Travelers Call Center & Parking Facility

150 Baldwin Street - Elmira NY 14901

LTV (Loan to Value)	65.00%	Current NOI	$370,757.00
Interest Rate	4.250%	Capital Rate	11.000%
Fixed Term	10 Years	Land Area	2.61 Acres
Amortization	25 Years	Lease Type	Full Service Lease
Loan Amount	$2,190,834.75	Property Type	Office
Payment	$11,868.59	Property Lease	Insurance Company Call Center& Parking Garage
Bulding Size	237,466 SF	Remaining Terms

Location Description

NNN Lenders is pleased to exclusively offer for sale to qualified investors, the opportunity to purchase a 100% fee-simple interest in the commercial property located at 150 Baldwin Street in Elmira, New York (the “Property”). The Property is located one mile west of Interstate 86 in downtown Elmira and is within walking distance to the Chemung County Offices, Elmira's Financial District and the County Clerk's Office. The Property is an office building with 53,466 SF of leasable space, 36,849 SF of which is currently leased by The Travelers Indemnity Company. The remaining 16,617 SF of space is vacant, but is master leased. Additionally, there is an attached 433-space 3-level parking garage that consists of roughly 184,000 SF, adding substantial value to the Offering. This garage is currently managed by LAZ Parking, one of the largest parking garage companies in the United States. Originally constructed in 1976, the building has seen substantial investment over time with renovations completed in 1999, 2004, 2009 and most recently in 2014. Since 2009 alone, the Tenant and Owner have put in over $1 million in improvements.

Highlights

32+ Year Tenant Commitment to Location – Tenant has extended lease five times $1M+ Investment since 2009 – Renovations included…

Property Description

Elmira is a city in and the county seat of Chemung County in south central New York, a short distance north of the Pennsylvania state line. It is the principal city of the Elmira, New York Metropolitan Statistical Area, which encompasses all of Chemung County. The population of Elmira as of the 2010 census was 29,200, while the population of Chemung County for the same time period was 90,070.Elmira is located within what is known as the Southern Tier of New York, a region that includes the counties of New York west of the Catskill Mountains along the northern border of Pennsylvania. Once home to prosperous farms and small factory towns, this region today is home to five universities, six technical and community colleges, a Fortune 500 company and a tourism industry that thrives on the mountainous terrain and frequent snowfall.Elmira specifically is home to Anchor Glass Container Corporation, CAF-USA, Inc., Elmira Heat Treating and Hardinge, Inc. The city is also less than 20 miles from Corning, New York, home to the worldwide headquarters of Corning Incorporated. Additionally, Elmira College with roughly 1,200 undergraduate students and an endowment of over $38 million is in the city. Elmira is also in close proximity to activities related to the Marcellus Shale, the largest source of natural gas in the United States that has provided 85% of the U.S. shale gas production since the start of 2012.