I N V E S T M E N T S A LE S O P P O R T U N I T Y O F F E R I N G M E M O R A N D U M

72 SCHOOL STREETGlen Cove, NY

G LE N C OV E , N YO F F E R I N G M E M O R A N D U M

| 2 |

EXECUTIVE SUMMARY

72 School Street is a detached 3-story mixed-use building with two ground floor retail spaces, two second floor office spaces and two apartments (one 1-bedroom/1-bathroom unit and one 2-bedroom/1-bathroom duplex). The property also has a barn in the back with three separately metered garages and second-floor storage space.

The building is currently fully occupied with 5 tenants on month-to-month leases. Gold Coast Deli signed a new 5-year lease in November 2020. All of the tenants have been in the building for several years. One-year leases or estoppels can be delivered with 1-year leases at purchaser’s request.

All units are separately metered for gas heat and electric, and tenants are responsible for paying their own gas and electric directly. The ground floor retail tenants are also on separate water meters and responsible for snow removal and trash removal. The landlord is responsible for common area electric and the water/sewer charges for the office and apartment spaces.

The property is located on the east side of School Street between North Lane and Highland Road in the City of Glen Cove and is on the public sewer system. The Glen Street Long Island Rail Road station is located one mile from the property.

The property is located less than 1,000 feet from the new Village Square mixed-use development, which consists of 146 luxury apartments, retail and restaurant space. The property is approximately one mile from the new Garvies Point mixed-use development, which consists of 569 condominiums, 541 rental apartments and restaurants.

PROPERTY SUMMARY

THE OFFERING

Property Address 72 School StreetGlen Cove, NY

Section 23

Block 53

Lot 26

Price $1,220,000

NOI $85,506

Cap Rate 7.0%

Price Per SF $188

BUILDING INFORMATIONStories 3

Gross Square Footage 6,478 (approx.)

Residential Units 2

Commercial Units 4

Zoning B-1

Lot Dimensions 60 FT x 109 FT (approx.)

Lot Size 6,826

Total Taxes $36,484

G LE N C OV E , N YO F F E R I N G M E M O R A N D U M

| 3 |

EXECUTIVE SUMMARY

Barn and Garage space

N

SEACLIFF

GLEN STREET

LOCUST VALLEY

GLEN COVE

GLEN STGLEN ST

CED

AR

SWA

MP R

DC

EDA

R SW

AM

P RD

GLEN

CO

VE A

VE

GLEN

CO

VE A

VE

FOREST AVE

FOREST AVE

GLEN COVE

LOCUST VALLEY

SEACLIFF

RALLYE

SENIOR LIVING

NASSAU COUNTRY CLUB

PIPING ROCK CLUB

THE CREEK CLUB GLEN COVE GOLF CAMPS

BROOKSIDE C.C. GLEN HEAD C.C. CEDAR BROOK GOLF & TENNIS CLUB

VILLAGE SQUARE 146 FUTURE RESIDENCES

GLEN COVE H.S.

FRIENDS ACADEMY

ROBERT M. FINLEY MIDDLE SCHOOL

EUGUNE GRIBBIN ELEMENTARY SCHOOL

LANDINGELEMENTARY

SCHOOL

PORTLEDGE SCHOOL

ST. HYACINTH SCHOOL

COLES SCHOOL

SEA CLIFF YACHT CLUB

GLEN COVE MARINA

JOHN MACCARONE JOHN MACCARONE BASEBALL FIELDSBASEBALL FIELDS

WELWYNE WELWYNE PRESERVEPRESERVE

HEMPSTEAD HARBOR CLUB

GLEN COVE YACHT CLUB

LEGEND YACHT & BEACH CLUB

CONNOLLY SCHOOL

LOCUST VALLEY H.S.

