12723 merrick package

OFFERING MEMORANDUM

JAMAICA, NY

CONFIDENTIALITY AND DISCLAIMER

The information contained in the following Marketing Brochure is proprietary and strictly

confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap

and should not be made available to any other person or entity without the written consent of

Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified

information to prospective purchasers, and to establish only a preliminary level of interest in the

subject property. The information contained herein is not a substitute for a thorough due

diligence investigation. Marcus & Millichap has not made any investigation, and makes no

warranty or representation, with respect to the income or expenses for the subject property, the

future projected financial performance of the property, the size and square footage of the property

and improvements, the presence or absence of contaminating substances, PCB's or asbestos,

the compliance with State and Federal regulations, the physical condition of the improvements

thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or

intentions to continue its occupancy of the subject property. The information contained in this

Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus

& Millichap has not verified, and will not verify, any of the information contained herein, nor has

Marcus & Millichap conducted any investigation regarding these matters and makes no warranty

or representation whatsoever regarding the accuracy or completeness of the information

provided. All potential buyers must take appropriate measures to verify all of the information set

forth herein.

JAMAICA, NY

Section 1 PRICING AND FINANCIAL ANALYSIS

Section 2 PROPERTY DESCRIPTION

Section 3 DEMOGRAPHIC ANALYSIS

TABLE OF CONTENTS

JAMAICA, NY

JAMAICA, NY

PRICING AND FINANCIAL ANALYSIS

Price $5,200,000

Down Payment 100% $5,200,000

Price per Square Foot (GLA) $392.45

Gross Leasable Area (GLA) 13,250

Year Built/Renovated 1937 / 2009

Lot Size 200x73

Parking None

VITAL DATA

CAP Rate - Current 6.96%

Net Operating Income - Current $361,990

Total Return - Current 6.96% / $361,990

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Major Tenants


Tenant Name

127 Merrick PlazaJAMAICA, NY

Major Employers

CompanyLocal

Employees

M T A Long Island Rail Road 6,730

Jamaica Hospital Medical Ctr 3,053

Medisys Family Care 3,000

St Johns University New York 2,995

City of New York 2,224

Queens College 2,005

New York City Board Education 1,821

Nyc Police Department 1,729

US Post Office 1,528

Allen Health Care Services 1,500

VIP Health Care Services Inc 1,500

New York Racing Assoc Inc 1,400

Demographics

This information has been secured from sources we believe to be reliable, but we make no representations or warranties,expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer mustverify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a servicemark of Marcus & Millichap Real Estate Investment Services of New York, Inc. © 2013 Marcus & Millichap

1-Mile 3-Miles 5-Miles

2012 Population 62,173 478,202 1,084,096

2017 Population 64,191 493,277 1,117,441

2012 Households 21,687 146,486 355,527

2017 Households 22,307 150,717 365,994

Median HH Income $58,866 $62,045 $65,875

Per Capita Income $25,555 $23,919 $27,914

HH Average Income $72,687 $77,045 $84,242

OFFERING SUMMARY

2

PRICING AND FINANCIAL ANALYSIS127 Merrick PlazaJAMAICA, NY

Existing FinancingLoan Amount $2,600,000

Loan Type Assumption

Interest Rate 5.000%

Amortization 25

Due Date 2022

Lender Name Signature Bank


FINANCING

3

PRICING AND FINANCIAL ANALYSIS127 Merrick PlazaJAMAICA, NY


RENT SUMMARY

4

127-23 Merrick Blvd

Jamaica, NY 11434

Price $5,200,000

Down Payment 100% $5,200,000

Gross Leasable Area (GLA) 13,250

Price/SF $392.45

CAP Rate - Current 6.96%

Lot Size 200x73

Year Built /Renovated 1937/2009


Annualized Operating Data


Income CurrentBase Rent

Occupied Space $398,736

Gross Potential Rent $398,736

Expense Reimbursements $38,729

Gross Potential Income $437,465

Effective Gross Income $437,465

Total Expenses $75,475

Net Operating Income $361,990

Total Return 6.96% / $361,990

Location


ExpensesReal Estate Taxes $67,475

Insurance $8,000

TOTAL EXPENSES $75,475

EXPENSES/SF $5.70

FINANCIAL OVERVIEW

JAMAICA, NY

PROPERTY DESCRIPTION

The subject property is a one story retail shopping strip located on Merrick Blvd and between Selover Road and Anderson Road in Springfield Gardens Queens.The building is built 200x62 sitting on a 200x73 lot, containing 13 retail stores.

This 127 Merrick plaza went through a gut renovation in year 2009 with new roof, new store front and new store interior.The property is 100% occupied with most double net tenants, the owner is only responsible for less than 50% of real estate taxes and insurance.

Investment Highlights

■ 13 Store Taxpyaer with 200' Frantage

■ 100 Occupancy

■ More Than 28,000 Car Traffic/Day on Merrick Blvd.

