610 Mamaroneck Avenue, White Plains, NY
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Offering Memorandum Exclusive Net-Lease Offering 610 Mamaroneck Avenue, White Plains, NY 10605 Confidentiality and Disclaimer Marcus & Millichap hereby advises all prospective purchasers of and lease guarantees, Buyer is responsible for conducting his/her NON-ENDORSEMENT NOTICE Net Leased property as follows: own investigation of all matters affecting the intrinsic value of the property and the value of any long-term lease, including the Marcus & Millichap Real Estate Investment Services, Inc. (“M&M”) The information contained in this Marketing Brochure has been likelihood of locating a replacement tenant if the current tenant is not affiliated with, sponsored by, or endorsed by any obtained from sources we believe to be reliable. However, Marcus should default or abandon the property, and the lease terms that commercial tenant or lessee identified in this marketing package. & Millichap has not and will not verify any of this information, nor Buyer may be able to negotiate with a potential replacement The presence of any corporation’s logo or name is not intended to has Marcus & Millichap conducted any investigation regarding tenant considering the location of the property, and Buyer’s legal indicate or imply affiliation with, or sponsorship or endorsement these matters. Marcus & Millichap makes no guarantee, warranty ability to make alternate use of the property. by, said corporation of M&M, its affiliates or subsidiaries, or any or representation whatsoever about the accuracy or completeness By accepting this Marketing Brochure you agree to release Marcus agent, product, service, or commercial listing of M&M, and is of any information provided. & Millichap Real Estate Investment Services and hold it harmless solely included for the purpose of providing tenant lessee from any kind of claim, cost, expense, or liability arising out of information about this listing to prospective customers. As the Buyer of a net leased property, it is the Buyer’s your investigation and/or purchase of this net leased property. responsibility to independently confirm the accuracy and ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE completeness of all material information before completing any CONFIDENTIALITY AND DISCLAIMER CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE purchase. This Marketing Brochure is not a substitute for your DETAILS. thorough due diligence investigation of this investment The information contained in the following Marketing Brochure is opportunity. Marcus & Millichap expressly denies any obligation proprietary and strictly confidential. It is intended to be reviewed to conduct a due diligence examination of this Property for Buyer. only by the party receiving it from Marcus & Millichap and should SPECIAL COVID-19 NOTICE not be made available to any other person or entity without the All potential buyers are strongly advised to take advantage of Any projections, opinions, assumptions or estimates used in this written consent of Marcus & Millichap. This Marketing Brochure their opportunities and obligations to conduct thorough due Marketing Brochure are for example only and do not represent has been prepared to provide summary, unverified information to diligence and seek expert opinions as they may deem necessary, the current or future performance of this property. The value of a prospective purchasers, and to establish only a preliminary level especially given the unpredictable changes resulting from the net leased property to you depends on factors that should be of interest in the subject property. The information contained continuing COVID-19 pandemic. Marcus & Millichap has not been evaluated by you and your tax, financial and legal advisors. herein is not a substitute for a thorough due diligence retained to perform, and cannot conduct, due diligence on behalf investigation. Marcus & Millichap has not made any investigation, of any prospective purchaser. Marcus & Millichap’s principal Buyer and Buyer’s tax, financial, legal, and construction advisors and makes no warranty or representation, with respect to the expertise is in marketing investment properties and acting as should conduct a careful, independent investigation of any net income or expenses for the subject property, the future projected intermediaries between buyers and sellers. Marcus & Millichap leased property to determine to your satisfaction with the financial performance of the property, the size and square footage and its investment professionals cannot and will not act as suitability of the property for your needs. of the property and improvements, the presence or absence of lawyers, accountants, contractors, or engineers. All potential contaminating substances, PCB’s or