102 VALENTINE ST Mount Vernon, NY 10550 1 NON - ENDORSEMENT and DISCLAIMER NOTICE

Market Positioning and Pricing Analysis

102 VALENTINE ST Mount Vernon, NY 10550 1 NON - ENDORSEMENT AND DISCLAIMER NOTICE

Non-Endorsements Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation's logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.

Disclaimer THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS OF VALUE AND SHOULD NOT BE CONSIDERED AN APPRAISAL. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express 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 is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. All rights reserved.

102 VALENTINE ST Mount Vernon, NY ACT ID Z0280395

2 PRESENTED BY

John Sala Licensed Real Estate Salesperson New Jersey Office Tel: (201) 742-6151 Fax: (201) 742-6110 [email protected] Licenses: NY 10401205039, NJ 1644371

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TABLE OF CONTENTS

SECTION

INVESTMENT OVERVIEW 01 Property Overview

FINANCIAL ANALYSIS 02 Rent Roll Summary Rent Roll Detail Operating Statement Notes Current Pricing User Defined Pricing Pricing Detail Proposal Price

MARKET COMPARABLES 03 Sales Comparables

MARKET OVERVIEW 04 Market Analysis

Demographic Analysis

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INVESTMENT OVERVIEW

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PROPERTY OVERVIEW

PROPERTY OVERVIEW Marcus & Millichap is pleased to offer 102 Valentine St. Mount Vernon NY. The subject corner property is a mixed-use 5,331 square footage single-tenant medical office building. With two additional one and two bedroom apartments for income. Directly across from Montefiore Mount Vernon Hospital. Serviced by public transportation ,Cross Bronx Parkway, Hutchinson River Parkway , Interstate 95 and Interstate 87.

PROPERTY OVERVIEW

▪ Tenants are below Market Rent. ▪ New first-floor Gas Boiler and AC unit. ▪ Close proximity to Public Transportation, Parkways and Interstate Highway. ▪ 30 Minutes to New York City Airports. ▪ Off-Street Parking Lot.

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REGIONAL MAP 8 102 VALENTINE ST

LOCAL MAP 9 102 VALENTINE ST

AERIAL PHOTO 10 102 VALENTINE ST

OFFICE PHOTOS 11 102 VALENTINE ST

APARTMENTS 12 102 VALENTINE ST

UTILITIES 13 102 VALENTINE ST

UTILITIES 14 102 VALENTINE ST

UTILITIES 15 102 VALENTINE ST

PARKING LOT 102 VALENTINE ST

FINANCIAL ANALYSIS

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FINANCIAL ANALYSIS RENT ROLL SUMMARY

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FINANCIAL ANALYSIS RENT ROLL DETAIL

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FINANCIAL ANALYSIS OPERATING STATEMENT

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FINANCIAL ANALYSIS PRICING DETAIL

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MARKET COMPARABLES

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SALES COMPARABLES MAP

102 VALENTINE ST (SUBJECT)

1 4545 White Plains Rd 2060-2062 Central Park 2 Ave 3 677 Gramatan Ave

SALES COMPARABLES

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SALES COMPARABLES SALES COMPARABLES SALES COMPS AVG

Average Price Per Square Foot

$200.00

$180.00 Avg. $168.75

$160.00

$140.00

$120.00

$100.00

$80.00

$60.00

$40.00

$20.00

$0.00 4545 White 2060-2062 677 Plains Rd Central Gramatan Park Ave Ave

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SALESMARKETING COMPARABLES TEAM

SALES COMPARABLES

102 VALENTINE ST 102 Valentine St, Mount Vernon, NY, 10550

rentpropertyname1 rentpropertyname1 rentpropertyname1

677 GRAMATAN AVE 4545 WHITE PLAINS RD 2060-2062 CENTRAL PARK AVE 677 Gramatan Ave, Mount Vernon, NY, 10552 4545 White Plains Rd, Bronx, NY, 10470 2060-2062 Central Park Ave, Yonkers, NY, TEXT1

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rentpropertyaddress1 rentpropertyaddress1 rentpropertyaddress1

