PAVIA REAL ESTATE SERVICES - images1.loopnet.comimages1.loopnet.com/d2/wp1ByUOA3kRXlHPPCOMDfxBInWh0l1fh_4tHXNzAtOw/...same is submitted subject to errors, change of price, rental or

PAVIA REAL ESTATE SERVICES Commercial Real Estate Sales – Leasing – Consulting – Development - Management

All information furnished, regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made as to the accuracy thereof and

same is submitted subject to errors, change of price, rental or conditions prior sale, lease or financing or withdrawal without notice

FOR SALE 801 Lake Street, Elmira, New York

Elmira Plaza Investment Opportunity

• 50,803 +/- SF STRIP CENTER

• SITUATED ON 4.9 +/- ACRES

• LONG TERM NATIONAL TENANCY

• 248 +/- PARKING SPACES

• 100% OCCUPANCY

• OUT-PARCEL AVAILABLE

Contact: Dominic Pavia 315.736.1555 Ext. 300 [email protected]

Pavia Real Estate Services | 5 Oxford Road | New Hartford, NY 13413 | www.paviarealestate.com






Aerial











2015 Actual 2016 Actual 2017 Pro- Forma

Tenant Base Rent Base Rent Base Rent

Big Lots $ 176,235.00 $ 176,235.00 $ 176,235.00

RAC $ 41,580.00 $ 41,715.00 $ 41,715.00

DG $ 50,917.56 $ 51,860.46 $ 56,574.96

Misc $ - $ 6,855.90 $ 2,400.00

Total $ 268,732.56 $ 276,666.36 $ 276,924.96

Reimbursements

Big Lots $ 74,037.07 $ 84,325.08 $ 84,325.08

RAC $ 24,316.70 $ 26,018.59 $ 26,018.59

DG $ 24,171.95 $ 29,871.44 $ 29,871.44

Total $ 122,525.72 $ 140,215.11 $ 140,215.11

Gross Income $ 392,258.28 $ 413,025.57 $417,140.07

Expenses

Water & Sewer $ 283.40 $ 328.50 $ 328.50

Grounds CAM $ 38,205.00 $ 37,802.04 $ 37,802.04

Snow $ 12,236.40 $ 13,230.00 $ 13,230.00

Taxes $ 63,458.90 $ 79,044.64 $ 79,044.64

Insurance $ 9,902.48 $ 8,332.61 $ 8,332.61

Management $ 14,433.70 $ 14,476.55 $ 14,476.55

Accounting $ 1,000.00 $ 1,000.00 $ 1,000.00

Office $ 135.68 $ 86.90 $ 86.90

Total $ 139,655.56 $ 154,301.24 $ 154,301.24

NOI $ 252,602.72 $ 258,974.33 $262,838.83

Income and Expense






Tenant: Dollar General

Size (Sq. Ft.) 11,315 SF

Commencement Date: 11/1/2016

Expiration Date: 10/31/21

Rent: $5.00 SF NNN

Taxes: Tenant pays pro-rata share (22.27 %)

CAM: Tenant pays pro-rata share (22.27 %)

Renewal Options: No tenant options remaining

Termination Options: None

Holdover: 200 %

Lease Origination Date : 11/1/2001

Lease Abstract






Tenant: Rent A Center




Rent: $8.00 SF NNN

Taxes: Tenant pays pro-rata share

CAM: Tenant pays a 5% increase annually compounding upon the initial lease year

Renewal Options: 12/1/2021 $8.80 SF NNN


Holdover: 150%

Lease Origination Date: 12/1/2005

Lease Abstract






Tenant: Big Lots




Base Rent: 11/1/2014 $5.17 SF NNN

11/1/2019 $5.69 SF NNN

Taxes: Tenant pays pro-rata share (67.10%)

CAM: Tenant pays pro-rata share (67.10%)

Renewal Options: 2/1/2025 $6.19 SF NNN

2/1/2030 $6.69 SF NNN


Holdover: 125%

Lease Origination Date : 3/1/2001

Lease Abstract






Property Summary

Address:/Common

Name:

