Long Island 2 Building Portfolio
Deal Overview
Total Raise
$1.25M
Minimum Investment
$100K
Hold Period
1.5 Years
LP IRR
18.4%
Return on Equity
1.2x
One is being stabilized. The other is being transformed.
300 Wheeler: The Recovery
Hauppauge Office Recovery
A ±40,000 SF professional office building. This is the stabilized asset in the portfolio, currently 47.1% occupied with a clear path to 90%.
- Current Occupancy: 47.1% (In-place cash flow)
- Progress: Roof, parking, and corridors already modernized.
- Strategy: Convert pipeline to drive refi/sale optionality.
Waverly Ave: The Unlock
Patchogue Retail Transformation
This is the transformation asset. We are converting a gutted industrial parcel into a premium 17,612 SF retail destination.
- Status: Construction/Site-Plan Phase (0% occupancy).
- Format: 5-6 retail fronts targeting high-credit QSR/Medical.
- Upside: Massive land-use upgrade from industrial to retail.
The Portfolio Synergy
The office building provides the "floor" and immediate monetization potential, while the retail development provides the "ceiling" and significant equity growth. This balance minimizes risk while maximizing the total exit multiple.
Investment Highlights
- Target Returns: Projected 18.0% Base Case IRR and 1.24x MOIC over an 18-month target hold period.
- Execution Capital: This $1.25M raise is a disciplined follow-on for a portfolio already controlled and stabilized, funding final improvements and pre-development.
- Deep Basis Acquisition: 300 Wheeler was acquired at ~$96/SF, significantly below replacement cost for professional office space in Hauppauge.
- The "Unlock" Asset: 154-164 Waverly is being transformed from low-productivity industrial/residential into a high-value 5-6 unit retail destination.
- Investor Alignment: 8% Preferred Return starting upon investment with a 70/30 profit split above the hurdle.
- Institutional Sponsor: AVGI is a vertically integrated platform with $150M in existing AUM and 400k SF currently under management.
Portfolio Overview
| Portfolio Metric | 300 Wheeler Road | 154-164 Waverly Ave |
|---|---|---|
| Asset Strategy | Office Recovery | Retail Transformation |
| Square Footage | 39,767 SF | 17,612 SF (Site Plan) |
| Entry Basis | $3.675M ($96/SF) | $2.75M ($137/SF) |
| Current Status | 47.1% Occupied | Pre-Development |
| Stabilized Rent Target | $847.8k/yr | $623.6k/yr |
Financial Details
Use of Execution Capital Tranche
| Category | Amount |
|---|---|
| Wheeler Common Areas & Elevators | $500,000 |
| Waverly Dev, TI & Leasing | $300,000 |
| Waverly Approvals & Pre-Dev | $200,000 |
| Working Capital & Carry | $250,000 |
| Total Capital Raise | $1,250,000 |
*Real estate is already controlled; debt is in place; prior equity has funded acquisition. This $1.25M raise is the final execution tranche.
Target Return and Timelines
Investment Cases
| Base Case | 18% IRR | 1.24x MOIC |
| Upside Case | 37.5% IRR | 1.38x MOIC |
*Base case assumes 18-month hold. Upside case assumes 13-month accelerated exit.
Execution Roadmap
- 0-6 Months: Fund raise, complete Wheeler modernizations, secure Waverly site approvals.
- 6-10 Months: Aggressive Wheeler lease-up; begin Waverly frontage delivery and tenant build-outs.
- 10-18 Months: Stabilize NOI across portfolio and market for exit/refinance.
Meet the Sponsors
AVGI
AVGI is a vertically integrated commercial real estate investment and management firm. Specializing in value-add opportunities and strategic property transformations, AVGI manages a diverse portfolio across the New York metropolitan area.
Allon Avgi
Founder & CEO
Allon Avgi is the visionary founder of AVGI, having led the firm's growth to over $150 million in assets under management. With an expertise in distressed debt and opportunistic acquisitions, Allon has built a vertically integrated platform that handles everything from deal sourcing to vertical construction.
Chris Catalano
Chief of Staff
Chris serves as the Chief of Staff at AVGI, overseeing the internal operations and administrative functions of the firm. He is responsible for streamlining workflows between the investment, management, and construction divisions to ensure strategic objectives are met.
Michael Genovese
Investor Relations
Michael Genovese manages the firm’s capital markets strategy and investor relations. He acts as the primary liaison for AVGI’s investment partners, ensuring transparency, seamless onboarding, and data-driven insights into portfolio performance.
Risks and Dependencies
| Risk | Contingency Response |
|---|---|
| Lease-up slower than planned | Price to live market, prioritize turnkey suites, pursue owner-user marketing, or refinance rather than force sale. |
| Waverly approvals delayed | Phase delivery, preserve existing duplex income, and push smaller service/necessity tenants first. |
| TI / LC / Carry overruns | Scope control, only fund tenant work tied to signed leases, and maintain working capital reserve. |
| Exit market weak | Execute separate asset sales, Wheeler refinance, or Waverly hold/recap to avoid one-shot portfolio dependency. |
Portfolio Strategy
The Long Island Portfolio consists of two distinct assets in high-demand nodes, offering a balanced "Recovery and Unlock" strategy:
300 Wheeler: The Recovery
A 40k SF professional office building near the Long Island Expressway. Strategy involves finishing common area/elevator modernizations to drive occupancy from 47% to a 90% target, creating sale or refinance optionality.
Waverly Ave: The Unlock
Transformation of an industrial parcel into a high-street retail format. Engineering and traffic work are complete. The project targets grocery, medical, or QSR tenants across 5-6 retail fronts.
Return Case & Exit Timeline
Phase 1 (0-6 Months)
Fund final raise, complete Wheeler common/elevator work, secure Waverly site approvals.
Phase 2 (6-10 Months)
Push Wheeler lease-up and rollovers; begin Waverly frontage delivery and tenant build-out.
Phase 3 (10-18 Months)
Absorb remaining retail units, stabilize portfolio Net Operating Income, and market for exit/refinance.
*Return case assumes the projected liquidity path is achieved without materially diverting Wheeler proceeds away from investor distributions.
Invest in Long Island 2 Building Portfolio
Total raise
$1.25M
Min Investment
$100K
Hold time
1.5 Years
LP IRR
18.4%
Return on equity
1.2x
↓ More details available to qualified investors ↓
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