Close Of Escrow 11/9/2017 Close Of Escrow 10/21/2016 Close Of Escrow 5/30/2017 Sales Price $550,000 Sales Price $290,000 Sales Price $455,000 Price/SF $165.31 Price/SF $161.11 Price/SF $179.84 Year Built 1988

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MARKET OVERVIEW

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MARKET OVERVIEW WESTCHESTER OVERVIEW

Westchester County is located north of New York City’s Bronx borough and is the second most populous county in mainland New York. Nearly 1 METRO HIGHLIGHTS million residents are spread over the 450-square-mile county. White Plains, the county seat, is a corporate and retail hub as well as home to WESTCHESTER BIOSCIENCE & TECHNOLOGY CENTER numerous federal and state government offices/courts. Local universities A 3 million-square-foot biotechnology complex is proposed that will include including Fordham, Pace and the College of Westchester help provide an biotech/research space, medical offices, a hotel and retail space.

educated workforce to the county’s numerous high-income employers. EMPLOYMENT DIVERSITY Westchester County is the headquarters location of more than 170 businesses and home to several Fortune 500 companies including IBM and PepsiCo Inc.

HIGH EDUCATIONAL ACHIEVEMENT More than 45 percent of residents age 25 and older have earned a bachelor’s degree, while 22 percent of these also hold a graduate degree.

ECONOMY

▪ Educational services comprise a large component of the Westchester employment. In addition to public schools, institutions of higher learning include Berkeley College, College of Westchester, Iona College, Pace University Empire State College and Sarah Lawrence College. ▪ The downtown area of White Plains features a bustling shopping district, including many New-York-based department and specialty stores and over 1,000 other small and midsize stores in four malls. ▪ The county draws regional and national business as well as international headquarters such as Nine West Group, Allegiance Financial, ITT Corp., Nokia and Heineken USA. ▪ Nonprofits based in the metro include the Leukemia & Lymphoma Society and the March of Dimes. DEMOGRAPHICS

2017 2017 2017 2017 MEDIAN POPULATION: HOUSEHOLDS: MEDIAN AGE: HOUSEHOLD INCOME: 976K 359K 40.5 $88,100 Growth Growth U.S. Median: U.S. Median: 2017-2022*: 2017-2022*: 1% 3% 37.8 $56,300

* Forecast Sources: Marcus & Millichap Research Services; BLS; Bureau of Economic Analysis; Experian; Fortune; Moody’s Analytics; U.S. Census Bureau

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MARKETINGDEMOGRAPHICS TEAM Created on May 2018

