The Shops at Main Street

  • $2.2M
620 Main St, Watertown, CT 06795, USA

The Shops at Main Street

620 Main St, Watertown, CT 06795, USA
  • $2.2M

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Title Property Type Price Beds Baths Property Size Availability Date
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Description

Marketing Description
SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in The Shops at Main Street, a Walgreens (S&P: BBB) anchored, NNN leased, freestanding, investment property located in Watertown, CT. Walgreens recently took over this Rite Aid location, and executed a 5-year lease extension, demonstrating their strong commitment to the site. The property has been a pharmacy for over 30 years and is well established in the trade area. The asset contains a cleaners and over 10,000 SF of second story space providing value-add through lease-up. The current leases are both NNN, limiting expense leakage for a future investor.
The subject property is located along Main Street with over 14,900 vehicles passing by daily. Nearby national/credit tenants include Marshalls, Adams Hometown Market, Starbucks, AutoZone, and more, increasing consumer traffic to the subject trade area. The 5-mile trade area is supported by over 75,000 residents and nearly 34,000 employees. The immediate 1-mile trade area has a population that boasts an average household income of more than $107,000.

Investment Highlights
Investment Grade Anchor – Walgreens (S&P: BBB) | New 5-Year Lease Extension | Established Pharmacy Location for Over 30 Years
Value Add Opportunity | Over 10,000 SF of Second Story Space Providing Value-Add through Lease-Up
NNN Leases | Fee Simple Ownership | Limited Landlord Responsibilities
Major Thoroughfare with Over 14,900 VPD | Excellent Visibility and Access | Large Pylon Sign Increases Visibility
Retail Corridor with Nearby National Tenants including Marshalls, Adams Hometown Market, Starbucks, AutoZone and more
5-Mile Trade Area is Supported by Over 75,000 Residents and Nearly 34,000 Employees | 1-Mile Average Household Income $107,000

Details

Updated on April 12, 2020 at 6:37 pm
  • Property ID: 30873
  • Price: $2.2M
  • Property Size: 20266 sqft
  • Year Built: 1945
  • Property Type: Retail
  • Property Status: For Sale
  • Price Per/Sf: 108.56
  • Lot Size (acres): 8.2
  • Number of Stories: 2
  • Tenancy: Multi
  • Cap Rate: 7.75%
  • Net Operating Income: 170,492
  • Investment Type: Net Lease

Additional details

  • Lease Type: NNN
  • Tenant Credit: Corporate Guarantee
  • Number of Tenants: 2
  • Remaining Term: 5 years
  • Zoning: B-D Downtown Central Business
  • Ownership: Fee Simple
  • Address 620 Main St, Watertown, CT 06795, USA
  • City Watertown
  • State/county Connecticut
  • Zip/Postal Code 06795
  • Country United States

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Contact Information

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Britt Raymond
  • Britt Raymond
  • (929) 229-2614

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  • Britt Raymond