OFFERING MEMORANDUM
BEST MARKET | RETAIL
HAKIMICAPITALReal Estate Investments
3350 Hillside Ave, New Hyde Park, NY 11040
best market retail
confidentiality agreement
CONTACT US
Director of AcquisitionsO +1 516 926 3325F +1 516 708 9682C +1 646 481 [email protected]
STEVEN KOUTSANTONIS
This Offering Memorandum contains select information pertaining to the business and affairs of the property located at 3350 Hillside Ave, New Hyde Park, NY 11040 (“Property”). It has been prepared by Hakimi Capital. This Offering Memorandum may not be all-inclusive or contain all of the information a prospective purchaser may desire. The information contained in this Offering Memorandum is confidential and furnished solely for the purpose of a review by a prospective purchaser of the Property. It is not to be used for any other purpose or made available to any other person without the written consent of Hakimi Capital. The material is based in part upon information supplied by the Seller and in part upon financial information obtained from sources it deems reliable. Hakimi Capital, nor their officers, employees, or agents makes any representation or warranty, express or implied, as to the accuracy or completeness of this Offering Memorandum or any of its contents and no legal liability is assumed or shall be implied with respect thereto. Prospective purchasers should make their own projections and form their own conclusions without reliance upon the material contained herein and conduct their own due diligence.
By acknowledging your receipt of this Offering Memorandum for the Property, you agree:
1. The Offering Memorandum and its contents are confidential;2. You will hold it and treat it in the strictest of confidence; and3. You will not, directly or indirectly, disclose or permit anyone else to disclose this Offering Memorandum or its contents in any fashion or manner detrimental to the interest of the Seller.
Hakimi Capital expressly reserve the right, at their sole discretion, to reject any and all expressions of interest or offers to purchase the Property and to terminate discussions with any person or entity reviewing this Offering Memorandum or making an offer to purchase the Property unless and until a written agreement for the purchase and sale of the Property has been fully executed and delivered.
If you wish not to pursue negotiations leading to the acquisition of the Property or in the future you discontinue such negotiations, then you agree to purge all materials relating to this Property including this OfferingMemorandum.
A prospective purchaser’s sole and exclusive rights with respect to this prospective transaction, the Property, or information provided herein or in connection with the sale of the Property shall be limited to those expressly provided in an executed Purchase Agreement and shall be subject to the terms thereof. In no event shall a prospective purchaser have any other claims against Seller or any of their affiliates or any of their respective officers, Directors, shareholders, owners, employees, or agents for any damages, liability, or causes of action relating to this solicitation process or the marketing or sale of the Property.
This Offering Memorandum shall not be deemed to represent the state of affairs of the Property or constitute an indication that there has been no change in the state of affairs of the Property since the date this Offering Memorandum.
HAKIMICAPITALReal Estate Investments
propertyoverviewHakimi Capital is proud to present as an exclusive advisor to the owner, Best Market in New Hyde Park, New York. This 18,500 square foot supermarket is 100 percent occupied, with Best Market Grocer leased until May 31st 2031. Best Market rent has 10% increases every 5 years. Renovated in 2011 this is 1 of 30 Best Market locations and one of the better performing in the area. Located on Hillside Avenue, traffic counts are just below 30,000 vehicles per day.
In addition to the Best Market rental income, therevalue add income that will be provided by AT&T communication cell tower. Lease excuted rent pending permitting.
Priced to sell, this is a great opportunity to own a fee simple, single tenant, freestanding, NNN property with limited landlrord responsi-bility in a New York Market.
propertyoverviewProperty Address:
County:
Block Lot:
Gross Leasable Area:
Lot Size:
Age | Renovated:
No. of Buildings/Stories:
Traffic Counts:
Occupancy:
Zoning:
Type of Ownership:
Lease Type:
Landlord Responsibilities:
Parking:
3350 Hillside Ave, New Hyde Park, NY 11040
Nassau County
Sec. 9 | Block: 514 | Lot: 33,39 & 41
18,500Sq. Ft.
