PETOPIA 420 E. 14th Street New York, New York, 10009
ACTUAL PROPERTY PETOPIA | NEW YORK
ON MARKET: PETOPIA IN NEW YORK
41,000 VPD
SUBJECT PROPERTY
1 AVENUE SUBWAY STATION
E 14TH ST ACTUAL PROPERTY
INVESTMENT HIGHLIGHTS
Petopia Retail Condo on 14th Street in Manhattan, NY Commitment to Location THE MOST POPULOUS MSA IN THE NATION TENANT RECENTLY EXERCISED A 5-YEAR RENEWAL OPTION Hedge Against Inflation Low Price Point Deal for a Retail Condo in Manhattan 2% ANNUAL RENT INCREASES Adjacent to the 1st Avenue Subway Station on the L Train Route Ideally Located Along East 14th Street LEADS DIRECTLY TO AND FROM BROOKLYN MORE THAN 41,000 VEHICLES PER DAY (VPD) Pet Food Supply Industry Projected to Reach $127.1 Billion by 2027 Dense Demographics 41% GROWTH SINCE 2019 LOCATED DIRECTLY ACROSS FROM STUY-TOWN | MORE THAN 27,000 Additional Retail in the Area Includes: RESIDENTS TARGET, DOMINO’S PIZZA, CVS, USPS, TRADER JOE’S, STARBUCKS, CHECKERS AND MANY MORE 2 This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed 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. PETOPIA | NEW YORK
420 E. 14TH STREET FINANCIAL OVERVIEW NEW YORK, NEW YORK, 10009
PRICE $1,500,000
CAP RATE 5.02%
NOI $75,229
PRICE PER SQUARE FOOT $1,078.36
SUBJECT PROPERTY RENT PER SQUARE FOOT $54.08
YEAR BUILT 2006 ACTUAL PROPERTY
GROSS LEASEABLE AREA 1,391 SF ANNUALIZED OPERATING DATA BASE RENT *ANNUAL RENT MONTHLY RENT TYPE OF OWNERSHIP Fee Simple CURRENT 12/31/2020 $132,000 $11,000 1/1/2021 12/31/2021 $134,640 $11,220 LEASE GUARANTOR 420 East 14th Pet Supply Corp. 1/1/2022 12/31/2022 $137,333 $11,444 1/1/2023 12/31/2023 $140,079 $11,673 LEASE TYPE Gross 1/1/2024 12/31/2024 $142,881 $11,907 *Annual Rent Does Not Take Into Account Expenses
3 This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed 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. PETOPIA - New York
1ST AVENUE
SUBJECT PROPERTY
1 AVENUE SUBWAY STATION
41,000 VPD
E 14TH ST New York PETOPIA - 8 STREET SUBWAY STATION ASTOR PL SUBWAY STATION
UNION SQUARE PARK
14 ST/UNION SQ SUBWAY STATION
3 AVENUE SUBWAY STATION
E 14 ST/2 AV BUS STATION STUYVESANT SQUARE PARK 2ND AVE
SUBJECT PROPERTY 1 AVENUE SUBWAY STATION
1ST AVENUE
41,000 VPD
E 14TH ST PETOPIA | NEW YORK
P&L STATEMENT
Total
GLA 1,391 SF
Base Rent $134,640
Effective Gross Income $134,640
Expenses
Common Charges $20,921
Filing Fees $425
Insurance Expense $5,326
Professional Fees $2,500
Real Estate Taxes $30,239
Total Expenses $59,411
Net Operating Income $75,229 ACTUAL PROPERTY
6 This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed 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. PETOPIA | NEW YORK
LEASE SUMMARY
LEASE COMMENCEMENT DATE 1/1/2010
LEASE EXPIRATION DATE 12/31/2019
LEASE TERM 10 Years
TERM REMAINING 4+ Years
INCREASES 2% Annually
SUBJECT PROPERTY
ACTUAL PROPERTY ACTUAL PROPERTY
7 This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed 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. PETOPIA | NEW YORK
TENANT OVERVIEW
Locations in Kips Bay & the East Village, Petopia is a full-service pet shop with a wide range of supplies OVERVIEW and accessories—complemented by helpful customer service and a neighborhood ambiance. Petopia offers products to both cats and dogs. The business also offers free home delivery. TENANT Petopia OWNERSHIP Private LEASE GUARANTOR 420 East 14th Pet Supply Corp. NUMBER OF LOCATIONS 2 Units WEBSITE https://frommfamily.com/r/3897 HEADQUARTERED New York, NY
SUBJECT PROPERTY
SUBJECT PROPERTY
ACTUAL PROPERTY ACTUAL PROPERTY 8 This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed 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. PETOPIA | NEW YORK
ABOUT NEW YORK CITY
Manhattan has been described as the cultural, financial, media, and entertainment capital of the world, and the borough hosts the United Nations Headquarters. Anchored by Wall Street in the Financial District of Lower Manhattan, New York City has been called both the most economically powerful city and the leading financial center of the world, and Manhattan is home to the world’s two largest stock exchanges by total market capitalization: the New York Stock Exchange and NASDAQ. Many multinational media conglomerates are based in Manhattan, and the borough has been the setting for numerous books, films, and television shows. The East Village is a neighborhood on the East Side of Lower Manhattan in New York City. It is roughly defined as the area east of the Bowery and Third Avenue, between 14th Street on the north and Houston Street on the south. The East Village contains three subsections: Alphabet City, in reference to the single-letter-named avenues that are located to the east of First Avenue; Little Ukraine, near Second Avenue and 6th and 7th Streets; and Bowery, located around the street of the same name.
SUBJECT PROPERTY
ACTUAL PROPERTY 9 This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed 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. MANHATTAN 5-Mile
3-Mile 1-Mile PETOPIA
1-Mile 3-Mile 5-Mile 1-Mile 3-Mile 5-Mile 1-Mile 3-Mile 5-Mile
2000 Population 225,004 941,949 2,603,436 2000 Households 116,501 461,948 1,148,027 2020 Average HH Income $127,699 $138,852 $123,170
2010 Population 232,432 1,037,341 2,698,004 2010 Households 117,878 511,369 1,210,815 2020 Median HH Income $94,414 $105,848 $89,273
2020 Population 233,062 1,209,210 2,926,782 2020 Households 118,227 589,860 1,304,195 2020 Per Capita Income $64,779 $67,733 $54,885
2025 Population 231,080 1,228,926 2,943,473 2025 Households 117,237 598,719 1,310,164 BROKER HEREBY ADVISES ALL PROSPECTIVE PURCHASERS OF NET LEASED PROPERTY AS FOLLOWS:
The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Broker and should not be made available to any other person or entity without the written consent of Broker.
This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Broker has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Broker has not verified, and will not verify, any of the information contained herein, nor has Broker conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.
NON-ENDORSEMENT NOTICE
Broker 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 Broker, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Broker, 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 BROKER AGENT FOR MORE DETAILS. CONTACT US: PREET SABHARWAL LICENSED REAL ESTATE SALESPERSON [email protected] t. 646.809.8830 LICENSE #: 10401279699 (NY)
ZACH WEISS LICENSED REAL ESTATE SALESPERSON [email protected] t. 646.809.8832 LICENSE #: 10401237727 (NY)
BROKER OF RECORD
SAB Capital LLC t. 646.809.8850 LICENSE #:10491209102 (NY)
ACTUAL PROPERTY