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Old Saybrook Center 15-19 Main St, Old Saybrook, CT 06475

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Old Saybrook Center 15-19 Main St, Old Saybrook, CT 06475 Old Saybrook Center 15-19 Main St, Old Saybrook, CT 06475 Exclusive Offering www.DoughertyTeam.com TABLE OF CONTENTS Investment Analysis..............04 Tenant Overviews.................12 Location Overview................20 Lead Investment Advisors Derrick Dougherty First Vice President Investments National Retail Group License: PA RS305854 Ph: (215) 531-7026 Mark Krantz Senior Associate National Retail Group License: NJ 1863254 License: PA RS336064 Ph: (215) 531-7056 Scott Woodard Steve Garthwaite Senior Associate Senior Associate National Retail Group National Retail Group License: PA RS329242 License: PA RS332182 Nick Geaneotes Pavan Koneru Associate Associate National Retail Group National Retail Group License: PA RS350646 License: PA RS350910 Colin Reder Associate National Retail Group Broker of Record: Sean Beuche License: PA RM424190 2 OLD SAYBROOK CENTER | OLD SAYBROOK, CT DOUGHERTYTEAM.COM Elm Street Shopping Center Old Saybrook Shopping Center Units: 186 Unit Mix: 1 & 2 Beds STATION Avg. Rental Rate: $2,470 BURGER KING SUBJECT PROPERTY 15 Main St, Old Saybrook, CT Boston Post Rd (11,795 VPD) N Main St (12,592 VPD) 3 OLD SAYBROOK CENTER | OLD SAYBROOK, CT DOUGHERTYTEAM.COM Boston Post Rd (11,795 VPD) N Main St (12,592 VPD) 01 INVESTMENT ANALYSIS 4 OLD SAYBROOK CENTER | OLD SAYBROOK, CT DOUGHERTYTEAM.COM INVESTMENT OVERVIEW $ OFFERING PRICE: $3,171,730 Old Saybrook Center CAP RATE: 6.00% 15-19 Main St, % Old Saybrook, CT 06475 $ NET OPERATING INCOME: $190,304 OFFERING SUMMARY Gross Leasable Area (GLA) 7,302sf Price / SF $434.36 Lot Size 0.47 Acres Year Built / Renovated 1940 / 2016 Occupancy 100% Parking 24 Spaces + Street Parking VITAL RETURNS (RECOURSE) Current Net Operating Income $190,304 Annual Debt Service ($114,325) Cash Flow After Debt Service (5.99%) $75,979 Principal Reduction $48,491 Total Return (9.81%) $124,470 PROPOSED NEW FINANCING - PARTIAL/FULL RECOURSE MAJOR TENANTS Equity (40%) $1,268,692 Tenant GLA Lease Start Lease Expire Locations Loan to Value (60%) $1,903,038 Berkshire Hathaway 2,470 May-17 June-22 1,400± Interest Rate 3.50% Ben & Jerry's 1,982 January-17 December-26 615± Amortization 25 Years Starbucks 1,500 February-06 February-26 31,256± Term 10 Years Debt Service Coverage Ratio 1.66 LOCAL EMPLOYERS *Loan information is subject to change. Contact your Marcus & Millichap Capital Corporation representative. Rank Employer Name Industry DEMOGRAPHIC SUMMARY 1 Gladeview Health Care & Rehabilitation Healthcare 3-Mile 5-Miles 10-Miles 2 Old Saybrook Chamber of Commerce Business/Professional Services 2020 Population 14,738 26,708 77,876 3 Charles Schwab Financial & Mortgage Services 2020 Households 6,313 11,487 32,052 4 Old Saybrook Historical Society Attractions/Tourism Average Household Income $109,609 $117,344 $113,940 5 OLD SAYBROOK CENTER | OLD SAYBROOK, CT DOUGHERTYTEAM.COM RENT ROLL Start End Current Increase Increase Tenant Name SF GLA % Annual $ $/SF Options Lease Type Date Date $/SF Date Amount Original Building Starbucks 1,500 20.54% Feb-06 Feb-26 $72,000 $48.00 Mar-21 $77,760 $51.84 Four, (5) Year Options NNN Ben & Jerry's 1,982 27.14% Jan-17 