For Sale
$5,180,000

1030 Wolcott StWaterbury, CT 06705

Waterbury, CT Net Lease Investment

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional 10,984 square foot retail center in Waterbury, Connecticut presents a compelling investment opportunity. The property, built in 1999 and situated on a 3.22-acre lot, features a strong anchor tenant: Bank of America, occupying half the space. The current occupancy is 50%, with a significant portion vacant, offering immediate upside potential for additional lease income. The property boasts a Net Lease structure with a current NOI of $272,872 and a 5.27% cap rate. The asking price is $5,180,000, translating to $471.60 per square foot. The center benefits from a high-traffic location at the signalized intersection of Lakewood and Wolcott Street (43,000 vehicles per day), providing excellent visibility and exposure. Its prime location along a major retail corridor is surrounded by numerous national retailers, including Walmart, Stop & Shop, McDonald's, and more. The Bank of America tenant occupies a space that serves as a strategic relocation branch, consolidating two local branches and is expected to hold $500 million in deposits. The property is zoned CA. While the current lease with Bank of America has expired, the investment highlights a potential for a new long-term lease. This property offers a blend of stability and growth potential for savvy investors.

Highlights

  • Brand new 15-year Bank of America corporate lease with 2.5% annual rent increases.
  • Rent commencement: November 16, 2024.
  • Strategic relocation consolidating two branches, projected $500M in deposits.
  • Adjacent 4,884 SF vacant space offers immediate leasing upside.
  • High-visibility Bank of America billboard location.
  • Excellent visibility at the signalized intersection of Lakewood and Wolcott Streets (43,000 vehicles per day).

Property Details for 1030 Wolcott St

Property type
Lifestyle centers, Power centers
Square Feet
10,984 SF
Year Built
1999
Lot Size (sq. ft)
140,263 SF

Location Insight

City
Waterbury
County
New Haven
State
Connecticut
Latitude
41.568729697078
Longitude
-73.006094935044
1030 Wolcott St, Waterbury, Connecticut

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1030 Wolcott St
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