LOCUST VALLEY ELEMENTARY SCHOOL

Hempstead Bay

Long Island Sound

HOTEL

GARVIES POINT 1,110 FUTURE RESIDENCES

RETAIL, PARKS & MANHATTAN FERRY

72 SCHOOL STREET

GLEN COVE FERRY

G LE N C OV E , N YO F F E R I N G M E M O R A N D U M

| 4 |

AERIAL MAP

BREW

STER

STR

EET

BREW

STER

STR

EET

BRID

GE

STRE

ETBR

IDG

E ST

REET

GLEN STREETGLEN STREET

HIGHLAND ROADHIGHLAND ROADPU

LASK

I STREETPU

LASK

I STREET

GLEN COVE AVENUEGLEN COVE AVENUE

21,000 VPD21,000 VPD

7,000 VPD7,000 VPD

23,0

00 V

PD

23,0

00 V

PD

10,0

00 V

PD

10,0

00 V

PD

111

RETA

IL F

112

PRO

FESS

ION

ALO

FFIC

E

110

RETA

IL E

3

108

RETA

IL E

1

107

RETA

IL D

106

RESI

DENT

IAL

LOBB

Y

105

RETA

IL C

104

RETA

IL B

2

103

RETA

IL B

1

102

RETA

IL A

210

1RE

TAIL

A1

116

RETA

ILTR

ASH

RM

ST1

-1ST

AIR

- 1

118

BLD

GM

AIN

TENA

NCE

SHO

P/ST

OR

AGE

HAL

LWAY

ST3

-1ST

AIR

3

EL2

-1EL

EV. 2

EL1

-1EL

EV. 1

EL3

-1EL

EV. 3

HAL

LWAY

114

RETA

ILTR

ASH

RM

ST5

-1ST

AIR

5C

LG. H

EIG

HT

19'-0

"C

LG. H

EIG

HT

19'-0

"

CLG

. HE

IGH

T 15

'-9"

CLG

. HE

IGH

T 15

'-9"

CLG

. HE

IGH

T 14

'-6"

CLG

. HE

IGH

T 14

'-0"

CLG

. HE

IGH

T 14

'-0"

CLG

. HE

IGH

T 14

' -9"

CLG

. HE

IGH

T 14

'-9"

CLG

. HE

IGH

T 14

' -9"

CLG

. HE

IGH

T 14

'-0"

CLG

. HE

IGH

T 14

'-0"

55' -

7 7

/8"

28' - 2"

23' - 2 3/8"

71' -

2 1

/8"

13' - 10 3/8"

42' -

4"

17' -

11

3/8"

21' - 10 1/8"

23' -

5 3

/8"

29' - 2 1/8"

18' -

9 3

/8"

32' - 9 1/2"

23' -

10

3/8"

38' - 5 7/8"

25' -

10

3/8"

23' - 6 1/2"

39' -

0 7

/8"

26' - 5 3/4"

36' - 8"

34' - 8"

29' -

9 7/8"

40' - 11 5/8"

18' - 4 3/8"

26' -

0 7/8"

47' - 0 1/4" 47' - 1 3/4"

46' -

7 5

/8"

44' -

6"

18' - 4"

59' -

0"

48' -

8"

28' - 11"

37' - 6"

37' -

3"

37' -

3"

38' -

6"

39' -

0"

39' -

0"

38' -

3"

38' -

3"

38' -

3"

39' -

0"

39' -

0"

34' -

0"

34' -

0"

MINNOWASKO ARCHITES CTS AAER NNN DPL

PRIN

CIPA

L IN

CHA

RGE

PRO

JECT

TEA

M

CHEC

KED

BY

SHEE

T DE

SCRI

PTIO

N

ISSU

ED F

OR:

PRO

JECT

NUM

BER

SHEE

T NU

MBE

R

COPY

RIG

HT ©

MIN

NO &

WAS

KO A

RCHI

TECT

S AN

D PL

ANNE

RS

VILLAGE SQUAREGLEN COVENASSAU COUNTY, NY

RXR

REA

LTY

49 H

ERB

HIL

L R

D.