Dec-26 $33,694 $17.00 May-21 $39,640 $20.00 Two, (5) Year Options NNN May-21 $8,541 $17.72 Tina Perma-Beauty Spa 482 6.60% May-19 Apr-24 $8,315 $17.25 May-22 $8,772 $18.20 One, (5) Year Option NNN May-23 $9,004 $18.68 Berkshire Hathaway 2,470 33.83% May-17 Jun-22 $59,848 $24.23 Jun-21 $61,344 $24.84 One, (5) Year Option NNN Antenna Verizon Cell Tower - - Feb-16 Dec-25 $24,000 - - - - Three, (5) Year Options - Part of Sale Chamber of Commerce 868 11.89% Nov-04 Nov-2104 $1 - - - - - Ground Lease Totals: 7,302 100% $197,857 *Entirety of Tenant Roster remained up-to-date on Rent Payments during COVID Pandemic 7,302sf Fully Occupied 100% Triple Net TOTAL LEASABLE AREA TOTAL OCCUPIED TRIPLE NET LEASES 6 OLD SAYBROOK CENTER | OLD SAYBROOK, CT DOUGHERTYTEAM.COM INCOME AND EXPENSES INCOME PSF Underwriting Notes: Base Rent (1) $207,646 $28.44 (1) Base Rent: Is Reflective of 2021 Scheduled Income inclusive of rental increases Reimbursement Rent (2) (2) Reimbursement Rent: Analysis is Reflective of 100% NNN Reimbursements Real Estate Taxes $28,427 Insurance $8,351 (3) Vacancy Factor: Analysis uses an Underwriting Standard of 5% of Base Rent CAM $26,721 (4) Operating Expenses: Analysis is Reflective of 2019 Profit & Loss Statement Total Reimbursement $63,499 (5) Real Estate Taxes Expense: Analysis is Reflective of 2020 taxes per Public Records Gross Income $271,145 (6) Management Fee: Analysis uses an Underwriting Standard of 3% of Base Rent Vacancy Factor (5% of Base Rent)(3) ($10,382) (7) Reserves: Analysis uses an Underwriting Standard of $0.10 per Square Foot Effective Gross Income $260,762 EXPENSES (4) Reimbursable Expenses Real Estate Taxes (5) $28,427 $3.89 Property Insurance $8,351 $1.14 Common Area Maintenance Grounds Maintenance Garbage & Refuse $8,751 Site Repairs $2,504 Repairs & Maintenance Landscaping & Snow Removal $11,206 Utilities Electric $690 Water/Septic $3,570 Total CAM $26,721 $3.66 Total Reimbursable Expenses $63,499 $8.70 Non Reimbursable Expenses Management Fee (3% of Base Rent)(6) $6,229 Reserves (10 Cents Per Square Foot)(7) $730 Non - Reimbursable Expenses $6,960 $0.95 Total Expenses $70,459 $9.65 Net Operating Income $190,304 7 OLD SAYBROOK CENTER | OLD SAYBROOK, CT DOUGHERTYTEAM.COM INVESTMENT HIGHLIGHTS Trophy Location Downtown Retail Coastline Community Old Saybrook’s Main Street Vintage Charm Wealthy Submarket Real Estate Fundamentals Highlights: Four Tenant Retail Center in the Heart of Historic & Charming Old Saybrook, CT • Opportunity to acquire 7,302 square foot, 100% occupied retail center featuring the likes of Starbucks, Ben & Jerry’s, Berkshire Hathaway, and a local Beauty Spa. Highly Sought - After Walkable Downtown Retail Opportunity • The property is ideally located in the heart of Old Saybrook’s main street, which is well-known for its culture, dining, and its one off shoppes with unique boutiques. Coastal Market with Irreplaceable Positioning & Multiple Access Points • The subject property is strategically located adjacent to the signalized intersection of N. Main Street (12.5K VPD) & Boston Post Road (11.7K VPD) Staggered Lease Expirations & Predictable Cash- Flows. • Approximately 62% of the GLA is under lease through 2024 and beyond with long term existing tenancy and proven track record of performance. Tenant Mix: Well Maintained & Diverse Tenant Mix