INVESTMENT SALES OPPORTUNITY OFFERING MEMORANDUM

72 SCHOOL STREET Glen Cove, NY GLEN COVE, NY OFFERING MEMORANDUM

EXECUTIVE SUMMARY PROPERTY SUMMARY

THE OFFERING 72 School Street is a detached 3-story mixed-use building with two 72 School Street Property Address Glen Cove, NY ground floor retail spaces, two second floor office spaces and two apartments (one 1-bedroom/1-bathroom unit and one 2-bedroom/1- Section 23 bathroom duplex). The property also has a barn in the back with Block 53 three separately metered garages and second-floor storage space. Lot 26 Price $1,220,000 The building is currently fully occupied with 5 tenants on month- NOI $85,506 to-month leases. Gold Coast Deli signed a new 5-year lease in Cap Rate 7.0% November 2020. All of the tenants have been in the building for Price Per SF $188 several years. One-year leases or estoppels can be delivered with

1-year leases at purchaser’s request. BUILDING INFORMATION Stories 3 All units are separately metered for gas heat and electric, and Gross Square Footage 6,478 (approx.) tenants are responsible for paying their own gas and electric directly. The ground floor retail tenants are also on separate water Residential Units 2 meters and responsible for snow removal and trash removal. The Commercial Units 4 landlord is responsible for common area electric and the water/ Zoning B-1 sewer charges for the office and apartment spaces. Lot Dimensions 60 FT x 109 FT (approx.) Lot Size 6,826 The property is located on the east side of School Street between Total Taxes $36,484 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. | 2 | GLEN COVE, NY OFFERING MEMORANDUM

EXECUTIVE SUMMARY

Barn and Garage space

| 3 | GLEN COVE, NY OFFERING MEMORANDUM

AERIAL MAP

 GLEN COVE GOLF CAMPS  THE CREEK CLUB Long Island Sound

 LOCUST VALLEY H.S.

HOTEL

WELWYNE  PRESERVE LOCUST VALLEY ELEMENTARY SCHOOL  GLEN COVE H.S. LOCUST VALLEY

 EUGUNE GRIBBIN ELEMENTARY SCHOOL

 LEGEND YACHT SENIOR LIVING & BEACH CLUB LOCUST VALLEY

 ROBERT M. FINLEY FOREST AVE MIDDLE SCHOOL  PORTLEDGE SCHOOL  NASSAU COUNTRY CLUB 72 SCHOOL STREET GLEN COVE  GLEN COVE VILLAGE SQUARE  FRIENDS ACADEMY YACHT CLUB 146 FUTURE  LANDING RESIDENCES GLEN ST GLEN COVE ELEMENTARY SCHOOL

GLEN COVE FERRY

CEDAR SWAMP RD

 HEMPSTEAD JOHN MACCARONE GLEN STREET  PIPING ROCK CLUB HARBOR CLUB  CONNOLLY BASEBALL FIELDS  COLES SCHOOL RALLYE SCHOOL

 GLEN COVE MARINA GARVIES POINT 1,110 FUTURE RESIDENCES

RETAIL, PARKS & MANHATTAN FERRY

GLEN COVE AVE AVE COVE COVE GLEN GLEN

 SEA CLIFF SEACLIFF YACHT CLUB

 ST. HYACINTH SCHOOL

Hempstead Bay SEACLIFF  GLEN HEAD C.C.  CEDAR BROOK GOLF & TENNIS CLUB  BROOKSIDE C.C. N

| 4 | GLEN COVE, NY OFFERING MEMORANDUM

NEIGHBORHOOD MAP

72 SCHOOL STREET Iglezia de Dios

American Cafe HIGHLAND ROAD

PULASKI STREET

GLY  PARKING GARAGE Star Nails 553 SPACES Stevenson  Printing 10,000 VPD 23,000 VPD PARKING GARAGE

520 SPACES

MINNOWASKO.COM

PHONE 609.397.9009 PHONE

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08530

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I LAMBERTVILLE, NEW JERSEY JERSEY NEW LAMBERTVILLE,

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80 LAMBERT LANE, SUITE 105 SUITE LANE, LAMBERT 80 NASSAU COUNTY, NY COUNTY, NASSAU

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11-21-17CONSTRUCTION SET 50% DOCUMENTS

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P No. Date RXR REALTY HERB49 HILL RD. GLEN COVE, NY 11542 516-945-3739

PRINCIPAL IN PRINCIPAL IN CHARGE PROJECT TEAM CHECKED BY SHEET DESCRIPTION PLAN RETAIL FLOOR FIRST ISSUED FOR: 14-0723-08 PROJECT NUMBER SHEET NUMBER COPYRIGHT © MINNO & WASKO ARCHITECTS AND PLANNERS SANG-YEE RUMMLER SB NHP, DJG

