For Sale: Industrial Property in Glen Cove, NY

20-150 Pratt Oval, Glen Cove, New York 11542

Executive Summary:

Price:	$8,999,950
Building Size:	65,000 SF
Property Type:	Industrial
Lot Size:	4.53 Acres
Year Renovated:	2001
Cap Rate:	7.62%
NOI:	$686,088
Location:	20-150 Pratt Oval Glen Cove, NY 11542

Investment Highlights

Large Light Industrial Complex With 15 Tenants
100% Leased With Many Tenants on Multi-Year Leases
Many Tenants Have Annual Rent Increases, CAM, & Tax Contributions
Currently Under Market Rents – Strong Income Growth Potential
Current Rents Avg. $11 PSF – ‘Market’ Rents Avg. $13.50 PSF
Diverse Tenant Mix of Businesses & Industries

Investment Summary

American Investment Properties is retained to sell 20-150 Pratt Oval in Glen Cove, New York. At this location is a large 65,000 square feet industrial complex. It’s currently used for light manufacturing and warehousing.

This fully leased property offers a diverse tenant mix of businesses. Notably there are medical supplies, media equipment, contracting, cabinetry, and event tenants at this location. Many tenants are on multi-year leases with annual increases. Additionally, they contribute their share of common area maintenance and real estate tax expenses.

The location offers heavy 1,200 amp power, gas heating, and over 90 parking spots.

About Glen Cove, NY

Glen Cove is a city located in Nassau County, on the North Shore of Long Island, New York. It is surrounded by the Town of Oyster Bay. The city has over ten miles of waterfront including: three public beaches, two nature preserves, a public golf course, and a public park.

The city has also plenty of fine restaurants just like Adirondack Grill, Cafe La Luna, and East Wok. The local Chamber of Commerce has several programs to help boost the business profitability and making Glen Cove one of the best places to do business. With the city rich in history, Glen Cove has many Gold Coast mansions, fabulous beaches, downtown filled with shops, and nature preserves that residents must be proud of.

The Garvies Point Museum is among of the famous museums in Glen Cove. The museum is a center for research on Long Island geology and contains exhibits concerning Long Island American Indian archaeology. Well-known residents include F.W. Woolworth, retailer, J.P. Morgan, financier, and Thomas Pynchon, writer. The Glenn Cove City Union Free School District has done great job to support its students in academic, social, and moral growth to promote a lifelong commitment to learning, and to encourage responsible contributions to society.