue $393,691

Less Expenses: ($132,105)

Net Operating Income: $261,586

Capitalization Rate 6.24%

REAL ESTATE TAX

4373 Austin Boulevard 4385-4401 Austin Boulevard

Taxes (19/20): $14,255 $69,643

4373-4401 AUSTIN BOULEVARD - PROPERTY FEATURES


4373-4401 AUSTIN BOULEVARD - COMMERCIAL REVENUE

ADDRESS TENANT LEASE START LEASE END OPTIONS RENT INCREASES NET SF RPSF MONTHLY RENT

4373 Garden Center Jun-95 May-25 100% of CPI 1,500 $42.22 $5,277

4385 A&T Florist Jul-18 Jun-23 5 Years 3.5% 1,250 $29.81 $3,105

4387 Panda House Sep-96 Sep-25 5 Years 4.0% 1,000 $44.63 $3,719

4389 Vacant 850 $3,050

4391 Park Nail Aug-00 Jul-20 5 Years 5.0% 850 $43.17 $3,058

4393 LockSmith Feb-19 Jan-24 4.0% 800 $30.00 $2,000

4395 AC Laundry Oct-00 Nov-23 5 Years 4.0% 1,000 $44.88 $3,740

4397 Treat Your Pet Oct-18 Sep-28 4.0% 1,200 $19.10 $1,910

4401 Madeline's Hair Jun-02 May-22 $50 / Year 600 $42.00 $2,100

7,030

Gross Monthly Commercial Rent: $27,959

Gross Annual Commercial Rent: $335,507

Average Rent Per Unit: $3,107

Average Rent Per Net Square Foot: $37.07


4373-4401 AUSTIN BOULEVARD - REIMBURSEMENTS

ADDRESS TENANT TAX REIMB. 2019 TOTAL INSURANCE REIMB. 2019 TOTAL CAM REIMB. TOTAL REIMB.

4373 Garden Center 100% Above Base Year 90/91 $14,255 - - - $14,255

4385 A&T Florist 15% Above Base Year 17/18 - - - - -

4387 Panda House 14% $9,750 - - - $9,750

4389 Vacant - - - - - -

4391 Park Nail 10% Above Base Year 99/00 $4,721 10% Above Base

Year 00/01 - - $4,721

4393 Lock Smith 10% Above Base Year 14/15 $1,052 - - $1,020 $2,072

4395 AC Laundry 15% $10,447 - - $720 $11,167

4397 Treat Your Pet 18% $12,536 10% $1,267 - $13,803

4401 Madeline's Hair 9% Above Base Year 02/03 $2,416 - - - $2,416

$55,176 $1,267 $1,740 $58,183


4373-4401 AUSTIN BOULEVARD - EXPENSES & INVESTMENT VALUE

RESIDENTIAL REVENUE

Gross Annual Residential Revenue $243,914

Vacancy Allowance @ 3% of Gross Annual Income ($7,317)

Effective Gross Annual Revenue $236,597

EXPENSES (ESTIMATED) CW PROJECTED

Taxes 2018 / 2019 Actual $83,898

Water/Sewer Actual $1,194

Insurance Actual $12,668

Fuel (Gas) Tenant Pays -

Common Electric Actual $786

Repairs & Maintenance @ $500 / Month $6,000

Total Expenses: $104,546

Effective Gross Annual Residential Revenue $366,132

Less Expenses: 29% ($104,546)

Net Operating Income: $261,586

COMBINED REVENUE

Gross Annual Commercial Revenue $335,507

Annual Reimbursement $58,183

Gross Annual Commercial Revenue $393,691

Vacancy Allowance @ 7% of Gross Annual Revenue ($27,558)

Effective Gross Annual Commercial Revenue $366,132

TRANSPORTATION MAP

ISLAND PARK

55min to Penn Station via

Cushman & Wakefield Copyright 2019. 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.

For more information contact:

Jonathan Squires(212) 660 [email protected]

Michael Fioravanti(212) 589 [email protected]

Josh Neustadter(212) 660 [email protected]

Addison Berniker(212) 841 [email protected]

Shayne Soltan(212) 660 [email protected]

Stephen Preuss(718) 512 [email protected]

Kevin Schmitz(718) 512 [email protected]

Kevin Louie(718) 512 [email protected]

Andreas Efthymiou(718) 512 [email protected]

4373-4401 austin blvd

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