For Sale
$3,247,360

1777 Boston Post RdMilford, CT 06460

High-Yield Retail Investment, Prime Location

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional investment opportunity presents a 43,148 square foot Hobby Lobby storefront in Milford, Connecticut, on a 4.72-acre lot. The property boasts a strong 7.50% cap rate and a substantial net operating income (NOI) of $243,552. The current lease with Hobby Lobby, a national leader in arts and crafts, extends until October 31, 2033, with options for renewal. Situated on the high-traffic Boston Post Road (US 1), experiencing over 21,000 vehicles per day, this location benefits from exceptional visibility and accessibility. The property is strategically positioned near the Connecticut Post Mall, the state's largest mall, and Milford Crossing, a significant shopping center. The surrounding area features a dense concentration of national retailers, further enhancing the property's value and appeal. With an average household income exceeding $114,000 within a one-mile radius, the demographics are exceptionally strong. The property was built in 2014 and offers potential for long-term ground lease control, extending beyond the current lease expiration. This is a rare opportunity to acquire a high-performing retail asset with a financially stable tenant in a prime location. The asking price is $3,247,360, representing a price per square foot of $75.26. Detailed lease information is available upon request.

Highlights

  • $3,247,360 asking price for a 43,148 SF Hobby Lobby storefront on a 4.72-acre lot in Milford, CT.
  • Net lease investment with a 7.50% cap rate and $243,552 NOI.
  • 9-year lease remaining (expires 10/31/2033), with a 1 x 5-year lease option.
  • High-traffic location on Boston Post Rd (US-1) with over 21,000 VPD.
  • Strong demographics: Average household income over $114,000 within one mile.
  • Investment-grade tenant: Hobby Lobby, a financially stable national retailer.

Property Details for 1777 Boston Post Rd

Property type
Retail properties, Retail space
Square Feet
43,148 SF
Year Built
2014
Lot Size (sq. ft)
205,603 SF

Location Insight

City
Milford
County
New Haven
State
Connecticut
Latitude
41.249807
Longitude
-73.0208141
1777 Boston Post Rd, Milford, Connecticut

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1777 Boston Post Rd
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