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8 0" - 39' / 112

39' - 0" - 39' 1 111 14' 14'

OFFICE 2

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CLG. HEIGHT HEIGHT CLG. 1 7 CLG. HEIGHT

PROFESSIONAL " 8 RESIDENTIAL / 7

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UNITS ABOVE 4" - 42' 114

RETAIL 13' - 10 3/8" 10 - 13' TRASH RM TRASH

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1 9" 1/8" 2 - 29' 0" - - 108 9" 38' - 3" - 38' 107 - 14' 39' - 0" - 39' 14' EL3-1 38' - 3" - 38' ELEV. 3 14' RETAIL D RETAIL RETAIL E1 CLG. HEIGHT CLG.HEIGHT 23' - 10 3/8" 10 - 23' CLG.HEIGHT 25' - 10 3/8" 10 - 25'

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17' - 11 3/8" 11 - 17' - 23' - 6 1/2" 6 - 23' 7/8" 5 - 38' " 1/2" 9 - 32' 8

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7 14' HALLWAY 0 3/8" 5 - 23'

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City Hall 0" - 39' - 0" - 39' 106 14' LOBBY CLG. HEIGHT RESIDENTIAL Attorney Law

LOBBY Charles of Glen Cove

RESIDENTIAL RESIDENTIAL Village

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Dental EL2-1 ELEV. 2 Square Deli Stationary ST3-1 STAIR 3 STAIR EL1-1 ELEV. 1 Tokyo GLEN STREET

Deli Studio 12

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- ' ' 0 9 4 2 6" - 105 38' - 6" - 38' 14' RETAIL C RETAIL Sushi CLG.HEIGHT " /8 7 0 - ' 6 2 9" - 37' - 3" - 37'

104 15' 18' - 4 3/8" 4 - 18'

RETAIL B2 RETAIL

CLG. HEIGHT

47' - 0 1/4" 0 - 47' 3/4" 1 - 47' 4" - 18' 9" - 103 15' RETAIL B1 RETAIL CLG. HEIGHT HEIGHT CLG. 7,000 VPD 44' - 6" - 44' 46' - 7 5/8" 7 - 46' 37' - 3" - 37' Henry’s 59' - 0" - 59' 0" - 102 34' - 0" - 34' 19' RETAIL A2 CLG. HEIGHT

118 Casabella BLDG Furniture MAINTENANCE SHOP/STORAGE HALLWAY

37' - 6" - 37' Fine Art RESIDENTIAL Center 116 RETAIL TRASH RM TRASH UNITS ABOVE 8" - 48' Academy of F&F Design 0" - Villagio 101 19' 34' - 0" - 34' RETAIL A1 CLG. HEIGHT ST1-1

STAIR - 1 STAIR 28' - 11" - 28' Bakery FIRST FLOOR RETAIL PLAN RETAIL FLOOR FIRST 1'-0" = 3/32" SCALE:

Tanning Spa Paradise 01 Glennn Optics  ±65 SPACES 

BRIDGE STREET BRIDGE 

±104 SPACES

 POLICE DEPT. 111 UNITS/4 STORIES  LIBRARY  POST OFFICE 21,000 VPD BREWSTER STREET

GLEN COVE AVENUE 367 UNITS/4 STORIES N  FIRE DEPT.

| 5 | GLEN COVE, NY OFFERING MEMORANDUM

LONG ISLAND RAIL ROAD MAP

B r i d g Cross Sound Ferry e p o (Orient Point, LI- r t

& New London, Conn)

