19 Halls RdOld Lyme, CT 06371

This 50,223 sq ft shopping center in Old Lyme, CT, offers a compelling redevelopment opportunity. Boasting 100% occupancy, two buildings, and 154 parking spaces, this multi-tenant property features a diverse mix of established businesses, including medical offices and everyday-needs retailers. Located on US Route 1 with high daily traffic counts, it benefits from strong area demographics and a high barrier to entry market. The property includes 35 units across two stories, built in 1964 and renovated in 1991, situated on a 5.22-acre lot with C30-s zoning. The asking price is $5,100,000, representing a 7.02% cap rate with a pro-forma cap rate of 9.20%. The property offers significant upside potential and is ideally positioned within a thriving retail corridor. The center is directly across from a major retail center anchored by Big Y and Walgreens. The property has approximately 430 feet of frontage on Halls Road (US Route 1) with two means of entry and egress. There is potential for expansion by adding a retail pad on the Route 1 frontage. The property is conveniently located off Interstate 95, exit 70.