Elmira Plaza

801 Lake Street

Elmira, New York 14901

Tax ID: 89.11-5-2

Site Size: 4.9 +/- Acres

Gross Building Area: Approximately 550’ +/- on Washington Avenue

Approximately 542’ +/- on Lake Street

Shape/Topography: Triangular

Ingress/Egress: Washington Avenue

Lake Street

Utilities: Water, Sewer, Gas, Electric

Electric: Main Service 200 to 800 Amps, 277/480 Volts, 3 Phase

Year Built: 1976 / Renovated 2001/Renovated 2014

Foundation: Slab

Exterior Walls: Block / Masonry

Interior Walls: Sheetrock / Fire Rated Demising Walls

Roof: Flat, Built up (circa 1993)

Windows & Doors: Metal

Lighting: Fluorescent

HVAC: Individual Tenant Unites / Gas Fired

Eight—10 Ton Units--Six—8 Ton Units

Gas Fired Unit Heaters in Some Warehouse Areas

Site Improvements: Retail Building of 50,800 +/- SF surrounded by paved surface

Parking: 248 +/- spaces






Tax Map






Site Survey






About the Area

Elmira Plaza is strategically located at the corner of Lake Street and Washington Avenue which provides easy access from all population centers in Elmira and Horseheads via I-86 )17), Clemens Center Parkway, Route 14 (Lake Street), and Route 352 (Church/Water Streets). Elmira serves as the county seat for Chemung County and as the regional center for the performing art (Clemes Center and Arnot Art Museum), education (Elmira College), justice (State Supreme Court Law Library, Elmira Correctional Facility), and health (Elmira Psychiatric Center, St. Joseph’s Hospital and Arnot Ogden Medical Center with 256 beds and neonatal intensive care unit serving seven counties). The Elmira City School District offices are located nearby along with Ernie Davis Middle School, Diven Elementary School, Fassett Elementary School, Elmira Free Academy and Elmira Alternative High School. Retail in the area includes the heavily traveled Wegmans Plaza less than five minutes to the north, Weiss Markets, and Langdon Plaza, all situated north of the river: Tenant mixes for these plazas are generally complimentary to Elmira Plaza. Topes Plaza, located south of the river has a Dollar Tree, but there is no store comparable to Big Lots in the City of Elmira. Burger King is positioned on the opposite corner from Elmira Plaza and is a solidly performing store. The trade area (primarily three to five miles) is densely populated with approximately 55% to 58% owner occupied households. Population, number of households and median household income were projected to hold steady or increase between 2012 and 2017. Elmira Plaza’s current tenant mix fits well with the needs/shopping patterns of the trade area population as evidenced by solid sales.






Zoning

According to the Code Enforcement Office for the City of Elmira, the subject property is zoned Business E—

General Commercial.

Uses permitted within this district include:

• Antique or craft shops

• Commercial parking facilities

• Banks, credit unions, financial institutions, no more than 3,000 SF

• Bars, taverns, nightclubs

• Bowling alley, skating rink, billiard room or similar establishment

• Buss and railroad passenger stations

• Convenience store, less than 2,500 SF

• Hotels, motels

• Laundry, cleaning, pressing, dyeing establishments with no processing on

premises

• Motor vehicle gasoline sales

• Offices

• Printing shops

• Restaurants

• Retail stores

By Special Permit:

• Agriculture uses such as farms, greenhouses, gardens

• Bed and Breakfast

• Convenience Store with gasoline sales regardless of size

• Funeral Homes

• Motor Vehicle Sales and/or repairs

With Permitted Accessory Use:

• Outdoor Cafes

Custom Map

Source: ©2017 Esri

September 14, 2017

©2017 Esri Page 1 of 1

Documents

PAVIA REAL ESTATE SERVICES - images1.loopnet.comimages1.loopnet.com/d2/wp1ByUOA3kRXlHPPCOMDfxBInWh0l1fh_4tHXNzAtOw/...same is submitted subject to errors, change of price, rental or