POPULATION 1 Miles 3 Miles 5 Miles HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles ▪ 2022 Projection ▪ 2017 Estimate Total Population 69,703 431,923 1,088,729 $200,000 or More 2.91% 5.83% 5.56% ▪ 2017 Estimate $150,000 - $199,000 4.43% 5.59% 4.99% Total Population 70,594 433,304 1,092,669 $100,000 - $149,000 12.18% 13.21% 12.03% ▪ 2010 Census $75,000 - $99,999 12.36% 11.60% 10.77% Total Population 68,012 411,759 1,040,275 $50,000 - $74,999 17.99% 16.92% 16.63% ▪ 2000 Census $35,000 - $49,999 13.96% 12.97% 12.97% Total Population 71,093 405,626 1,023,624 $25,000 - $34,999 10.87% 9.41% 9.31% ▪ Daytime Population $15,000 - $24,999 10.71% 9.87% 10.80% 2017 Estimate 49,079 316,881 871,049 Under $15,000 14.59% 14.62% 16.91% HOUSEHOLDS 1 Miles 3 Miles 5 Miles Average Household Income $68,122 $82,203 $77,968 ▪ 2022 Projection Median Household Income $49,854 $54,095 $49,994 Total Households 27,838 165,659 415,942 Per Capita Income $26,603 $30,994 $29,376 ▪ 2017 Estimate POPULATION PROFILE 1 Miles 3 Miles 5 Miles Total Households 27,453 162,192 407,368 ▪ Population By Age Average (Mean) Household Size 2.50 2.58 2.58 2017 Estimate Total Population 70,594 433,304 1,092,669 ▪ 2010 Census Under 20 24.25% 25.22% 25.57% Total Households 26,369 153,646 386,781 20 to 34 Years 21.88% 21.04% 21.99% ▪ 2000 Census 35 to 39 Years 7.26% 6.49% 6.67% Total Households 27,331 149,041 380,407 40 to 49 Years 14.09% 13.39% 13.10% Growth 2015-2020 1.40% 2.14% 2.10% 50 to 64 Years 19.04% 19.20% 18.58% HOUSING UNITS 1 Miles 3 Miles 5 Miles Age 65+ 13.49% 14.66% 14.09% ▪ Occupied Units Median Age 37.63 37.87 36.79 2022 Projection 27,838 165,659 415,942 ▪ Population 25+ by Education Level 2017 Estimate 29,113 167,641 419,184 2017 Estimate Population Age 25+ 48,280 292,699 732,030 Owner Occupied 9,077 66,779 137,980 Elementary (0-8) 6.00% 6.64% 8.02% Renter Occupied 18,376 95,413 269,388 Some High School (9-11) 10.57% 9.76% 10.49% Vacant 1,661 5,449 11,816 High School Graduate (12) 33.25% 29.14% 26.81% ▪ Persons In Units Some College (13-15) 18.63% 17.52% 16.98% 2017 Estimate Total Occupied Units 27,453 162,192 407,368 Associate Degree Only 7.84% 7.32% 6.78% 1 Person Units 34.44% 31.99% 31.97% Bachelors Degree Only 13.87% 16.76% 16.58% 2 Person Units 25.60% 25.90% 26.02% Graduate Degree 8.09% 11.31% 12.09% 3 Person Units 16.70% 16.73% 16.65% ▪ Population by Gender 4 Person Units 12.01% 12.91% 13.06% 2017 Estimate Total Population 70,594 433,304 1,092,669 5 Person Units 6.28% 6.97% 6.87% Male Population 45.72% 46.04% 46.85% 6+ Person Units 4.98% 5.50% 5.44% Female Population 54.28% 53.96% 53.15%

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MARKETINGDEMOGRAPHICS TEAM

Population Race and Ethnicity In 2017, the population in your selected geography is 70,594. The The current year racial makeup of your selected area is as follows: population has changed by -0.70% since 2000. It is estimated that 24.95% White, 57.61% Black, 0.08% Native American and 3.00% the population in your area will be 69,703.00 five years from now, Asian/Pacific Islander. Compare these to US averages which are: which represents a change of -1.26% from the current year. The 70.42% White, 12.85% Black, 0.19% Native American and 5.53% current population is 45.72% male and 54.28% female. The median Asian/Pacific Islander. People of Hispanic origin are counted age of the population in your area is 37.63, compare this to the US independently of race. average which is 37.83. The population density in your area is 22,432.64 people per square mile. People of Hispanic origin make up 20.83% of the current year population in your selected area. Compare this to the US average of 17.88%.

Households Housing There are currently 27,453 households in your selected geography. The median housing value in your area was $349,677 in 2017, The number of households has changed by 0.45% since 2000. It is compare this to the US average of $193,953. In 2000, there were estimated that the number of households in your area will be 27,838 8,694 owner occupied housing units in your area and there were five years from now, which represents a change of 1.40% from the 18,637 renter occupied housing units in your area. The median rent at current year. The average household size in your area is 2.50 persons. the time was $689.

Income Employment In 2017, the median household income for your selected geography is In 2017, there are 22,404 employees in your selected area, this is also $49,854, compare this to the US average which is currently $56,286. known as the daytime population. The 2000 Census revealed that The median household income for your area has changed by 27.36% 60.16% of employees are employed in white-collar occupations in since 2000. It is estimated that the median household income in your this geography, and 40.12% are employed in blue-collar occupations. area will be $53,759 five years from now, which represents a change In 2017, unemployment in this area is 6.88%. In 2000, the average of 7.83% from the current year. time traveled to work was 36.00 minutes.

The current year per capita income in your area is $26,603, compare this to the US average, which is $30,982. The current year average household income in your area is $68,122, compare this to the US average which is $81,217.

28 PRESENTED BY

John Sala Licensed Real Estate Salesperson New Jersey Office Tel: (201) 742-6151 Fax: (201) 742-6110 [email protected] Licenses: NY 10401205039, NJ 1644371