For Sale
$1,302,538

1144 Main StTorrington, CT 06790

High-yield medical office, strong tenant.

Overview

Added:
Dec 11, 2024
Days on market:
113
This exceptional investment opportunity presents a 4,750 square foot medical office building in Torrington, Connecticut, situated on a 1.08-acre lot. The property boasts a strong 6.50% cap rate, generating a net operating income (NOI) of $84,665 annually. Currently 100% occupied by SightMD under a triple-net (NNN) lease with 6.7 years remaining until the lease expiration date of July 31, 2031, with a single 5-year renewal option. The lease commenced July 30, 2021, and includes annual rent increases of 2%, providing inflation-protected yields. The building, constructed in 1960 and renovated in 2017, offers a compelling value-add component with a portion of the building currently vacant (1,550 sq ft), presenting an opportunity for increased revenue. SightMD, a financially stable and expanding eyecare practice with over 60 locations in the Northeast, occupies 3,200 square feet. The property benefits from its location near a new Starbucks, enhancing visibility and traffic. The asking price is $1,302,538, translating to $274.22 per square foot. The property is located at 1144 E Main St, Torrington, CT 06790, within a thriving market with a strong demographic profile (92,072 individuals within a ten-mile radius, average household income exceeding $105,994). This offering presents a rare chance to acquire a stable, high-performing medical office investment with significant upside potential.

Highlights

  • 4,750 SF medical office building in Torrington, CT, on a 1.08-acre lot, with a 6.50% cap rate and $84,665 annual NOI.
  • 10-year triple-net (NNN) lease with SightMD, a financially strong eyecare practice, expiring July 31, 2031, with a 5-year renewal option; 2% annual rent increases.
  • Strong demographics: 92,072 people within a 10-mile radius, average household income exceeding $105,994.
  • Prime location near a new Starbucks, enhancing visibility and traffic.
  • Partial vacancy (1,550 SF) offers immediate value-add potential. Asking price: $1,302,538 ($274.22/SF).

Property Details for 1144 Main St

Property type
Office properties, Medical offices
Square Feet
4,750 SF
Year Built/Renovated
1960/2017
Lot Size (sq. ft)
47,045 SF

Location Insight

City
Torrington
County
Litchfield
State
Connecticut
Latitude
41.8147476
Longitude
-73.0956336
1144 Main St, Torrington, Connecticut

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1144 Main St
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