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Steven R Smalheiser, Smalheiser & PartnersPO Box 540 Armonk, NY 10504 smalheiser@ 914 589 0825FOR SALE – 1031 exchange - Bank branch real estate, Net Lease Investment Price: $2,200,000, 5.25% current cap rate, increasing annuallySterling National Bank, 40 Church Street White Plains, NY 10601 FDIC certificate 30337Located on Church Street between Main Street and Hamilton AvenueIn the heart of downtown White Plains Prominent, free standing, high visibility location with building identification. Section 125.67-8-3 2018 real estate tax $$33,576Sterling National Bank was established in 1895, is rated A+, has 97 branch locations with assets of $11.5 billion and is ranked #31 on Forbes’ 2018 List of America’s Best Banks.The Church Street branch deposits as of 6/30/18 were $56.609 million.Building: Built 1950, 2,500 SF, two story bank building with full basement, with customer parking for four cars, with easements to adjacent properties (and adjacent to the municipal parking garage). Land .04 acres, 35’ X 55’. Zoning is CB—3.Located nearby to the Ritz Carlton, City Center, the Galleria Mall, “The Westchester”, White Plains Plaza and other existing high-rise office and multifamily buildings and with considerable new construction in the downtown. Located adjacent to a municipal parking garage and walking distance to the White Plains train station, the bus line and convenient to the Cross Westchester Expressway and The Bronx River Parkway.Rent is net to Landlord except for the building structure and casualty insurance. Tenant is responsible for real estate taxes, all maintenance and repairs. Tenant fully renovated the building in 2003 including replacement of the roof which became tenant’s ongoing responsibility.Lease Term: 6/1/03 - 5/31/23 with automatic lease renewals for two ten-year terms through 5/31/43, unless Tenant terminates with notice.Rent: 6/01/2019 to 5/31/20, $115,000 per annum which increases $2,500 annually for the term. 6/01/2023 $125,000, increasing annually; 6/01/2033 $150,000, increasing annually; 6/31/2043 $172,500 upon lease expiration.Price: $2,200,000, 5.25% current cap rate, increasing annually.Kindly contact owner’s exclusive agent for further information or inspection.All information is from sources deemed reliable and is subject to errors, omissions and withdrawal without notice. ................
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