asbestos, the compliance with buyers are admonished and advised to engage other Like all real estate investments, this investment carries significant State and Federal regulations, the physical condition of the professionals on legal issues, tax, regulatory, financial, and risks. Buyer and Buyer’s legal and financial advisors must request improvements thereon, or the financial condition or business accounting matters, and for questions involving the property’s and carefully review all legal and financial documents related to prospects of any tenant, or any tenant’s plans or intentions to physical condition or financial outlook. Projections and pro forma the property and tenant. While the tenant’s past performance at continue its occupancy of the subject property. The information financial statements are not guarantees and, given the potential this or other locations is an important consideration, it is not a contained in this Marketing Brochure has been obtained from volatility created by COVID-19, all potential buyers should be guarantee of future success. Similarly, the lease rate for some sources we believe to be reliable; however, Marcus & Millichap comfortable with and rely solely on their own projections, properties, including newly-constructed facilities or newly- has not verified, and will not verify, any of the information analyses, and decision-making. acquired locations, may be set based on a tenant’s projected sales contained herein, nor has Marcus & Millichap conducted any with little or no record of actual performance, or comparable investigation regarding these matters and makes no warranty or rents for the area. Returns are not guaranteed; the tenant and any representation whatsoever regarding the accuracy or guarantors may fail to pay the lease rent or property taxes, or may completeness of the information provided. All potential buyers fali to comply with other material terms of the lease; cash flow must take appropriate measures to verify all of the information may be interrupted in part or in whole due to market, economic, set forth herein. environmental or other conditions. Regardless of tenant history Table of Contents Investment Highlights 4 Financial Overview 5 Tenant Overview 6 Location Overview 7 Surrounding Area 8-10 Local Map 11 Property/Area Photos 12-13 Market Overview 14 Demographics 15 Regional Map 16 Representative Photo Investment Highlights PURCHASE PRICE: $6,214,385 | CAP: 6.50% | RENT: $403,935 About the Investment Long Term 20-Year Corporate-Guaranteed Lease Seasoned Child-Care Space Operator | Multi-Center Operator Attractive Rental Increases of Ten Percent (10%) Every Five (5) Years Two (2) Tenant Renewal Periods of Five (5) Years Each, Extending Potential Lease Term to 30 Years About the Location Strategic Product-Type Real Estate Positioning | Prime Child Care Education Demographic Profile of Parents – White Plains’ Median Age: 40 Years | Roughly 20% Of Households White Plains Households Include One or More Children Under 6 Years of Age or Younger Robust Demographic Makeup | Population Exceeding 104,700 Residents Within Three Miles, and 248,200 Within Five Miles of Subject Property | 11th Most Populous City in New York State Dense Retail Corridor | CVS, Whole Foods, Chase Bank, Bank of America, Starbucks, Dick’s Sporting Goods, Stop & Shop, Barnes & Noble, Key Bank, Bloomingdales, The Cheesecake Factory, CitiBank, Dollar Tree, Nordstrom, M&T Bank, P.F. Chang’s, and Many More The New York – Presbyterian Westchester Behavioral Health Center | Less Than One Mile From Subject Property | 270-Bed Behavioral Health Inpatient & Extensive Outpatient Hospital Strong Traffic Counts | I-287 & Mamaroneck Avenue | 105,900 & 37,000 Vehicles Per Day, Respectively Two Major Malls within Two Miles of Subject Property | The Westchester & The Galleria At White Plains | 127 & 78 Tenants, Respectively About the Tenant / Brand The Learning Experience was founded in 1980, developing and implementing ground-breaking care and early childhood education programs throughout the country, renowned as a provider of primary education services to Infants through Kindergarteners. TLE has expanded over 200 locations in the last 24 months, to 450 locations nationwide. Child Care industry revenue is expected to Reach $52.5 Billion by 2021 Foundational childhood education principles revolve around cognitive, physical and social components throughout their developmental programs Headquartered in Boca Raton, Florida Representative Photo The Learning Experience – White Plains, NY 4 Financial Analysis PURCHASE PRICE: $6,214,385 | CAP: 6.50% | RENT: $403,935 Property Description Rent Schedule Property The Learning Experience Lease Year(s) Annual Rent Monthly Rent Rent Escalation (%) Property Address 601 Mamaroneck Avenue Year 1 $403,935 $33,661 - City, State