649 Main St Waterbury, CT 06702

This 36,680 square foot shopping center in Waterbury, CT, offers a compelling value-add opportunity. Boasting an 86% occupancy rate and a strong NOI of $622,734, the property features seven tenants, many of whom have occupied their spaces since 1995, including Walgreens and Advance Auto Parts, each with 10-year leases. The center benefits from a desirable location at the intersection of W. Main St and Thomaston Ave, a high-traffic area (40,400 vehicles per day), with convenient access to I-84 and Route 8. Its strategic positioning between two major hospitals (Waterbury Hospital and St. Mary's Hospital) further enhances its appeal. The sale includes two outparcels: a freestanding KFC with a drive-thru and a freestanding Monro Muffler. The seller will sign a two-year master lease at closing for $206,748 (base rent and NNN). Built in 1994, the 4.23-acre lot presents significant upside potential through lease-up of the vacant space. The asking price is $7,785,000, representing a cap rate of 8.00% and a price per square foot of $212.24. The property's strong tenant roster, prime location, and value-add potential make it an attractive investment.