Project Description

For Sale: Industrial Property in Glen Cove, NY

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

Executive Summary:

Price: $9,750,000
Building Size: 65,000  SF
Property Type: Industrial
Lot Size: 4.53 Acres
Year Renovated: 2001
Cap Rate: 5.32%
NOI: $518,445
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
  • Handful of Month to Month Tenants Paying Under Market Rents
  • 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 for it’s tenants.

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.

Contact Broker

Ron Koenigsberg - Commercial Real Estate BrokerRon Koenigsberg, CCIM
President
Ron@aiprops.com
(O) 516.393.2300
(F) 516.390.5780

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