671 County Route 1
Pine Island, NY 10969
Auction:8/7 - 8/9: 671 County Route 1 · Retail Property For Sale

Investment Highlights: *Prime Banking Center *Redevelopment Opportunity *Value Add Opportunity *Drive-Thru Teller Investment Overview: Ten-x is pleased to present the opportunity to acquire the fee simple interest in a well-located, highly functional retail/office building (the "Property") owned by Bank of America and formerly operated as a retail bank branch. The Property has been identified as surplus corporate real estate and is currently vacant. The Property will be acquired at a very attractive price point, with the Starting Bid being the sellers reserve price. The Property is ideally suited to an investor or an owner/user that can occupy The Property for its own purposes. Investors interested in a value-add opportunity can utilize an understanding of the local market dynamics and aggressively employ leasing expertise to reposition The Property, then hold for cash flow, or sell for capital appreciation and substantial risk-adjusted returns. Other options include re-tenanting The Property as it stands, re-purposing The Property utilizing the existing improvements, or re-developing The Property to a higher and better use. The Property provides the opportunity to acquire a high-quality asset priced massively below replacement cost, offering investors an asset with a competitive advantage over other properties with a higher investment basis. Specifically, the low cost basis will help mitigate downside risk while simultaneously allowing a new owner to offer lower rental rates compared to other properties in the market. The Property offers a flexible and functional configuration that that is conducive to a variety of uses. There is no existing debt on The Property, allowing the purchaser to obtain new financing, pay all cash, or 1031 exchange into the property. With interest rates at historic lows, this provides a great opportunity to lock in low long-term debt and help investors realize significant leveraged returns. The new owner will also enjoy the fact that The Property is of a size and complexity that will not require expensive third-party management and can be outsourced at a more manageable rate, or self-managed, thereby helping to keep operational costs low. The Site consists of an approximately 0.92-acre parcel of land that is developed with a 1,862 square foot single-story banking cente