tops shopping center | retail 3836 Main Street , Warrensburg, NY, 12885 CEDAR WILLIAM OFFERING MEMORANDUM confidentiality agreement This Oering Memorandum contains select information pertaining to the business and aairs of the prop- erty located at 3836 Main Street , Warrensburg, NY, 12885 (“Property”). It has been prepared by Cedar William. This Oering Memorandum may not be all-inclusive or contain all of the information a prospec- Steven Koutsantonis tive purchaser may desire. The information contained in this Oering Memorandum is confidential and Lic. Real Estate Broker furnished solely for the purpose of a review by a prospective purchaser of the Property. It is not to be E: [email protected] used for any other purpose or made available to any other person without the written consent of Cedar C: 917.903.4168 William. The material is based in part upon information supplied by the Seller and in part upon financial information obtained from sources it deems reliable. Cedar William, nor their ocers, employees, or agents makes any representation or warranty, express or implied, as to the accuracy or completeness of this Oering Memorandum or any of its contents and no legal liability is assumed or shall be implied with respect thereto. Prospective purchasers should make their own projections and form their own conclu- sions without reliance upon the material contained herein and conduct their own due diligence. By acknowledging your receipt of this Oering Memorandum for the Property, you agree: 1. The Oering Memorandum and its contents are confidential; 2. You will hold it and treat it in the strictest of confidence; and 3. You will not, directly or indirectly, disclose or permit anyone else to disclose this Oering Memorandum or its contents in any fashion or manner detrimental to the interest of the Seller. Cedar William expressly reserve the right, at their sole discretion, to reject any and all expressions of interest or oers to purchase the Property and to terminate discussions with any person or entity review- ing this Oering Memorandum or making an oer to purchase the Property unless and until a written agreement for the purchase and sale of the Property has been fully executed and delivered. If you wish not to pursue negotiations leading to the acquisition of the Property or in the future you discontinue such negotiations, then you agree to purge all materials relating to this Property including this OeringMemorandum. Cedar William | Commercial Real Estate A prospective purchaser’s sole and exclusive rights with respect to this prospective transaction, the Prop- 150 Great Neck Rd. 3rd Fl., erty, or information provided herein or in connection with the sale of the Property shall be limited to those Great Neck, New York, 11021 expressly provided in an executed Purchase Agreement and shall be subject to the terms thereof. In no O: 516.926.3325 event shall a prospective purchaser have any other claims against Seller or any of their aliates or any of their respective ocers, Directors, shareholders, owners, employees, or agents for any damages, liability, www.cedarwilliam.com or causes of action relating to this solicitation process or the marketing or sale of the Property. This Oering Memorandum shall not be deemed to represent the state of aairs of the Property or consti- tute an indication that there has been no change in the state of aairs of the Property since the date this Oering Memorandum. CEDAR WILLIAM property summary property details Cedar William, as the exclusive advisor to the Owner, is pleased to present Property Address: 3836 Main Street , Warrensburg, NY, 12885 the opportunity to acquire 100% fee simple interest in this 100% occupied grocery anchored retail center. County: Warren Coutny Block / Lot: 1 /24 Tops Supermarket has been a teannt since 1980, Family Dollar renewed for Gross Leasable Area: 28,525 Sq. Ft. 5 years ending in July 2025 Subway for an additional 2 years end in Febru- ary 2025. The center is located on Rt 9 just o Interstate 87 with a daily Lot Size: 2.53 AC | 110,027 Sq. Ft. trac count of 14,760 vehicles giving drivers access to multiple Adirondack No. of Buildings/Stories: One, One Story Building Park destinations. Traffic Counts: 14,760 VPD Occupancy: 100% Zoning: Commercial overview Type of Ownership: Fee Simple area Lease Type: Modified Gross Parking: 124 Spaces As of the census of 2000, there were 4,255 people, 1,718 households, and 1,166 families residing in the town. The population density was 66.8 people per square mile (25.8/km). There were 2,148 housing units at an average density of 33.7 per square mile (13.0/km). The racial makeup of the town was 98.14% White, 0.16% Black or African American, 0.26% Native American, 0.49% Asian, 0.07% from other races, and 0.87% from two or more races. financial overview Hispanic or Latino of any race were 0.47% of the population.