Wow! Seller Financing 10% ROI LichtensteinRE Retained as Exclusive Broker to Sell Congers Colonial Plaza Shopping Center in Congers, NY
LichtensteinRE has been retained on an exclusive basis to sell Congers Colonial Plaza Shopping Center located at 285 North Route 303 in Congers, Rockland County, New York, 10920. The asking price was $7,000,000 but the price has been reduced dramatically by 17%. The seller is ready to sell for $5,830,000 All Cash. If a buyer is highly qualified ready to close in under 30 days as is unconditionally, the seller will provide something that every real estate buyer dreams about; Low rate, high leverage seller financing. With $1,330,000 down seller can hold $4,500,000 private money first mortgage at 4.5% interest only, giving a buyer $131,705/year Proforma NOIADS which is a 10% Proforma Initial Starting Return on Investment. This translates into a whopping 23% return on equity when factoring in depreciation tax benefits.
This well maintained and highly trafficked brick shopping center was recently built in 1997, contains 15 Retail Stores ranging from 1,200 to 11,000 square feet, plus 9 interior enclosed garage/warehouse/storage spaces with 6.5’ overhead doors in the rear of building consisting of 1,250+/- and 2,500+/- square foot units. The garages are fully occupied. The retail stores are occupied by 14 tenants. 1 retail space is currently vacant.
The retail spaces represent 40,811 Square Feet of Usable Rentable Square Feet divided into 29,561 square feet of stores and 10,800 square feet of garage/warehouse/storage spaces. The lot size is 121,968 Square Feet = 2.8 Acres.
Located on a very desirable busy Route 303, where about 12,000 cars pass daily, the shopping center benefits from great roadway visibility. The property is right near the intersection of Routes 303 and 9W and has direct access to Palisades Parkway, Route 304, Route 9W and the New York State Thruway. These retail stores are actively visited by the 27,000+ people living within a three mile radius and almost 100,000 people living within a five mile radius of the property. Adding to its value, the shopping center is located in a wealthy Congers with an estimated Median Household Income of $105,273. Finally, the property is the only shopping center located among numerous residential communities, large office and industrial buildings, guaranteeing success for the restaurants and takeout food establishments in this shopping, as they provide food for the workers and residents.
“This shopping center is a unique opportunity for a savvy investor who can capitalize on all the above market conditions, as there is a real need for shopping at this valuable location. The winning buyer should take advantage of the well to do demographics and the lack of retail competition. This represents a great opportunity for a buyer to enjoy immediate high return on investment plus for a buyer who can manage this center more efficiently the upside potential is great,” said Andrew Lichtenstein, the property exclusive seller’s broker.”
The Proforma Gross Annual Income at closing (Including vacant stores) is $610,284. The Operating Expenses are $224,564 and the NOI Net Operating Income after underwriting 5% vacancy and Collection Loss is $335,205. 2020 projected NOI is $437,488. The cap rate is 5.75% but the projected cap rate for 2020 is 7.5%.
As an additional incentive, the seller had offered to lease back the 11,000 SF space previously occupied by Tutor Time Child Care for $13,750 per month for 6 months after closing. This $82,500 will give the buyer a time head start toward buyer’s effort to re-rent this space after closing. Tutor Time Child previously paid $17,000/month but they just vacated July 2016.
“This could be a great opportunity for a user or landlord who can bring in a school, daycare or after school program looking for a first class fully built out well maintained space,” Andrew says.
Congers is a suburban town only 19 miles north of New York City’s boundary and only 43 minutes by car drive from Manhattan. It is located in Rockland County in the municipality and school districts of Clarkstown. 90.6% of Congers habitants have graduated high school or higher and the Median Housing Value is $443,900.
The property is being marketed exclusively by Andrew Lichtenstein, Inc. LichtensteinRE has been actively selling multifamily and commercial real estate for its clients in and around New York City, including a recent $6,000,000 sale of a multifamily property in nearby Haverstraw, NY.
LichtensteinRE specializes in the exclusive sales of multifamily and mixed use commercial real estate properties in New York City’s 5 boroughs. LichtensteinRE is a full service Commercial Real Estate Sales, Financing and Advisory Service Boutique based in New York City, the financial capital of the world. LichtensteinRE’s proven experience, track record, financing ability, exclusive buyers and connections with tens of thousands of property owners assures their selling clients the best possible price when a landlord owner wants to sell their property.
DoctorMortgage, which is LichtensteinRE’s financing division, has been a leader in commercial real estate mortgage debt financing since 1991. DoctorMortgage is able to negotiate and facilitate financing to deliver the best price, leverage and return on investment possible.
LichtensteinRE’s greatest ability is creativity and problem solving. After selling the owner’s property, LichtensteinRE has assisted successful sellers in locating replacement 1031 tax deferred exchanges and in some cases has more than doubled the seller’s net income post-closing. To learn more contact Andrew Lichtenstein at (800) 242-9888 or AL@LichtensteinRE.com