the cottages at fall creek crossing · offering includes full site plan, construction bid and...

THE COTTAGES AT FALL CREEK CROSSING994 DRYDEN RD. , ITHACA, NY 14850

SCOTT [email protected]

Warren Real Estate // 830 Hanshaw Road, Ithaca, NY 14850 // 607.257.0666 // warrenhomes.com

Confidential Offering Memorandum October 09, 2019



PROPERTY INFORMATION 3

LOCATION INFORMATION 8

ADVISOR BIOS 13

All materials and information received or derived from Warren Real Estate its directors, officers, agents,advisors, affiliates and/or any third party sources are provided without representation or warranty as tocompleteness , veracity, or accuracy, condition of the property, compliance or lack of compliance withapplicable governmental requirements, developability or suitability, financial performance of the property,projected financial performance of the property for any party’s intended use or any and all other matters.

Neither Warren Real Estate its directors, officers, agents, advisors, or affiliates makes any representationor warranty, express or implied, as to accuracy or completeness of the any materials or informationprovided, derived, or received. Materials and information from any source, whether written or verbal, thatmay be furnished for review are not a substitute for a party’s active conduct of its own due diligence todetermine these and other matters of significance to such party. Warren Real Estate will not investigate orverify any such matters or conduct due diligence for a party unless otherwise agreed in writing.

EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE.

Any party contemplating or under contract or in escrow for a transaction is urged to verify all informationand to conduct their own inspections and investigations including through appropriate third partyindependent professionals selected by such party. All financial data should be verified by the partyincluding by obtaining and reading applicable documents and reports and consulting appropriateindependent professionals. Warren Real Estate makes no warranties and/or representations regarding theveracity, completeness, or relevance of any financial data or assumptions. Warren Real Estate does notserve as a financial advisor to any party regarding any proposed transaction. All data and assumptionsregarding financial performance, including that used for financial modeling purposes, may differ fromactual data or performance. Any estimates of market rents and/or projected rents that may be provided toa party do not necessarily mean that rents can be established at or increased to that level. Parties mustevaluate any applicable contractual and governmental limitations as well as market conditions,vacancyfactors and other issues in order to determine rents from or for the property.

Legal questions should be discussed by the party with an attorney. Tax questions should be discussed bythe party with a certified public accountant or tax attorney. Title questions should be discussed by theparty with a title officer or attorney. Questions regarding the condition of the property and whether theproperty complies with applicable governmental requirements should be discussed by the party withappropriate engineers, architects, contractors, other consultants and governmental agencies. Allproperties and services are marketed by Warren Real Estate in compliance with all applicable fair housingand equal opportunity laws.

TABLE OF CONTENTSTHE COTTAGES AT FALL CREEK CROSSING // 994 DRYDEN RD. , ITHACA, NY 14850


CONTENTS CONFIDENTIALITY & DISCLAIMER

1



PROPERTY INFORMATION




OFFERING SUMMARYSale Price: $1,250,000

Number Of Units: 15

Cap Rate: 26.24%

NOI: $328,050

Lot Size: 4.05 Acres

Building Size: 15,500 SF

Zoning: Residential

Market: Ithaca Housing

Submarket: Ithaca Student Housing

Price / SF: $80.65

PROPERTY OVERVIEWWarren Real Estate is pleased to offer this shovel ready premium developmentopportunity in Ithaca, NY. Final site plan approval received, subdivision filingcompleted and site municipal infrastructure installed (storm water system, publicwater and sewer). Offering includes full site plan, construction bid and permitdrawings ready for submittal. Includes adjacent parcel zoned for 16 additionalunits (8 duplexes) included in sale. Housing demand in Ithaca remains strong andno other development offers individual single family homes for rent. 15beautifully designed 2 and 3 bedroom homes on individual parcels in thislocation affords you a tremendous development opportunity. Financial packetand plans available with signed NDA.

PROPERTY HIGHLIGHTS• Shovel Ready site.

• 1.7 Miles from Cornell University.

• 15, 2 and 3 bedroom homes.

• A unique development in the Ithaca market.

• Adjacent parcel included in sale and zoned for 16 additional units (8duplexes).

EXECUTIVE SUMMARYTHE COTTAGES AT FALL CREEK CROSSING // 994 DRYDEN RD. , ITHACA, NY 14850




PROPERTY DESCRIPTIONWarren Real Estate is pleased to offer this shovel ready premiumdevelopment opportunity in Ithaca, NY. Final site plan approvalreceived, subdivision filing completed and site municipalinfrastructure installed (storm water system, public water andsewer). Offering includes full site plan, construction bid andpermit drawings ready for submittal. Includes adjacent parcelzoned for 16 additional units (8 duplexes) included in sale.Housing demand in Ithaca remains strong and no otherdevelopment offers individual single family homes for rent. 15beautifully designed 2 and 3 bedroom homes on individualparcels in this location affords you a tremendous developmentopportunity. Financial packet and plans available with signedNDA.

