11 Southwood DrBloomfield, CT 06002

Property Details for 11 Southwood Dr

Year built

1981

Construction

STEEL FRAME

Lot size

3.03 AC

Property size (Sq ft)

25,968 SF

Zone code

I-2

Property type

Industrial properties

APN

BLOO M:21 L:52

APU

BLOOM21L52

Description

This exceptional investment opportunity presents a 27,440-square-foot industrial property located at 11 Southwood Drive, Bloomfield, CT, 06002. The property, built in 1981 and situated on a 7-acre lot, is currently 100% occupied by United Rentals (NYSE: URI), the world's largest equipment rental company, under a net lease agreement. The lease, commencing June 1, 2023, and expiring May 31, 2028, offers a remaining term of 3.5 years with three 5-year renewal options. The current annual net operating income (NOI) is $216,672, representing a 6.75% cap rate and a price per square foot of $116.98. The lease includes a 10% rent increase every five years, providing built-in rent growth. The property's classification as Distribution, Manufacturing, and Warehouse, along with significant outdoor storage space, makes it a highly desirable asset. The property also includes approximately one acre of undeveloped land, offering potential for future expansion. United Rentals' corporate guarantee provides significant investment security. This property benefits from a strong demographic area, with approximately 94,000 residents within a 5-mile radius boasting an average household income exceeding $113,000. The asking price is $3,209,955.

Location Insight

City

Bloomfield

County

Hartford

State

Connecticut

Latitude

41.8509

Longitude

-72.7088

CBSA code

25540

CBSA name

HARTFORD-WEST HARTFORD-EAST HARTFORD, CT METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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