12723 merrick package
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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
PRICING AND FINANCIAL ANALYSIS
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
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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
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
FINANCING
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PRICING AND FINANCIAL ANALYSIS127 Merrick PlazaJAMAICA, NY
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
RENT SUMMARY
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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
PRICING AND FINANCIAL ANALYSIS
Annualized Operating Data
127 Merrick PlazaJAMAICA, NY
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
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
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
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PROPERTY DESCRIPTION127 Merrick PlazaJAMAICA, NY
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
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 DESCRIPTION127 Merrick PlazaJAMAICA, NY
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
PROPERTY SUMMARY
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PROPERTY DESCRIPTION127 Merrick PlazaJAMAICA, NY
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
PROPERTY PHOTOS
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PROPERTY DESCRIPTION127 Merrick PlazaJAMAICA, NY
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
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
127 Merrick PlazaJAMAICA, NY
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PROPERTY DESCRIPTION127 Merrick PlazaJAMAICA, NY
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
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 Owner Occupied Housing Units 43.94% 49.56% 52.06%
2012 Renter Occupied Housing Units 50.43% 44.75% 43.05%
2012 Vacant 5.63% 5.68% 4.89%
2017 Owner Occupied Housing Units 37.53% 42.81% 45.59%
2017 Renter Occupied Housing Units 58.60% 53.25% 51.27%
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
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
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.
Demographic data © 2010 by Experian/Applied Geographic Solutions.
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DEMOGRAPHIC ANALYSIS127 Merrick PlazaJAMAICA, NY
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
SUMMARY REPORT
Number of people living in a given area per square mile.
Demographic data © 2010 by Experian/Applied Geographic Solutions.
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DEMOGRAPHIC ANALYSIS127 Merrick PlazaJAMAICA, NY
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
POPULATION DENSITY
The number of people employed in a given area per square mile.
Demographic data © 2010 by Experian/Applied Geographic Solutions.
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DEMOGRAPHIC ANALYSIS127 Merrick PlazaJAMAICA, NY
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
EMPLOYMENT DENSITY
Average income of all the people 15 years and older occupying a single housing unit.
Demographic data © 2010 by Experian/Applied Geographic Solutions.
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DEMOGRAPHIC ANALYSIS127 Merrick PlazaJAMAICA, NY
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
AVERAGE HOUSEHOLD INCOME
Two-way, average daily traffic volumes.
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DEMOGRAPHIC ANALYSIS127 Merrick PlazaJAMAICA, NY
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
Traffic Count data © 2010 by TrafficMetrix. All rights reserved.
TRAFFIC COUNTS
JAMAICA, NY
127 Merrick Plaza
OFFERING MEMORANDUM
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