GLE

N C

OVE

, NY

1154

251

6-94

5-37

39 A2.

0114

-072

3-08

FIR

ST F

LOO

R R

ETAI

L PL

AN

DJG

NH

P, S

B

SAN

G-Y

EE R

UM

MLE

R

80 LAMBERT LANE, SUITE 105LAMBERTVILLE, NEW JERSEY 08530PHONE 609.397.9009MINNOWASKO.COM

SCAL

E: 3

/32"

= 1

'-0"

FIR

ST F

LOO

R R

ETAI

L PL

AN01

PROGRE

SS SE

T

NOT F

OR

CONSTR

UCTIO

N

No.

Date

Desc

riptio

n11

-21-

1750

% C

ONS

TRUC

TIO

N DO

CUM

ENTS

SET

RESI

DEN

TIA

L LO

BBY

N

±104 SPACES

PARKING GARAGE553 SPACES

PARKING GARAGE520 SPACES

±65 SPACES

RESIDENTIAL UNITS ABOVE

RESIDENTIALUNITS ABOVE

VillageSquare

LIBRARY POST OFFICE POLICE DEPT.

FIRE DEPT.

American CafeAmerican Cafe

Iglezia de DiosIglezia de Dios

PizzaPizza

Star NailsStar Nails

GLYGLY

TokyoTokyoSushiSushi

Hen

ry’s

Hen

ry’s

Aca

dem

y of

A

cade

my

of

Fine

Art

Fine

Art

Cas

abel

laC

asab

ella

Furn

iture

Furn

iture

F&F

Des

ign

F&F

Des

ign

Cen

ter

Cen

ter

Villa

gio

Villa

gio

Tann

ing

Spa

Tann

ing

Spa

Para

dise

Pa

radi

se

Bake

ryBa

kery

Gle

nnn

Opt

ics

Gle

nnn

Opt

ics

Inte

rcom

Tra

vel

Inte

rcom

Tra

vel

Del

iD

eli

Stud

io 12

Stud

io 12

Del

iD

eli

Stat

iona

rySt

atio

nary

Den

tal

Den

tal

Cha

rles

of

Cha

rles

of

Gle

n C

ove

Gle

n C

ove

Att

orne

y La

wA

ttor

ney

Law

Life

’s A

BC’s

Life

’s A

BC’s

City

Hal

lC

ity H

allStevenson Stevenson

PrintingPrinting

367 UNITS/4 STORIES

111 UNITS/4 STORIES

G LE N C OV E , N YO F F E R I N G M E M O R A N D U M

| 5 |

NEIGHBORHOOD MAP

72 SCHOOL STREET

G LE N C OV E , N YO F F E R I N G M E M O R A N D U M

| 6 |

LONG ISLAND RAIL ROAD MAP

AIRTRAIN

JFKCITY TERMINAL ZONE

PORT WASHINGTON BRANCH

OYSTER BAY BRANCH

HEMPSTEAD BRANCH

BABYLON BRANCH

FAR ROCKAWAY BRANCHLONG BEACH BRANCH

WEST HEMPSTEAD BRANCH

RONKONKOMA BRANCH

MONTAUK BRANCH

PORT JEFFERSON BRANCH

North Ferry Co. (Greenport-Shelter Island)

South Ferry Co. (North Haven- Shelter Island)

Sayville Ferry Service, Inc.

Davis Park Ferry Co.

Cross Sound Ferry (Orient Point, LI-New London, Conn)

Fire IslandFerries, Inc.

Bridgeport & Port Jefferson Steamship Co.