P Greenport o r t North Ferry Co. J e (Greenport-Shelter Island) ff e r s o n Southold South Ferry Co. S Long Island Rail Road t (North Haven- e a Shelter Island) Montauk n d m u s S o h ip n d C a o l . Key 72I s SCHOOL Mattituck g Amagansett o n STREET East Hampton Full Time rail station L Peconic Port Jefferson Accessible station Bay Bridgehampton Part Time rail station Stony Brook Riverhead PORT JEFFERSON BRANCH Southampton Major Transit Hub Kings Park St. James Hampton Bays Locust Valley Northport MONTAUK BRANCH © 2017 Metropolitan Transportation Authority GLEN COVE FERRY Oyster Bay SUFFOLK Glen Cove Greenlawn Smithtown Westhampton OYSTER BAY BRANCH Glen Street Huntington Speonk Port Sea Cliff RONKONKOMA BRANCH Yaphank PORT WASHINGTON BRANCH Washington Cold Spring Harbor Glen Head Medford Manhasset Syosset Plandome Greenvale Ronkonkoma Mastic-Shirley THE Great Neck NA SSAU BRONX Little Neck Central Islip Douglaston Bellport Flushing–Main St Roslyn Brentwood N Mets-Willets Point Auburndale Patchogue MurrayBroadway Hill Bayside Albertson Hicksville Deer Park Great Oakdale Davis Park East Wyandanch River New HydeMerillon Pk AvMineola Sayville Ferry Co. Williston Pinelawn Woodside Floral Park Westbury Islip QUEENS Bellerose Carle Place Bethpage Farmingdale Bay Shore Sayville Ferry MANHATTAN Queens Service, Inc. Village HEMPSTEAD BRANCH Hollis Babylon Penn Hunterspoint Av Hempstead BABYLON BRANCH Station Forest Hills Blvd Fire Island Long Kew Gardens West Hempstead Lindenhurst Ferries, Inc. WEST HEMPSTEAD BRANCH Copiague Garden City Amityville Jamaica Nassau MassapequaMassapequa Park Stewart Manor Hempstead Gardens Seaford Great South Bay Island City Belmont Pk Wantagh AIR St. Albans Country Life PressLakeview Bellmore JFK TRAIN CITY TERMINAL ZONE Malverne Merrick Westwood Freeport Rosedalealley Stream RockvilleBaldwin V Centre Lynbrook n Brooklyn Gibson Centre a Locust Manor Hewlett Av e Atlantic TerminalNostrand Av East New York Laurelton E. Rockaway c Woodmere Oceanside O BROOKLYN Cedarhurst i c Lawrence n t Jamaica Island Park l a Bay Inwood Long Beach t Far Rockaway A LONG BEACH BRANCH FAR ROCKAWAY BRANCH

| 6 | GLEN COVE, NY OFFERING MEMORANDUM

AREA DEMOGRAPHICS

1 MILE 3 MILES 5 MILES

5 MILE RADIUS POPULATION 19,811 48,804 108,360

NUMBER OF 7,200 7,676 38,472 HOUSEHOLDS 3 MILE RADIUS MEDIAN HOUSEHOLD $79,031 $110,860 $131,387 INCOME

1 MILE RADIUS COLLEGE 5,164 17,292 44,365 72 SCHOOL GRADUATES 37.1% 49.8% 57.9% STREET TOTAL 1,297 2,556 5,699 BUSINESSES

TOTAL 9,723 20,048 63,028 EMPLOYEES

DAYTIME 15,612 35,123 98,435 POPULATION

| 7 | GLEN COVE, NY OFFERING MEMORANDUM

AREA DEMOGRAPHICS

5 MILE RADIUS 5 MILE RADIUS

3 MILE RADIUS 3 MILE RADIUS

1 MILE RADIUS 1 MILE RADIUS

72 SCHOOL 72 SCHOOL STREET STREET

| 8 | GLEN COVE, NY OFFERING MEMORANDUM

RENT ROLL

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

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

RENT SCHEDULE FOR GOLD COAST DELI

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

| 9 | GLEN COVE, NY OFFERING MEMORANDUM

FINANCIAL SUMMARY PROPOSED FINANCING

OPERATING STATEMENT OPEX PER SF % OF GROSS ANNUAL PROPOSED FINANCING

UTILITIES (paid directly by tenants) paid directly by tenants ASKING PRICE $1,220,000 COMMON AREA ELECTRIC $0.31 1.5% $2,000 EQUITY $427,000 WATER / SEWER (for office/apartments) $0.09 0.5% $600

LANDSCAPING / SNOW REMOVAL (retail tenants responsible) paid directly by tenants LTV 65%

REPAIRS & MAINTENANCE $0.39 1.9% $2,500 DEBT $793,000 TRASH REMOVAL (retail tenants responsible) paid directly by tenants INTEREST RATE 3.75% TOTAL REAL ESTATE TAXES $5.63 27.9% $36,484 AMORTIZATION (YEARS) 30 School Taxes $3.43 $23,013 City of Glen Cove $1.33 $8,932 PAYMENT $3,673 Nassau County $0.68 $4,539 ANNUAL DEBT SERVICE $44,070 TOTAL CAM $0.79 3.9% $5,100 NET OPERATING INCOME $85,506 INSURANCE $0.57 2.8% $3,710 CASH FLOW $41,436 TOTAL OPERATING EXPENSES $6.99 34.6% $45,294 CAP RATE 7.0% NET OPERATING INCOME $13.20 65.4% $85,506

CAPITALIZATION RATE 7.0% CASH ON CASH 9.7%

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.

| 10 | RIPCO REAL ESTATE INVESTMENT SALES ADVISORY

CONTACT EXCLUSIVE AGENTS

JON WINZELBERG 516.933.8880 [email protected]

GREG BATISTA 516.933.8880 [email protected]

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