For Sale
$2,912,000

10 Lathrop RdPlainfield, CT 06374

High-Yield CT Retail Property, 9.9 Years Remaining

Overview

Added:
Dec 11, 2024
Days on market:
115
This exceptional investment opportunity presents a fee-simple, 10,937 square-foot CVS Pharmacy in Plainfield, Connecticut. Located on a 2.54-acre lot at a signalized intersection with high visibility and traffic counts exceeding 30,000 vehicles daily, this property benefits from a strong location near healthcare facilities and major distribution centers. The property features an absolute NNN lease with a credit-rated, corporate-guaranteed tenant (CVS Health Corporation), providing passive ownership and minimizing investor responsibilities. The lease, extending to October 31, 2034, offers a substantial remaining term of 9.9 years. Built in 2000, this property boasts a current NOI of $182,000, translating to a 6.25% cap rate and a price per square foot of $266.25. The asking price is $2,912,000. This is a rare opportunity to acquire a well-performing, low-risk retail investment with a long-term, investment-grade tenant in a strategic location. The tenant's essential business model and consistent rent payments demonstrate resilience and stability, making this an attractive investment for discerning buyers. The property's location near healthcare facilities and major distribution centers further enhances its long-term value and potential for appreciation.

Highlights

  • Investment-grade credit tenant: CVS Health Corporation, a Fortune 500 company with an S&P rating of BBB and a ~$75 billion market cap, guarantees the lease.
  • Absolute NNN lease: This passive investment requires no landlord responsibilities; tenant covers all expenses including taxes, insurance, and maintenance.
  • Long-term lease: The lease extends to 10/31/2034, providing a remaining term of nearly 10 years.
  • Attractive cap rate and price per square foot: The property offers a 6.25% cap rate and a price per square foot of $266.25.
  • Essential retail tenant: CVS remained operational throughout the COVID-19 pandemic, ensuring consistent rent payments.
  • High-traffic location: The property sits on a highly visible corner lot with over 30,000 vehicles passing daily, near healthcare facilities and major distribution centers.

Property Details for 10 Lathrop Rd

Property type
Retail properties, Drug stores
Square Feet
10,937 SF
Year Built
2000
Lot Size (sq. ft)
110,642 SF

Location Insight

City
Plainfield
County
Windham
State
Connecticut
Latitude
41.6672062
Longitude
-71.9143376
10 Lathrop Rd, Plainfield, Connecticut

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10 Lathrop Rd
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