BROOKLYN

THE BRONX

QUEENS

NA SSAU

SUFFOLK

MA

NH

ATTA

N

Belmont P

kHunterspoint Av

St. Albans

Pinelawn

MedfordYaphank

Riverhead

Mattituck

Southold

Greenport

Mets-Willets Point

Locust Manor

Laurelton

Rosedale

Valley S

tream

East New

York

Kew Gard

ens

Forest H

ills

Nostrand Av

Atlantic

Terminal

Brooklyn

Long

Island City

Woodside

Broadway

Auburndale

Murray Hill

Hollis

Queens Village

Bellerose

Floral Park

New Hyde Pk

Stewart

Manor

Nassau

Blvd

Garden City

RockvilleCentre

Baldwin

Freeport

Merillon Av

Mineola

Locust Valley Northport

Bellmore

Wantagh

Massapequa

Massapequa Park

Amityville

Copiague

Lindenhurst

Babylon

Country Life

Press

Merrick

Seaford

Glen Cove

Kings Park

GreenlawnHuntington

Penn Station

Bayside

Jamaica

GibsonHewlett

WoodmereCedarhurst

Lawrence

Far RockawayInwood

Douglaston

Little Neck

Great Neck

Manhasset

Port Washington

Plandome

Oyster Bay

Glen StreetSea CliffGlen Head

Greenvale

RoslynAlbertsonEastWilliston

SyossetCold Spring Harbor

Hicksville

WestburyCarle Place Bethpage Farmingdale

Hempstead

WyandanchDeer Park

LynbrookCentre

Av E. RockawayOceanside

Island ParkLong Beach

WestwoodMalverne

LakeviewHempstead Gardens

West Hempstead

Bay ShoreIslip

GreatRiver

BrentwoodCentral Islip

Ronkonkoma

Smithtown

Oakdale

Sayville

PatchogueBellport

Mastic-Shirley

SpeonkWesthampton

Hampton Bays

Southampton

Bridgehampton

East HamptonAmagansett

Montauk

Port Jefferson

Stony Brook

St. James

Flushing–Main St

Jamaica Bay

PeconicBay

Great South Bay

L o n g I s l a n d S o u n d

A t l a n t i c O c e a n

N

Long Island Rail Road

Full Time rail station

Major Transit Hub

Part Time rail station

© 2017 Metropolitan Transportation Authority

Key

Accessible station

72 SCHOOL STREET

GLEN COVE FERRY

G LE N C OV E , N YO F F E R I N G M E M O R A N D U M

| 7 |

AREA DEMOGRAPHICS

5 MILE RADIUS

3 MILE RADIUS

1 MILE RADIUS 72 SCHOOL STREET

1 MILE 3 MILES 5 MILES

POPULATION 19,811 48,804 108,360

NUMBER OF HOUSEHOLDS 7,200 7,676 38,472

MEDIANHOUSEHOLDINCOME

$79,031 $110,860 $131,387

COLLEGE GRADUATES

5,164 37.1%

17,292 49.8%

44,365 57.9%

TOTALBUSINESSES 1,297 2,556 5,699

TOTALEMPLOYEES 9,723 20,048 63,028

DAYTIME POPULATION 15,612 35,123 98,435

G LE N C OV E , N YO F F E R I N G M E M O R A N D U M

| 8 |

AREA DEMOGRAPHICS

72 SCHOOL STREET

72 SCHOOL STREET

5 MILE RADIUS5 MILE RADIUS

3 MILE RADIUS3 MILE RADIUS

1 MILE RADIUS1 MILE RADIUS

G LE N C OV E , N YO F F E R I N G M E M O R A N D U M

| 9 |

RENT ROLL

RENT SCHEDULE FOR GOLD COAST DELI

TENANT NAME SF % OF GLA LEASE EXP MONTHLY % OF GROSS ANNUAL RENT RENT PSF LEASE TYPE NOTES

La Vicharra Peruvian Kitchen 1,234 19.05% MTM $2,900 26.6% $34,800 $28.20 Gross Restaurant

Gold Coast Deli 1,024 15.81% 10/31/2025 $2,600 23.9% $31,200 $30.47 Gross Restaurant

