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59 Sea Cliff Ave - Value Add Gold Coast Development Opportunity 4.3 Acres of Industrial Land Offered at $16,751,040 CAD in Glen Cove, NY 11542
INVESTMENT HIGHLIGHTS
- Excellent opportunity for new development with the potential for increasing the income stream while securing municipal approvals.
- Property is currently leased at below market rents to 11 tenants on a M-T-M basis- TENANTS DO NOT HAVE LEASES
- Well located - diagonally across from the Sea Cliff LIRR Station and close to Route 107 ( N/S thoroughfare to LIE); Sea Cliff Village, & Glen Cove
- Excellent area demographics to support new development
EXECUTIVE SUMMARY
Please contact John Thomas at 631-360-4303 for details regarding a potential significant Value Add Opportunity on this offering.
The acquisition of SCCL offers an investor the opportunity to acquire a well-located Gold Coast industrially zoned property located at the Sea Cliff LIRR station that is optimally positioned to service the very strong demographics of the surrounding communities.
Location:
The SCCL property is located diagonally across from the Sea Cliff Train Station. Surrounding area properties include a mix of commercial, warehouse, tennis facility, residential, co-op apartments, older obsolete industrial buildings, a newer self-storage facility and the Glen Head Country Club. The location is only .2 miles to the north-south thoroughfare of NYS Route 107 and 5 miles to the Long Island Expressway. Sea Cliff Village business/shopping district is 1 mile to the west and the downtown of the City of Glen Cove is only 1.5 miles away. Area demographics are very strong in both income and population density, and a variety of businesses will find this location very appealing to serve the community.
nvestment Highlights
Acquisition Opportunity Profile:
Please contact John Thomas at 631-360-4303 for details regarding a potential significant Value Add Opportunity on this offering.
The property is located within the City of Glen Cove municipality and is zoned I-2. A variety of uses can be considered, and the City of Glen Cove has indicated a desire for the property to be redeveloped in a manner that reflects the needs of the current marketplace.
Although the building configurations may be somewhat atypical, the total rental generated from the property is very low compared to the marketplace. The Purchaser has the opportunity to generate additional revenue through increasing existing rents and continuing with the tenancy under the current month-to-month structure or to put leases in place at appropriate market rents. Through working with the property tenants, a Purchaser should anticipate having a reliable revenue stream while developing and securing approvals for a new development.
The property will be sold “AS IS” with the tenancy that is in place.
PROPERTY FACTS
| Price | $16,751,040 CAD | Property Type | Land |
| Sale Type | Investment or Owner User | Property Subtype | Industrial |
| Sale Condition | Redevelopment Project | Total Lot Size | 4.30 AC |
| No. Lots | 1 | Opportunity Zone |
Yes
|
| Zoning | I-2 - For Full Zoning Link see: https://ecode360.com/12090559 | ||
| Price | $16,751,040 CAD |
| Sale Type | Investment or Owner User |
| Sale Condition | Redevelopment Project |
| No. Lots | 1 |
| Property Type | Land |
| Property Subtype | Industrial |
| Total Lot Size | 4.30 AC |
| Opportunity Zone |
Yes |
| Zoning | I-2 - For Full Zoning Link see: https://ecode360.com/12090559 |
1 LOT AVAILABLE
Lot
| Price | $16,751,040 CAD | Lot Size | 4.30 AC |
| Price Per AC | $3,895,590.80 CAD |
| Price | $16,751,040 CAD |
| Price Per AC | $3,895,590.80 CAD |
| Lot Size | 4.30 AC |
Value Add- Potential Significant in Place VALUE ADD OPPORTUNITY Sea Cliff Coal & Lumber, with +/- 4.3 acres reportedly has +/- 45,100 sf of warehouse & office improvements in 11 buildings. The property is zoned I-2 industrial and is 100% occupied.
DESCRIPTION
Select Real Equity Advisors, LLC (“SREA”) has been retained by the (“Owner”) on an Exclusive Basis to handle the sale transaction for the +/- 4.3 Acre, Sea Cliff Coal & Lumber (“SCCL”) property, located at 59 Sea Cliff Avenue, Glen Cove, Nassau County, New York. SCCL reportedly has ± 45,100 square feet of warehouse and office improvements in 11 buildings. The property is zoned I-2 industrial and is 100% occupied with 11 tenants operating on month-to-month leases. Please contact John Thomas at 631-360-4303 for details regarding a potential significant Value Add Opportunity on this offering. The acquisition of SCCL offers an investor the opportunity to acquire a well-located Gold Coast industrially zoned property located at the Sea Cliff LIRR station that is optimally positioned to service the very strong demographics of the surrounding communities. Location: The SCCL property is located diagonally across from the Sea Cliff Train Station. Surrounding area properties include a mix of commercial, warehouse, tennis facility, residential, co-op apartments, older obsolete industrial buildings, a newer self-storage facility and the Glen Head Country Club. The location is only .2 miles to the north-south thoroughfare of NYS Route 107 and 5 miles to the Long Island Expressway. Sea Cliff Village business/shopping district is 1 mile to the west and the downtown of the City of Glen Cove is only1.5 miles away. Area demographics are very strong in both income and population density, and a variety of businesses will find this location very appealing to serve the community. Investment Highlights Acquisition Opportunity Profile: Please contact John Thomas at 631-360-4303 for details regarding a potential significant Value Add Opportunity on this offering. The property is located within the City of Glen Cove municipality and is zoned I-2. A variety of uses can be considered, and the City of Glen Cove has indicated a desire for the property to be redeveloped in a manner that reflects the needs of the current marketplace. Although the building configurations may be somewhat atypical, the total rental generated from the property is very low compared to the marketplace. The Purchaser has the opportunity to generate additional revenue through increasing existing rents and continuing with the tenancy under the current month-to-month structure or to put leases in place at appropriate market rents. Through working with the property tenants, a Purchaser should anticipate having a reliable revenue stream while developing and securing approvals for a new development. The property will be sold “AS IS” with the tenancy that is in place.
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59 Sea Cliff Ave - Value Add Gold Coast Development Opportunity
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