22-34 W Water St, SAG

22-34 W Water St, Sag Harbor, NY 11963

Property Description

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