Office 2S 1,000 15.44% MTM $700 6.4% $8,400 $8.40 Gross Leased to Vitamin shop

Office 2N 1,200 18.52% MTM $1,000 9.2% $12,000 $10.00 Gross Leased to L&H Roofing

Apartment A 820 12.66% MTM $1,500 13.8% $18,000 $21.95 Gross 1 bedroom / 1 bathroom

Apartment B (Duplex) 1,200 18.52% MTM $1,500 13.8% $18,000 $15.00 Gross 2 bedrooms / 1 bathroom

Barn (2nd floor warehouse) MTM $200 1.8% $2,400 Gross Owner occupied - Approx 630sf

Garage 1 MTM $200 1.8% $2,400 Gross Leased to La Vicharra - Approx 245sf

Garage 2 MTM $100 0.9% $1,200 Gross Owner occupied - Approx 245sf

Garage 3 MTM $200 1.8% $2,400 Gross Leased to L&H Roofing - Approx 245sf

Total Gross Income 100% $130,800 $20.19

Total 6,478 100% $10,900 $130,800 $20.19

DATE MONTHLY ANNUAL

11/1/2020 - 10/31/2021 $2,600 $31,200

11/1/2021 - 10/31/2022 $2,650 $31,800

11/1/2022 - 10/31/2023 $2,750 $33,000

11/1/2023 - 10/31/2024 $2,850 $34,200

11/1/2024 - 10/31/2025 $2,950 $35,400

G LE N C OV E , N YO F F E R I N G M E M O R A N D U M

| 1 0 |

OPERATING STATEMENT OPEX PER SF % OF GROSS ANNUAL

UTILITIES (paid directly by tenants) paid directly by tenants

COMMON AREA ELECTRIC $0.31 1.5% $2,000

WATER / SEWER (for office/apartments) $0.09 0.5% $600

LANDSCAPING / SNOW REMOVAL (retail tenants responsible) paid directly by tenants

REPAIRS & MAINTENANCE $0.39 1.9% $2,500

TRASH REMOVAL (retail tenants responsible) paid directly by tenants

TOTAL REAL ESTATE TAXES $5.63 27.9% $36,484

School Taxes $3.43 $23,013

City of Glen Cove $1.33 $8,932

Nassau County $0.68 $4,539

TOTAL CAM $0.79 3.9% $5,100

INSURANCE $0.57 2.8% $3,710

TOTAL OPERATING EXPENSES $6.99 34.6% $45,294

NET OPERATING INCOME $13.20 65.4% $85,506

CAPITALIZATION RATE 7.0%

PROPOSED LOAN AMOUNT $793,000

LESS: DEBT SERVICE $(44,070)

NET OPERATING CASH FLOW $41,436

CASH ON CASH 9.70%

DEBT COVERAGE RATIO 1.94

The data and calculations presented herein, while not guaranteed, have been obtained from sources we believe to be reliable.

PROPOSED FINANCINGFINANCIAL SUMMARY

PROPOSED FINANCING

ASKING PRICE $1,220,000

EQUITY $427,000

LTV 65%

DEBT $793,000

INTEREST RATE 3.75%

AMORTIZATION (YEARS) 30

PAYMENT $3,673

ANNUAL DEBT SERVICE $44,070

NET OPERATING INCOME $85,506

CASH FLOW $41,436

CAP RATE 7.0%

CASH ON CASH 9.7%

This information has been secured from sources we believe to be reliable, but we make no representations as to the accuracy of the information. References to square footage are approximate. Buyer must verify the information and bears all risk for any inaccuracies.

R I P C O R E A L E S TAT EI N V E S T M E N T S A LE S A DV I S O RY

CONTACTEXCLUSIVEAGENTSJ O N W I N Z E LB E RG516.933.8880JWINZELBERG@RIPCONY.COM

G R E G B ATI S TA516.933.8880GBATISTA@RIPCONY.COM

100 JERICHO QUADRANGLE, SUITE 120, JERICHO, NY 11753 | RIPCONY.COM