60 Lake Street: Ground-up Medical Facility
Deal Overview
Total Raise
$2.02M
Minimum Investment
$100K
Hold Period
5 Years
LP IRR
17.1%
Return on Equity
2.1x
AVGI is raising equity for the development of 60 Lake Street, a new 12,000-square-foot state-of-the-art medical office building in the heart of Patchogue Village, Long Island. This ground-up project is designed to meet the area’s growing demand for modern healthcare facilities.
The anchor tenant, SightMD—one of the Northeast’s largest ophthalmology groups with 40+ offices across Long Island, Westchester, NYC, and beyond—has signed a 15-year lease. Their presence delivers strong brand recognition, long-term stability, and predictable cash flow to investors.
Investment Highlights
- Proven Team & Secured Tenant: AVGI is developing 60 Lake Street, a new 12,000 SF medical office anchored by a national medical group on a 15-year lease, ensuring income stability from day one.
- Strong Demand & Upside: Patchogue’s shortage of Class-A medical space drives high demand. An additional 4,800–6,500 SF is available for a second tenant to boost returns.
- Favorable Financing: Capital stack includes a $3.5M+/- construction-to-perm loan and $2M+/- equity, creating a clear path to strong investor returns without complex debt.
- New Construction Advantage: Delivered brand-new with modern systems and ADA-compliant finishes, minimizing future maintenance costs.
- Prime Location: High-visibility corner in Patchogue Village, close to Main Street retail, LIRR station, and major highways for easy regional access.
Return Metrics
| 5 Years | Hold Period |
| 8.47% | Stabilized Yield-on-Cost |
| 26.66% | Levered IRR |
| 11.36% | Average Cash-on-Cash |
Property Highlights
- New Development: Two-story office building situated at the gateway to the Village of Patchogue.
- Co-Tenancy: Includes SightMD on the first floor.
- Retail Access: Within walking distance to the Main Street / Montauk Highway retail corridor, including Blue Point Brewery and Starbucks.
- Transit Proximity: 0.4 miles from the Patchogue train station and several NICE bus stops.
- Regional Connectivity: Easy access to Sunrise Highway and Nichols Road.
| Property Specifications | |
|---|---|
| Lot Size | 0.84 AC |
| Building Size | 12,000 SF |
| Asking Rent | Available Upon Request |
| Space Available | 5,000 SF (2nd floor) |
| RE Taxes | $5.00 PSF |
| Parking | 80 Spaces |
| CAM | $5.65 PSF |
Sources & Uses
| Sources: | |||
|---|---|---|---|
| Amount | $/GSF | % TDC | |
| Total Debt: | $3,539,799 | $295 | 64% |
| Total Equity: | $2,016,561 | $168 | 36% |
| Total Funding: | $5,556,360 | $463 | 100.0% |
| Uses (Construction Budget): | |||
|---|---|---|---|
| Amount | $/GSF | % TDC | |
| Land Basis: | $1,160,000 | $97 | 21% |
| Hard Costs: | $3,398,028 | $283 | 61% |
| TI / LC: | $639,829 | $53 | 12% |
| Financing & Carrying Costs: | $358,503 | $30 | 6% |
| Total Cost: | $5,556,360 | $463 | 100.0% |
Pro Forma
| Metric | Year 2 | Year 3 | Year 4 | Year 5 | Year 6 |
|---|---|---|---|---|---|
| Effective Gross Income | $506,802 | $609,622 | $627,110 | $645,103 | $663,615 |
| Total Expenses | $153,775 | $169,186 | $173,690 | $178,315 | $183,064 |
| Net Operating Income (NOI) | $353,027 | $440,436 | $453,420 | $466,788 | $480,551 |
| Net Cash Flow | $165,714 | $216,084 | $228,960 | $242,217 | – |
View detailed pro-forma (revenue, line-item expenses, cash flow)
| Pro-Forma | Year 0 | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | Year 6 |
|---|---|---|---|---|---|---|---|
| Revenue | |||||||
| Rental Income | $0 | $0 | $366,528 | $440,660 | $453,879 | $467,496 | $481,521 |
| Expense Reimbursements | $0 | $0 | $140,274 | $168,963 | $173,231 | $177,607 | $182,094 |
| Effective Gross Income | $0 | $0 | $506,802 | $609,622 | $627,110 | $645,103 | $663,615 |
| Expenses | |||||||
| Taxes | $0 | $0 | $67,888 | $75,912 | $77,809 | $79,755 | $81,748 |
| Insurance | $0 | $0 | $19,397 | $21,689 | $22,231 | $22,787 | $23,357 |
| Property Management | $0 | $0 | $9,937 | $11,953 | $12,649 | $12,649 | $13,012 |
| Garbage & Recycling | $0 | $0 | $3,600 | $3,708 | $3,819 | $3,934 | $4,052 |
| Snow Removal | $0 | $0 | $12,500 | $12,875 | $13,261 | $13,659 | $14,069 |
| Landscaping | $0 | $0 | $6,000 | $6,180 | $6,365 | $6,556 | $6,753 |
| Building Cleaning (Interior) | $0 | $0 | $18,000 | $18,540 | $19,096 | $19,669 | $20,259 |
| Security | $0 | $0 | $1,600 | $1,648 | $1,697 | $1,748 | $1,801 |
| Elevator Maintenance | $0 | $0 | $3,000 | $3,090 | $3,183 | $3,278 | $3,377 |
| Repairs & Maintenance | $0 | $0 | $2,269 | $2,583 | $2,648 | $2,714 | $2,782 |
| Utilities | $0 | $0 | $4,820 | $5,586 | $5,726 | $5,869 | $6,016 |
| General & Administrative | $0 | $0 | $4,764 | $5,422 | $5,558 | $5,697 | $5,839 |
| Total Expenses | $0 | $0 | $153,775 | $169,186 | $173,690 | $178,315 | $183,064 |
| Net Operating Income | $0 | $0 | $353,027 | $440,436 | $453,420 | $466,788 | $480,551 |
| Less: Capital Reserves | $0 | $0 | -$4,849 | -$5,396 | -$5,504 | -$5,614 | |
| Cash from Operations | $0 | $0 | $348,178 | $435,040 | $447,916 | $461,174 | |
