For Sale
$2,181,818

101 Stonebridge Ct Highland AveCheshire, CT 06410

High-yield NNN ground lease, prime location

Overview

Added:
Dec 11, 2024
Days on market:
114
Exceptional investment opportunity: a brand-new, 25-year absolute NNN ground lease for a Mobil gas station and convenience store located at 101 Stonebridge Ct, Cheshire, CT 06410. This 5,292 square foot property sits on a 2.5-acre lot at the intersection of Highland Avenue and Interstate 691, a high-traffic area with 74,600 cars daily on I-691 and 19,300 on Highland Ave. The lease commenced April 4, 2024, and expires April 29, 2049, offering a remaining term of 24.5 years. The property boasts a strong net operating income (NOI) of $120,000, resulting in a 5.50% cap rate and a price per square foot of $412. The asking price is $2,181,818. Rent increases are the greater of 10% or CPI, capped at 15%, providing an effective inflation hedge. The lease includes two 10-year renewal options. This is a single-tenant lease with a franchisee tenant, backed by a personal guarantor. The property benefits from its proximity to the busy I-84/I-691 interchange and serves a high-income area with a household income of $117,000. The location is strategically positioned within a 15-minute drive of a population of 585,602, offering excellent access to New Haven, Hartford, and Stamford. The property is expected to be delivered free and clear of debt, providing a true coupon clipper investment with long-term rental growth potential. The building is scheduled for completion in Q1 2025.

Highlights

  • 25-Year Absolute NNN Ground Lease with Mobil. Brand new 2024 construction.
  • High-traffic location at I-691 (74,600 VPD) and Highland Ave (19,300 VPD), high-income area ($117K HHI).
  • Long-term, passive investment opportunity near I-84/I-691 interchange.
  • Main traffic corridor access, personal guarantor, strong cash flow from a national tenant.
  • Fixed rental escalations every 5 years, providing inflation hedge.
  • Mobil, a subsidiary of ExxonMobil (NYSE:XOM), operates the gas station.

Property Details for 101 Stonebridge Ct Highland Ave

Property type
Retail properties, Grocery and convenience stores
Square Feet
5,292 SF
Lot Size (sq. ft)
108,900 SF

Location Insight

City
Cheshire
County
New Haven
State
Connecticut
Latitude
41.5163717
Longitude
-72.898434
101 Stonebridge Ct Highland Ave, Cheshire, Connecticut

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101 Stonebridge Ct Highland Ave
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