605-607 Main StNorwich, CT 06360

Property Details for 605-607 Main St

Year built

1970

Lot size

0.44 AC

Property size (Sq ft)

3,040 SF

Property type

Retail properties

Property subtype

Medical centers

Description

This fee-simple offering presents a compelling investment opportunity: a 3,040 square foot urgent care facility in Norwich, Connecticut, boasting a 6.19% cap rate and a strong net operating income (NOI) of $76,800. The property, situated on a 0.44-acre lot at 605-607 W Main St (CT Route 82), is a single-story building constructed in 1970 and renovated in 2013. PhysicianOne Urgent Care, a subsidiary of Yale New Haven Health System, occupies the entire space under a net lease agreement commencing May 1, 2013, and expiring October 31, 2028, with a remaining lease term of approximately 3.9 years and one 5-year renewal option. The lease includes a 15% rent increase at the start of the renewal option. The property benefits from high visibility on a major thoroughfare, proximity to Interstate 395, Mohegan Sun Casino, and numerous national retailers, including Walmart, Big Y, and TJ Maxx. The location enjoys strong demographics, with over 54,200 residents and 24,000 employees within a 5-mile radius, and high traffic counts exceeding 17,100 vehicles daily. The asking price is $1,240,000. This recession-resistant investment offers a stable income stream and significant upside potential due to the tenant's strong performance and the continued growth of the urgent care industry. The landlord is responsible for roof, structure, and HVAC replacement

Location Insight

City

Norwich

County

New London

State

Connecticut

Latitude

41.5164

Longitude

-72.1008

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