| Less: Debt Service | $0 | $0 | -$182,464 | -$218,957 | -$218,957 | -$218,957 | |
| Net Cash Flow | $0 | $0 | $165,714 | $216,084 | $228,960 | $242,217 | |
| Unlevered Cash Flows | -$5,197,857 | $353,027 | $440,436 | $453,420 | $8,090,988 | ||
| Yield-on-Cost | 6.79% | 8.47% | 8.72% | 8.98% | |||
| Levered Cash Flows | -$2,016,561 | $165,714 | $216,084 | $228,960 | $4,217,141 | ||
| Cash-on-Cash | 8.22% | 10.72% | 11.35% | 12.01% | |||
Meet the Team
AVGI is a real estate investment firm that purchases opportunistic assets in New York as well as secondary and tertiary markets throughout the United States. The firm currently has in excess of $80 million of new developments under construction throughout Long Island and $200 million of real estate holdings across 6 markets - Long Island, Houston, Little Rock, New York City, Binghamton, and St. Louis.
Leadership Team
Allon Avgi
Chief Executive Officer
Allon Avgi is the Founder and CEO of AVGI. Mr. Avgi started AVGI at 21 years old when he acquired his first real estate investment. Mr. Avgi has since developed a diverse real estate holdings company that has reached $50,000,000 in AUM within only 4 years using his own capital and that of a select few individuals. As he starts to open the firm's investments to outside capital and build strategic partnerships, he has ambitiously set a target to acquire and manage a $1 billion real estate portfolio over the next 5 years. In his free time Allon loves reading, creating content for his social profiles, finding new art for his collection and envisioning the future. Allon is a strong believer in giving back, both to his alma mater, Hofstra University & Chabad Lubavitch.
Christopher Catalano
Chief Operating Officer
Chris manages full service property & asset management. With a customer-centric approach, Chris is committed to providing the best services to both properties owners and tenants. Currently, Chris and his team have over 450 units under management since formation in early 2020. Chris and his team members also manage leasing, accounting, property manager and landlord relations, and the in-house construction and maintenance staff.
Chris Wraback
Chief Investment Officer
Chris Wraback serves as the Director of Investments at AVGI. In this role, Mr. Wraback works jointly with the Acquisitions and Asset Management teams to oversee underwriting and due diligence guidelines, business plan preparation and execution, and communications with new and existing investors. Mr. Wraback is co-chair of the firm's Investment Committee along with Mr. Avgi. Prior to joining AVGI, Mr. Wraback was an investment associate for Besen Partners' Principal Investments Team, where he underwrote and completed due diligence on more than $750 million of prospective acquisitions and advisory assignments. Prior to Besen, Mr. Wraback was an investment analyst at a family office based in Manhattan. Mr. Wraback graduated from the Peter J. Tobin College of Business at St. John's University with a Bachelor's degree in Finance and a minor in Accounting. He was recently elected to the school's Young Alumni Advisory Board
Michael Genovese
Investor Relations
Michael brings a unique blend of leadership and service to his role as Investor Relations Manager in the real estate sector. With a solid background as a retired police officer, he managed treasury operations for his department’s Police Benevolent Association (PBA), demonstrating his financial awareness and integrity. Prior to his law enforcement career, Michael served in the U.S. Army, where he developed a deep sense of discipline and commitment. In addition to his service background, Michael led athletic divisions in two corporate fitness facilities, where he refined his management, operations, and client relations skills. His experience in these diverse fields makes him especially adept at fostering strong, trust-based relationships with investors, guiding them through opportunities with transparency and dedication. A devoted family man, Michael balances his professional pursuits with a commitment to his loved ones, aiming to create a meaningful legacy both at home and in his career.
CXA Property Management is a full-service property & asset management firm based in Long Island, New York. With a customer-centric approach, Chris has the unique skill of providing the best services and experiences for our residents and commercial customers, while also optimizing efficiencies to drive NOI growth for our investors.
CXA currently has over 450+ units and 150k+ commercial square feet under management since formation in early 2020. CXA Property Management has a team of over 20 highly skilled professionals in leasing, accounting, landlord/tenant relations, and construction and maintenance.
Invest in 60 Lake Street: Ground-up Medical Facility
Total raise
$2.02M
Min Investment
$100K
Hold time
5 Years
LP IRR
17.1%
Return on equity
2.1x
↓ More details available to qualified investors ↓
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