For Sale
$2,207,143

895 Washington StMiddletown, CT 06457

High-Yield Pharmacy/Cannabis Investment

Overview

Added:
Dec 11, 2024
Days on market:
115
This fee-simple retail property in Middletown, CT, offers a compelling investment opportunity. The 1,840 square foot building, constructed in 1968 and renovated in 2023, sits on a 0.58-acre lot and is currently 100% occupied by Venu Flower Collective under a net lease. The lease, commencing March 10, 2023, and expiring March 31, 2033, includes a 5-year renewal option and features annual 3% rent bumps. The property boasts a strong 7.00% cap rate and a Net Operating Income (NOI) of $154,500. Its prime location on Washington Street, near a Home Depot-anchored shopping center and Wesleyan University, ensures high visibility and traffic. The area demographics are strong, with over 43,300 people within a 3-mile radius and an average household income exceeding $110,000. Daily traffic counts on Washington Street average over 28,200 vehicles. This property presents a stable, high-yield investment with significant upside potential due to the tenant's strong performance and the favorable lease terms. The property's strategic location, coupled with the tenant's established presence and the built-in rent increases, makes this an attractive opportunity for investors seeking a secure and profitable addition to their portfolio. The property is a single-story building with excellent frontage and visibility.

Highlights

  • New 10-year lease with Venu Flower Collective, expiring March 2033, plus a 5-year option.
  • Lease features attractive 3% annual rent increases.
  • Experienced operator: Bluepoint Wellness, a long-standing Connecticut cannabis dispensary, owns and operates Venu Flower Collective.
  • Excellent retail location on Washington Street, an outparcel to a Home Depot-anchored shopping center, with high visibility and proximity to numerous national retailers and Wesleyan University.
  • Strong student population: Wesleyan University's 3,000+ students and 400+ staff create significant demand.
  • Dense retail trade area with numerous national retailers including Home Depot, Market 32, and many others.

Property Details for 895 Washington St

Property type
Retail properties, Drug stores
Square Feet
1,840 SF
Year Built/Renovated
1968/2023
Buildings
1
Stories
1
Lot Size (sq. ft)
25,265 SF
Units
1

Location Insight

City
Middletown
County
Middlesex
State
Connecticut
Latitude
41.5538832
Longitude
-72.6823689
895 Washington St, Middletown, Connecticut

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895 Washington St
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