■ Property Gut Renovated in 2009

■ NN Net Leases

■ 13,250 Square Feet

■ Additional 17,550 SF Air Rights

■ 7 Cap at List

6

PROPERTY DESCRIPTION127 Merrick PlazaJAMAICA, NY


INVESTMENT OVERVIEW

The Offering

Property 127 Merrick Plaza

Property Address 127-23 Merrick Blvd

Jamaica, NY 11434

Site Description

Year Built/Renovated 1937 / 2009

Gross Leasable Area (GLA) 13,250 SF

Lot Size 200x73

Type of Ownership Fee Simple

Parking None

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PROPERTY SUMMARY

8



PROPERTY PHOTOS

9



AREA MAPS

Local Map Regional Map

10This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information.References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is aservice mark of Marcus & Millichap Real Estate Investment Services of New York, Inc. © 2013 Marcus & Millichap

PROPERTY DESCRIPTION

AERIAL PHOTO


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AERIAL PHOTO

JAMAICA, NY

DEMOGRAPHIC ANALYSIS

1 Mile 3 Miles 5 Miles

1990 Population 55,136 423,887 947,164

2000 Population 61,168 478,225 1,067,957

2010 Population 61,263 471,409 1,069,065

2012 Population 62,173 478,202 1,084,096

2017 Population 64,191 493,277 1,117,441

1990 Households 18,782 129,685 325,421

2000 Households 21,589 146,991 355,729

2010 Households 21,445 144,809 351,262

2012 Households 21,687 146,486 355,527

2017 Households 22,307 150,717 365,994

2012 Average Household Size 2.84 3.22 3.01

2012 Daytime Population 7,421 100,792 244,732

1990 Median Housing Value $145,785 $159,530 $182,664

2000 Median Housing Value $167,829 $178,868 $198,541

2000 Owner Occupied Housing Units 51.52% 56.85% 56.94%

2000 Renter Occupied Housing Units 44.20% 37.83% 38.87%

2000 Vacant 4.28% 5.32% 4.19%



2012 Vacant 5.63% 5.68% 4.89%



2017 Vacant 3.87% 3.94% 3.14%

$ 0 - $14,999 9.8% 9.1% 8.3%

$ 15,000 - $24,999 9.0% 8.5% 8.2%

$ 25,000 - $34,999 9.6% 9.4% 8.8%

$ 35,000 - $49,999 14.3% 12.8% 12.3%

$ 50,000 - $74,999 21.0% 19.8% 18.7%

$ 75,000 - $99,999 15.5% 14.4% 14.2%

$100,000 - $124,999 8.6% 10.2% 10.4%

$125,000 - $149,999 4.9% 6.2% 6.9%

$150,000 - $199,999 2.5% 3.8% 4.6%

$200,000 - $249,999 0.7% 1.3% 1.7%

$250,000 + 4.1% 4.6% 6.0%

2012 Median Household Income $58,866 $62,045 $65,875

2012 Per Capita Income $25,555 $23,919 $27,914

2012 Average Household Income $72,687 $77,045 $84,242

Demographic data © 2010 by Experian/Applied Geographic Solutions.

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DEMOGRAPHIC ANALYSIS127 Merrick PlazaJAMAICA, NY


DEMOGRAPHIC REPORT

Geography: 5 Miles

Population

In 2012, the population in your selected geography was 1,084,096 . The population has changed by 1.51% since 2000. It is estimatedthat the population in your area will be 1,117,441 five years from now, which represents a change of 3.07% from the current year. Thecurrent population is 47.5% male and 52.4% female. The median age of the population in your area is 38.4 , compare this to the U.S.average which is 36.9. The population density in your area is 13,780.45 people per square mile.

HouseholdsThere are currently 355,527 households in your selected geography. The number of households has changed by -0.05% since 2000. Itis estimated that the number of households in your area will be 365,994 five years from now, which represents a change of 2.94% fromthe current year. The average household size in your area is 3.00 persons.

Income

In 2012, the median household income for your selected geography is $65,875 , compare this to the U.S. average which is currently$53,620. The median household income for your area has changed by 29.71% since 2000. It is estimated that the median householdincome in your area will be $75,308 five years from now, which represents a change of 14.31% from the current year.

The current year per capita income in your area is $27,914 , compare this to the U.S. average, which is $28,713. The current yearaverage household income in your area is $84,242 , compare this to the U.S. average which is $73,458.

Race & EthnicityThe current year racial makeup of your selected area is as follows: 32.64% White, 33.65% African American, 1.04% Native Americanand 12.48% Asian/Pacific Islander. Compare these to U.S. averages which are: 72.40% White, 12.60% African American, 0.95%Native American and 4.93% Asian/Pacific Islander.

People of Hispanic origin are counted independently of race. People of Hispanic origin make up 19.82% of the current year populationin your selected area. Compare this to the U.S. average of 16.90%.

HousingThe median housing value in your area was $198,541 in 2000, compare this to the U.S. average of $110,796 for the same year. In2000, there were 211,420 owner occupied housing units in your area and there were 144,314 renter occupied housing units in yourarea. The median rent at the time was $733 .

Employment

In 2012, there are 244,732 employees in your selected area, this is also known as the daytime population. The 2000 Census revealedthat 63.4% of employees are employed in white-collar occupations in this geography, and 36.5% are employed in blue-collaroccupations. In 2012, unemployment in this area is 8.18% . In 2000, the median time traveled to work was 41.5 minutes.


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SUMMARY REPORT

Number of people living in a given area per square mile.


15



POPULATION DENSITY

The number of people employed in a given area per square mile.


16



EMPLOYMENT DENSITY

Average income of all the people 15 years and older occupying a single housing unit.


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AVERAGE HOUSEHOLD INCOME

JAMAICA, NY

127 Merrick Plaza

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12723 merrick package

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