1.23 AC | 53,645 Sq. Ft.
1985 | 2011
One
Hillside Avenue.: 29,090 VPD
100%
Commercial
Fee Simple
NNN
Roof & Structure
57 Spaces | 1 : 325 Sq. Ft.
financial overview
Cap Rate: 4.78%
Price:
GOI:
Expenses:
In Place NOI:
$9,500,000
$632,388
$177,888
$454,500
construction overview
Construction
Foundation:
Framing:
Exterior:
Parking Surfaces:
HVAC:
Roof:
Topography:
Concrete Slab
Steel
Masonry
Asphalt
Roof Mounted
Flat Roof
Level
HAKIMI CAPITALOFFERING MEMORANDUM
NEW HYDE PARK, NYBEST MARKET RETAIL
rent roll
4.78%CAP RATE
$9,500,000
Suite ID
1
Cell Tower
Tenant Name
Best Yet Market
AT&T
Total:
Category
Inspections
RE Taxes
Insurance
Total:
Amounts
$190
$174,434
$3,264
$177,888
Lease Start
6/1/11
6/1/21
6/1/26
-
100%
Lease End
5/31/31
5/31/26
5/31/31
-
18,500
-
18,500
GLA Monthly Rent
$34,375
$37,813
$41,594
$3,500
$37,875
Annual PSF
$22.30
$24.53
$26.98
Annual Recovery
$177,888
$177,888
Lease Type
NNN
Pending
Annual Total
$590,388
$42,000
$632,388
Yearly Rent
$412,500
$453,750
$499,125
$42,000
$454,500
expenses financial overviewBase Rent
CAM Recovery
RE Tax Recovery
Insurance Recovery
Total:
Projected NOI:
Actual NOI:
Price:
CAP Rate:
$454,500
$190
$174,434
$3,264
$632,388
$454,500
$412,500
$9,500,000
4.78%
HAKIMI CAPITALOFFERING MEMORANDUM
NEW HYDE PARK, NYBEST MARKET RETAIL
NOTE: AT&T Reserves the right to lease cell tower space. Lease Executed, rent will commence upon permitting.
investment highlights
100% leased to Best Market with 18,500 GLA and 12+ Years Left On Lease.
Additional income from AT&T Cell Tower.
High tra�c area - over 29,090 vehicles per day on Hillside Avenue
Half-Mile from Northern State Parkway.
202’ Frontage along Hillside Avenue retail corridor.
Population of 9,854 immediate area and 1.361 Million in Nassau County.
HAKIMI CAPITALOFFERING MEMORANDUM
NEW HYDE PARK, NYBEST MARKET RETAIL
Best Market
Best Market is a private, family-owned company. It grew from a small fruit and vegetable stand operated by Ben Raitses, the father of the current owners. The business expanded into a storefront produce store and, later into the first Produce Warehouse in 1994. A family-owned, regional chain of supermarkets with 28 stores in New York, Connecticut, and New Jersey. The company is headquartered in Bethpage, New York, and has been owned by the Raitses family since its first store opened in 1994.
Best Market focuses on fresh foods, especially produce, meat, seafood, deli, dairy, and bakery items, as well as traditional grocery store items. Its offerings also include large selections of craft beer and wood smoked barbecue in some stores.
Best Market offers its customers the quality, convenience and variety of a full-service fresh food store at a tremendous value. Our Team Members take pride in exceptional service born in the spirit and tradition of Ben’s daily cross-Borough treks to stock only the very best. That dedication to customers keeps three generations of the Raitses family, at Best Market focused on becoming your neighborhood’s first choice!
Customers at Best Market are devoted for good reason: Best Market promises uncompromising quality and devotion to value. There is no loyalty program: nobody has to carry a card or belong to a club to get a deal. (And what deals!) Prices are affordable in every store, fair and square. Best Market serves its communities well, reaching more and more customers every year and ensuring the convenience of a friendly neighborhood market grows ever-closer.
At Best Market, customers can trust that each store’s quick pace and rapid replenishment of products mean everything is always fresh—daily deliveries of top quality products are sourced across the world and locally. When a customer wants an item, managers will order it, and if the community needs help, Best Market does all it can. No matter what a customer needs, Best Market will provide an unparalleled level of service.
Team Members at Best Market enjoy the camaraderie and openness that comes from steady family ownership. Team Members never hear the word “employee” coming from Headquarters. It’s not a gimmick or a ploy: the week of a big opening, when a store is busy, and whenever duty calls, HQ team members and owners can be found sweeping, bagging fresh- baked bread, and stocking shelves. Best Market is a team, plain and simple.
Best Market prides itself on its values: family, affordability, freshness, and community. As new stores open every year, Best Market brings those values to more and more customers. From trendy and exotic new items to local and sustainable fresh foods, Best Market is every neighborhood’s first choice.
Best Market
Tenant
Ownership
Years in Business
Number of Locations
Headquarters
Website
Best Market
Private
1994
30
Bethpage, New York
www.bestmarket.com
tenant overview
HAKIMI CAPITALOFFERING MEMORANDUM
NEW HYDE PARK, NYBEST MARKET RETAIL
HAKIMI CAPITALOFFERING MEMORANDUM
NEW HYDE PARK, NYBEST MARKET RETAIL
HAKIMI CAPITALOFFERING MEMORANDUM
NEW HYDE PARK, NYBEST MARKET RETAIL
areal view
HAKIMI CAPITALOFFERING MEMORANDUM
NEW HYDE PARK, NYBEST MARKET RETAIL
building elevation
HAKIMI CAPITALOFFERING MEMORANDUM
NEW HYDE PARK, NYBEST MARKET RETAIL
HAKIMI CAPITALOFFERING MEMORANDUM
NEW HYDE PARK, NYBEST MARKET RETAIL
HAKIMI CAPITALOFFERING MEMORANDUM
NEW HYDE PARK, NYBEST MARKET RETAIL
demographic report
3350 Hillside Ave, New Hyde Park, NY 11040
CONTACT US
Director of AcquisitionsO +1 516 926 3325F +1 516 708 9682C +1 646 481 [email protected]
STEVEN KOUTSANTONIS
HAKIMICAPITALReal Estate Investments
BEST MARKET
best market retail