For Sale
$4,600,000

218 Main StClinton, CT 06413

High-Yield Walgreens Net Lease in CT

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional investment opportunity presents a 13,650-square-foot Walgreens located at 218 E Main St, Clinton, CT 06413. Built in 2004, this Class A property features a drive-thru and sits on a 2.14-acre lot. The property boasts a 25-year absolute triple-net (NNN) lease with Walgreens, a credit-rated tenant (S&P: BBB), eliminating all landlord responsibilities. The lease, commencing August 1, 2004, and expiring July 31, 2029, has approximately 4.7 years remaining. The current asking price is $4,600,000, representing a 7.50% cap rate and a price per square foot of $337. The property enjoys a 100% occupancy rate, generating a net operating income (NOI) of $345,000. Beneficial rent bumps are included in the lease options. The strategic location between Stop & Shop and ShopRite grocery stores, along with proximity to Clinton Commons Premium Outlets, ensures high visibility and strong foot traffic. This fee-simple ownership offers a secure, passive income stream with a well-established tenant in a prime retail location. The property is suitable for a 1031 exchange.

Highlights

  • Walgreens (S&P: BBB rated) NNN lease; zero landlord responsibilities.
  • Lease includes rent increases in option periods.
  • Located 2 miles from Clinton Commons Premium Outlets (2.8 million annual visitors).
  • Shadow-anchored by a 100,360 SF grocery-anchored shopping center.
  • Nearly 20 years of successful operation at this location.

Property Details for 218 Main St

Property type
Retail properties, Drug stores
Square Feet
13,650 SF
Class
A
Year Built
2004
Lot Size (sq. ft)
93,218 SF

Location Insight

City
Clinton
County
Middlesex
State
Connecticut
Latitude
41.27232
Longitude
-72.5072873
218 Main St, Clinton, Connecticut

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218 Main St
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