established diner investment opportunity or retail ... · michelle’s 110 diner is a 4029 sf...
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Established Diner Investment Opportunity or Retail DevelopmentSite756 N Broadway, Amityville, NY, 117012205Michelle's Diner is well located directly across the street from the Grey Barn Development and ready for a new operator.
Five Point Real Estate35 Pinelawn Road
Suite 214E Mellville, NY 11747
631-683-8003 www.fivepointre.com
DisclaimerThe information herein does not constitute an offer, representation, or warranty, and Five Point Real Estate of NY LLC cannot and does not guarantee the completeness or accuracy of any information contained herein. Prospective purchasers should independently verify all information pertainingto the subject property; and may do so through, among other sources, available public records from the applicable municipality.
Presented By:Five Point Real Estate
35 Pinelawn Road Suite 214E
Mellville, NY 11747 631-683-8003
www.fivepointre.com
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Table of Contents
About Us
Investment Description
Property Characteristics
Financial Information
Aerial Overview
DisclaimerThe information herein does not constitute an offer, representation, or warranty, and Five Point Real Estate of NY LLC cannot and does not guarantee the completeness or accuracy of any information contained herein. Prospective purchasers should independently verify all information pertainingto the subject property; and may do so through, among other sources, available public records from the applicable municipality.
ABOUT USFive Point Real Estate is a leading commercial real estate firm located in Melville, New York focused on the sale and management of income producingproperties. Concentrated in Long Island’s Nassau and Suffolk counties, the firm specializes in selling all asset classes including multifamily apartmentbuildings, retail strip centers, retail grocery anchored shopping centers, net leased investments, medical office buildings, multitenant office buildings,special use properties such as sports facilities and land and development deals.
In addition to the brokerage and sale of investment properties, Five Point Real Estate’s core services include Property Management, Portfolio and individualproperty evaluations and opinions of value, and 1031 Exchange guidance and advisory services. Using state of the art web based technologies, Five Pointoffers value add services allowing local and out of state owners of properties located in Nassau and Suffolk counties to collect revenues stress and hasslefree. If you are interested in our Property Management services, please email us at [email protected].
Five Point Real Estate’s Principals have guided dozens of clients through the complete life-cycle of a 1031 exchange including initial tax benefits of aproposed sale, corporate entity and structure review in advance of disposition, client engagement for the sale of the asset, and then replacement propertyidentification and acquisition. Five Point Real Estate’s deep network of professional colleagues include legal, accounting and qualified intermediary supportrequired to effectively and successfully navigate the complexities of a 1031 tax free exchange. For more information, please email [email protected].
Corey Gluckstal | Managing [email protected]
631-683-8003 ext. 102 516-660-0423 cell
Guy Canzoneri | Managing [email protected]
631-683-8003 ext. 101 516-607-7722 cell
Dylan [email protected]
631-683-8003 ext. 10 516-808-3138
Jerry [email protected]
631-683-8003 ext. 110 516-590-6692
Tyler [email protected]
631-683-8003 ext. 107 516-547-0427
Tyler [email protected]
631-683-8003 631-655-7959
DisclaimerThe information herein does not constitute an offer, representation, or warranty, and Five Point Real Estate of NY LLC cannot and does not guarantee the completeness or accuracy of any information contained herein. Prospective purchasers should independently verify all information pertainingto the subject property; and may do so through, among other sources, available public records from the applicable municipality.
PricingAsking Price - $ 1,700,000
NOI - $ 141,015Cap. Rate - 8.30 %
Investment Summary
Michelle’s 110 Diner is a 4029 sf restaurant currently being operated as a successful diner. The buildingsits on a half-acre parcel on the N/W/C of N. Broadway (aka RT 110) and Lindy Ave. With the owner readyto retire, we are seeking an experienced operator to take over.
Currently zoned for a restaurant use allowing a drive thru, there is an opportunity for a developer to reposition this property while the current diner operator continues doing business allowing time whileapprovals are being sought after for a single tenant drive thru restaurant or different concept.
The numbers in the lease overview are a representation of potential rent that could be established based onmarket rent for a restaurant use. The building will be delivered vacant.
Property Characteristics
BuildingSF 4029 SF
Lot Size 0.5 AC
YearBuilt 1958
Frontage 120 on Broadway
Parking 40
Taxes $ 48,448.67
Parcel ID 0100-164-00-01-00-006-000
Trade Area
This property is located across from the new Grey Barn development which is currently in Phase Two ofconstruction. In addition this site is in line with McDonald's, Taco Bell, Checkers and KFC further proving thestrength of this location.
DisclaimerThe information herein does not constitute an offer, representation, or warranty, and Five Point Real Estate of NY LLC cannot and does not guarantee the completeness or accuracy of any information contained herein. Prospective purchasers should independently verify all information pertainingto the subject property; and may do so through, among other sources, available public records from the applicable municipality.
Lease Overview
Lease Summary Rent Schedule
Tenant Name Diner OperatorLease Guarantor PersonalLease Type NetRoof and Structure TenantLease Term 10Lease CommencementRent Commencement Date 01/01/19Lease Expiration Date 12/31/29Term Remaining on Lease 10Increases 3Options
Rent Period Monthly Rent Annual Rent01/01/2019 -12/31/2029 $11,751.00 $141,015.00
DisclaimerThe information herein does not constitute an offer, representation, or warranty, and Five Point Real Estate of NY LLC cannot and does not guarantee the completeness or accuracy of any information contained herein. Prospective purchasers should independently verify all information pertainingto the subject property; and may do so through, among other sources, available public records from the applicable municipality.
Aerial Photo
DisclaimerThe information herein does not constitute an offer, representation, or warranty, and Five Point Real Estate of NY LLC cannot and does not guarantee the completeness or accuracy of any information contained herein. Prospective purchasers should independently verify all information pertainingto the subject property; and may do so through, among other sources, available public records from the applicable municipality.
Property Photo
DisclaimerThe information herein does not constitute an offer, representation, or warranty, and Five Point Real Estate of NY LLC cannot and does not guarantee the completeness or accuracy of any information contained herein. Prospective purchasers should independently verify all information pertainingto the subject property; and may do so through, among other sources, available public records from the applicable municipality.
Property Survey
DisclaimerThe information herein does not constitute an offer, representation, or warranty, and Five Point Real Estate of NY LLC cannot and does not guarantee the completeness or accuracy of any information contained herein. Prospective purchasers should independently verify all information pertainingto the subject property; and may do so through, among other sources, available public records from the applicable municipality.