103 Tolland TpkeManchester, CT 06042

Property Details for 103 Tolland Tpke

Year built

1932

Construction

FRAME

Lot size

2.44 AC

Property size (Sq ft)

8,178 SF

Zone code

B3

Property type

Other commercial real estate

Property subtype

Showrooms

APN

MANC M:87 B:5490 L:103

APU

MANCM87B5490L103

Description

This exceptional investment opportunity presents a 21,500 square foot, multi-tenant retail property located at 103 Tolland Turnpike in Manchester, Connecticut. The property, situated on a 2.44-acre lot, boasts a prime location along a heavily traveled commercial corridor with approximately 20,000 vehicles per day. The main tenant is Shea's Pizzeria & Sports Bar, a full-service restaurant and bar with extensive indoor and outdoor seating, including Connecticut's largest patio by seating capacity (460 patrons) and an indoor capacity of 269 patrons. A portion of the property is also leased to Winners Racing-Betting-Sports. The property features ample parking for 150 cars. Significant renovations were completed in 2015, encompassing a complete kitchen rehab, dining space, foyer, bar, and restrooms. The roof was replaced in 2022. The property is zoned for business use and offers a 7.80% cap rate with a current NOI of $304,270 and 100% occupancy. The asking price is $3,900,000 ($181.40/sq ft). This sale/leaseback opportunity presents a compelling investment in a thriving commercial area. The property's size, location, and strong tenant occupancy make it an attractive proposition for discerning investors.

• CAP approach

  CAP return

  Valuation

  6%

  $1,987,540

  6.5%

  $1,834,652

  7%

  $1,703,605

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,692,714

  Geo Method

  $2,692,714

• Alternative Use

  Use

  Valuation

  Residential

  $1,547,598

  Hospitality

  $1,417,591

  Educational

  $1,179,419

  Medical

  $1,219,981

  Retail

  $1,834,652

Location Insight

City

Manchester

County

Hartford

State

Connecticut

Latitude

41.8141

Longitude

-72.5104

CBSA code

25540

CBSA name

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

Property Tax & Assessments

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