For Sale
$3,500,000

276 Main StNorwich, CT 06360

High-yield retail investment, strong tenants

Overview

Added:
Dec 11, 2024
Days on market:
113
This exceptional Norwich, CT retail center, Oak Tree Plaza, presents a compelling investment opportunity. Boasting 22,450 square feet across two single-story buildings on a 2.54-acre lot, the property features a diverse tenant mix anchored by Advanced Auto Parts and Dairy Queen. Currently operating at 94.6% occupancy, the property generates a strong NOI of $302,149, representing an 8.63% cap rate. A pro-forma analysis projects a 9.35% cap rate and a NOI of $327,314. Built in 1985 and renovated in 2022, the property benefits from a modified lease structure with rent bumps, offering potential for increased revenue. The property includes 11 units, with approximately 1,200 square feet currently vacant, presenting an opportunity for owner-occupancy or additional leasing. Strategically located on busy Route 82/West Main Street at a traffic light, the center enjoys high visibility and benefits from proximity to numerous large box retailers. The property is zoned GC and offers a drive-thru for added convenience. This fee-simple ownership presents a rare chance to acquire a stabilized, value-add investment in a prime Connecticut location. The recent signing of a new 10-year lease on 3,000 square feet further solidifies the property's strong performance and future potential.

Highlights

  • $3,500,000 asking price for this stabilized, value-add retail investment opportunity.
  • 22,450 square feet on a 2.54-acre lot in Norwich, CT.
  • 8.63% current cap rate, with a pro-forma cap rate of 9.35%.
  • Multi-tenant property with strong national tenants, including Advanced Auto Parts and Dairy Queen, boasting 94.6% occupancy.
  • Features two, single-story buildings totaling 22,450 rentable square feet, built in 1985 and renovated in 2022.
  • Located at a signalized intersection on busy Route 82/West Main Street, surrounded by large box retailers and offering a drive-thru.

Property Details for 276 Main St

Property type
Lifestyle centers, Power centers
Square Feet
22,450 SF
Class
A
Year Built/Renovated
1985/2022
Buildings
2
Stories
1
Lot Size (sq. ft)
110,642 SF
Units
11

Location Insight

City
Norwich
County
New London
State
Connecticut
Latitude
41.523239839746
Longitude
-72.087850208161
276 Main St, Norwich, Connecticut

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276 Main St
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