with Small Bays • The site features four service-based retailers and a Verizon cell tower with small unit sizes ranging from 482 square feet to 2,470 square feet. • Tenant Fit-Out Costs: Starbucks renovated interior 4 years ago; Ben & Jerry’s spent about $300K; Berkshire – Spent about $200K, Verizon – built own towner Starbucks – Baa1(Moody’s) – 32K Plus Locations • Starbucks is under lease through Feb. 2026 with a track record of performance with whispers of $1.5M in sales at this location. • According to Placer.Ai this is the #4 most visited Starbucks in a 30-mile radius with over 165K visitors annually. Berkshire Hathaway – AA(S&P) – 1,400 Locations • This tenant caters to the local submarket with over 30 agents selling luxury homes and only 2 hours from New York City. • Desirable place to sell real estate to buyers looking for a second home in a town recognized for unspoiled beauty and vintage charm along 17 miles of coastline. Ben & Jerry’s – National Presence - 615 Locations • Perfect family friendly use in a coastal summer town with fantastic Google reviews. • In 2001 Ben & Jerry’s was bought by ‘Unlever’ a London Based Consumer Goods Company traded on NYSTE. Tina Perm – Beauty Spa • Local nail salon with an experienced operator that offers personal service. 8 OLD SAYBROOK CENTER | OLD SAYBROOK, CT DOUGHERTYTEAM.COM INVESTMENT HIGHLIGHTS Location Highlights: Trophy Location - Shoreline Community Recognized for its Vintage Charm • Beautiful Coastline: Over 17 miles of coastline living featuring sandy beaches, coves, and marinas. • Shopping & Dining Opportunities: Main Street is a village of one off shoppes with unique boutiques and boasts over 40 restaurants • Education System: Old Saybrook has a phenomenal school system. Old Saybrook High School graduates 120 kids annually and go to top-flight colleges. • Culture: The area features boating, kayaking, bike trails, and cultural arts at the Katherine Hepburn Center. Centrally Located between New York & Boston • About 115 Miles away from New York and 125 Miles from Boston • About 30 Miles north of New Haven & 45 miles from Hartford Access to Major Highway System & Train Station • The site is easily accessible from I-95, Route 1, and Route 9. • Old Saybrook Station is only .5 mile up the street where New York and Boston commuters can take advantage of Amtrak and Shoreline East train. Wealthy Submarket • The average household income is $117,000 within a 5mile radius. 9 OLD SAYBROOK CENTER | OLD SAYBROOK, CT DOUGHERTYTEAM.COM PROPERTY DETAILS SITE DESCRIPTION Gross Leasable Area 7,302 sf Year Built / Renovated 1940 / 2016 Parking 24 Spaces + Street Parking Topography Flat Zoning Commercial (B-1) PARCELS 0.47 7,302 24 PARKING ACRES SQUARE FEET SPACES Number of Tax Parcels 1 Parcel Number(s) OSAY-000037-000051 CONSTRUCTION HVAC Type of Foundation Concrete Slab – on - Grade Type of Units One- 3 Ton; One- 5 Ton, Two- 7.5 Ton Exterior Insulation and Framing RTU Two- 7.5 Ton Finish System(EIFS) Materials Number of HVAC Units 4 units & Verizon Owned Stack UTILITIES Age of HVAC Units Good Condition Water Supply Connecticut Water PARKING LOT Electric Evesource Parking Lot Type Asphalt Pavement Sewer / Septic Septic System Gas Yankee Gas ACCESS The Property has access points along Boston Post Road and N.
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