West Water Street & Long Island Avenue Sag Harbor, NY 11963
Combination of Retail / Food & Beverage Tenants
.673/acre – 29,295 square feet property
- Waterfront property with spectacular views of Sag Harbor Bay and Cove at the most visible gateway to Sag Harbor Village exiting the bridge
- Incredible location, 400 feet from Main Street, adjacent to the new Steinbeck Park
- Most sought-after property in Sag Harbor Village & premier retail complex in the Hamptons
- 15,700 current square footage (approx. 14K on first floor and 1.7K on second.)
- Includes a parking lot with 26 spaces plus approximately 185 grandfathered spaces
- Current layout can be reconfigured to offer more traditional sized stores oriented towards Sag Harbor Bay adding walls of glass to capitalize on the views
- First floor waterfront would lease for $150/sf after renovation. Equals approx. $2,085,000 NOI
- Second floor expansion “as-of-right,” allows expansion to cover footprint. 12,250 sq ft expansion would bring in an additional $1,527,500 in NOI
- Total pro forma NOI is $3,612,500 after renovation / second floor addition. Value after renovation at a 6 CAP = $60,208,333
- All current tenants (excluding one) on month-to-month basis