For Sale
$4,116,600

100 Main StMiddletown, CT 06457

Middletown, CT: NNN Investment Opportunity

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional investment opportunity presents a fee-simple interest in a 14,000 square foot, three-tenant medical and retail building situated in Middletown, Connecticut. The property boasts a 100% occupancy rate, anchored by DaVita Dialysis, a leading kidney care provider, occupying 12,000 square feet and holding a significant lease term. Two additional tenants, Edible Arrangements and Abyssinian Food, complement the property's diverse tenant mix. Built in 1960 and renovated in 2009, the single-building property sits on a 0.82-acre lot. The Net Lease (NNN) structure minimizes landlord responsibilities, offering a passive investment with a current NOI of $296,396 and a 7.20% cap rate. The asking price is $4,116,600. All tenants have 2% annual rent bumps built into their leases, and lease options are available. The weighted average lease term (WALT) is 5.4 years, providing long-term stability and predictable cash flow. The property benefits from its high-visibility location off US Highway 9, serving a strong demographic area with an average household income of $118,259 within a 5-mile radius. This offering presents a compelling investment in a stable, growing industry within a desirable Connecticut market.

Highlights

  • Investment-grade tenant DaVita, a leading kidney care provider with a BB S&P credit rating.
  • High-growth industry with over 800,000 Americans requiring dialysis treatment.
  • Stable cash flow due to significant government program coverage (89.5% of DaVita patients).
  • Limited competition due to Connecticut's Certificate of Need (CON) laws.
  • Strong demographics: affluent 5-mile radius with 73,914 residents and $118,259 average household income.
  • High visibility and accessibility from US Highway 9 in Middletown.

Property Details for 100 Main St

Property type
Office properties, Medical offices
Square Feet
14,000 SF
Year Built/Renovated
1960/2009
Buildings
1
Lot Size (sq. ft)
35,719 SF

Location Insight

City
Middletown
County
Middlesex
State
Connecticut
Latitude
41.5695245
Longitude
-72.6551808
100 Main St, Middletown, Connecticut

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100 Main St
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