For Sale
$13,785,714

100 Cedar AveSouth Windsor, CT 06074

High-yield NNN lease, strong tenant.

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional investment opportunity presents the fee simple condominium interest in a Club Studio (LA Fitness) location at 100 Cedar Ave, South Windsor, CT 06074. The property boasts a 43,419 square foot, single-tenant, absolute NNN lease with a corporate guarantee from Fitness International LLC, a company with 728+ locations and an S&P "B/Stable" rating. The lease commenced June 18, 2024, and has a remaining term of 14.6 years, extending to June 30, 2039, with three 5-year renewal options. Rent increases of 10% every five years are built into the lease, providing a hedge against inflation. The property sits on a 5.07-acre lot and is part of The Shops at Evergreen Walk, a premier outdoor lifestyle center with high visibility and traffic counts exceeding 19,400 vehicles daily on Buckland Road (CT Route 194). Its strategic location is 1.2 miles from Interstate 84 and close to other major roadways, offering easy access. The property benefits from a strong demographic profile, with over 47,400 people within a 3-mile radius and an average household income exceeding $133,951. The property's Net Operating Income (NOI) is $965,000, resulting in a 7.00% cap rate. This is a truly passive investment opportunity with zero management responsibilities, offering a compelling combination of strong tenant, long-term lease, and significant upside potential. The asking price is $13,785,714. The building, constructed in 2004, is a single-story structure with 100% occupancy.

Highlights

  • 15-year Absolute NNN lease with three 5-year renewal options.
  • Rent increases of 10% every five years, or the 5-year cumulative change in CPI, whichever is less.
  • Absolute NNN lease requiring zero management responsibilities.
  • Corporate guarantee from Fitness International LLC, with 728+ locations and an S&P "B/Stable" rating.
  • Located in The Shops at Evergreen Walk, a premier outdoor lifestyle center with high visibility on Buckland Road (CT Route 194), 1.2 miles from I-84.
  • Strong demographics: over 47,400 people within a 3-mile radius, average household income exceeding $133,951.

Property Details for 100 Cedar Ave

Property type
Retail properties, Retail space
Square Feet
43,419 SF
Year Built
2004
Buildings
1
Stories
1
Lot Size (sq. ft)
220,849 SF
Units
1

Location Insight

City
South Windsor
County
Hartford
State
Connecticut
Latitude
41.8151719
Longitude
-72.5403949
100 Cedar Ave, South Windsor, Connecticut

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100 Cedar Ave
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