[2] There were 1,718 households out of which 32.8% had children under the age Price: $2,100,000 of 18 living with them, 49.1% were married couples living together, 13.9% had a female householder with no husband present, and 32.1% were non-families. GOI: $267,288.50 25.3% of all households were made up of individuals and 10.3% had someone Expenses: $77,963.75 living alone who was 65 years of age or older. The average household size was 2.44 and the average family size was 2.89.[2] In Place NOI: $189,324.75 In the town, the population was spread out with 24.9% under the age of 18, 7.1% from 18 to 24, 28.4% from 25 to 44, 26.0% from 45 to 64, and 13.7% who Cap Rate: 9.0% were 65 years of age or older. The median age was 38 years. For every 100 females, there were 90.7 males. For every 100 females age 18 and over, there were 86.8 males.[2] The median income for a household in the town was $30,873, and the median income for a family was $34,890. Males had a median income of $31,250 versus $20,536 for females. The per capita income for the town was $15,343. About 13.7% of families and 16.8% of the population were below the Cap Rate Asking Price poverty line, including 24.2% of those under age 18 and 7.3% of those age 65 9.0% $2,100,000 or over.[2] TOPS SHOPPING CENTER RETAIL OFFERING MEMORANDUM 3 WARRENSBURG, NEW YORK CEDAR WILLIAM rent roll Suite ID Tenant GLA Lease Start Lease End Monthly Rent Yearly Rent Reimbursements Annual PSF Lease Type Options 1 Tops Markets LLC 18,000 1/4/80 12/31/23 $5,971.88 $71,662.50 $48,975.00 $3.98 MG (3) 5 Year $77,000.00 Opt 1 $83,500.00 Opt 2 $90,000.00 Opt 3 2 Family Dollar 8,285 6/30/2020 7/1/2025 $8,041.67 $96,500.00 $20,070.00 $11.04 MG (2) 5 Year $106,150.00 Opt 1 $116,765.00 Opt 2 3 Subway 2,240 02/26/03 02/28/25 $1,680.00 $20,160.00 $7,921.00 $9.00 MG (3) 5 Year $21,571.20 Opt 1 $23,081.84 Opt 2 $24,696.86 Opt 3 Lot Clothing Drop O Box 0 MTM MTM $166.66 $2,000.00 Total: 28,525 $15,860.02 $190,322.50 $76,966.00 Occupancy: 100% expenses overview financial overview Utilities (Elec., Sewer, Water) $5,740.00 Base Rent: $190,322.50 Landscaping / Snow Removal $26,780.00 Tenant Reimbursements: $76,966.00 Sweeping $2,059.75 Adjusted Gross Income: $267,288.50 Management $7,800.00 Expenses: $77,963.75 Insurance $7,178.00 NOI: $189,324.75 Taxes $24,953.00 Repairs and Maintenance $3,453.00 Price: $2,100,000 Total Fixed Expenses $77,963.75 Cap Rate: 9.0% TOPS SHOPPING CENTER RETAIL OFFERING MEMORANDUM 4 WARRENSBURG, NEW YORK CEDAR WILLIAM investment highlights Grocery Anchored shoppig center since 1980. Investment grade national tenants, Tops Market, Family Dollar, and Subway. Trac counts of 14,760 vpd on Main Street. Great visibility and frontage and only 1 of 2 strip centers in town. Family Dollar and Subway recently extended term. TOPS SHOPPING CENTER RETAIL OFFERING MEMORANDUM 5 WARRENSBURG, NEW YORK CEDAR WILLIAM TOPS SHOPPING CENTER RETAIL OFFERING MEMORANDUM 7 WARRENSBURG, NEW YORK CEDAR WILLIAM TOPS SHOPPING CENTER RETAIL OFFERING MEMORANDUM 8 WARRENSBURG, NEW YORK CEDAR WILLIAM TOPS SHOPPING CENTER RETAIL OFFERING MEMORANDUM 9 WARRENSBURG, NEW YORK CEDAR WILLIAM tenant overview Subway is an American privately held fast food franchise that primarily sells submarine sandwiches eat fresh. (subs) and salads. Subway is one of the fastest growing franchises in the world and, as of June 2017, had approximately 42,000 stores located in more than 100 countries. More than half of the stores are located in the United States. It is the largest single brand restaurant chain, and the largest restaurant operator, in the world. Subway is a U.S. based quick service restaurant chain known for its six inch and foot long subma- rine sandwiches. The limited service restaurant was founded by Fred DeLuca and Peter Buck in 1965 under the name ‘Pete’s Super Submarines’. Subway began franchising restaurants in the mid 1970’s and today all Subway stores are operated by franchisees. The company remains a privately held company to this day and is still headquartered in Connecticut where it was founded.