LOCATION DESCRIPTIONGreat strategic location. On Dryden Rd. 1.7 Miles to CornellVeterinary School. Graduate Students in the Veterinary School aregiven a pager and if it goes off they have only 15 minutes toreport to the School. This limits the areas that they can live. Thislocation is perfect. In very close procimity to Cornell.

PROPERTY DESCRIPTIONTHE COTTAGES AT FALL CREEK CROSSING // 994 DRYDEN RD. , ITHACA, NY 14850




LOCATION INFORMATION

Building Name The Cottages at Fall CreekCrossing

Street Address 994 Dryden Rd.City, State, Zip Ithaca, NY 14850County TompkinsMarket Ithaca HousingSub-market Ithaca Student HousingSignal Intersection No

BUILDING INFORMATIONNOI $328,050.00Cap Rate 26.24Free Standing No

PROPERTY HIGHLIGHTS• Shovel Ready site.

• 1.7 Miles from Cornell University.

• 15, 2 and 3 bedroom homes.

• A unique development in the Ithaca market.

• Adjacent parcel included in sale and zoned for 16 additionalunits (8 duplexes).

COMPLETE HIGHLIGHTSTHE COTTAGES AT FALL CREEK CROSSING // 994 DRYDEN RD. , ITHACA, NY 14850




ADDITIONAL PHOTOSTHE COTTAGES AT FALL CREEK CROSSING // 994 DRYDEN RD. , ITHACA, NY 14850


2



LOCATION INFORMATION




REGIONAL MAPTHE COTTAGES AT FALL CREEK CROSSING // 994 DRYDEN RD. , ITHACA, NY 14850


Ithaca, NY



LOCATION MAPSTHE COTTAGES AT FALL CREEK CROSSING // 994 DRYDEN RD. , ITHACA, NY 14850




AERIAL MAPSTHE COTTAGES AT FALL CREEK CROSSING // 994 DRYDEN RD. , ITHACA, NY 14850




POPULATION 1 MILE 5 MILES 10 MILESTotal Population 1,309 57,539 101,347Median age 29.8 27.8 31.5Median age (Male) 29.9 27.2 30.8Median age (Female) 29.9 28.6 32.7

HOUSEHOLDS & INCOME 1 MILE 5 MILES 10 MILESTotal households 320 19,582 37,883# of persons per HH 4.1 2.9 2.7Average HH income $81,577 $65,233 $66,593Average house value $211,282 $202,556 $199,218* Demographic data derived from 2010 US Census

DEMOGRAPHICS MAP & REPORTTHE COTTAGES AT FALL CREEK CROSSING // 994 DRYDEN RD. , ITHACA, NY 14850


3



ADVISOR BIOS




SCOTT [email protected]: 607.621.0439

PROFESSIONAL BACKGROUNDScott began a financial services career in 1986. He has held a variety of Sales and Marketing positionsincluding: Agent, District Manager, Regional Sales Director responsible for 5 States to a CorporateExecutive with Columbian Mutual Life Insurance Company. He then, with his 2 partners, built a NationalMarketing Organization which operated in all 50 States and had over 7,000 Agents.Since he sold his share of the Marketing Organization Scott became a full time Commercial Realtor. He isa multi-million dollar a year producer. He has earned a Certificate in Commercial Real Estate fromCornell University’s SC Johnson School of Business. Scott is also working towards his CCIM designationand has completed coursework in: User Decision Analysis, Market Analysis, Construction cost estimatingand scheduling, 1031 tax deferred exchange, Financial Analysis, Negotiations, Creating Reliablevaluations, Financial modeling for Real Estate Development and Construction Management and ProjectDelivery.Scott has closed Hotels, Banks, Churches, Multi Use Properties, Strip plaza’s, Multi-Family Properties andmulti-million dollar development projects. Scott is one of the most active Realtors in the Upstate Investment market.

EDUCATIONBachelor of Science, Industrial Engineering - State University of New York at Binghamton 1985.

MEMBERSHIPSCCIMNYSCAR

WARREN REAL ESTATE830 Hanshaw Road

Ithaca, NY 14850607.257.0666

ADVISOR BIO 1THE COTTAGES AT FALL CREEK CROSSING // 994 DRYDEN RD. , ITHACA, NY 14850


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