12 Coogan BlvdStonington, CT 06355

Property Details for 12 Coogan Blvd

Lot size

4.22 AC

Zone code

TC-80

Property type

Industrial properties

Property subtype

Industrial live-work properties

APN

STON M:164 B:4 L:1

APU

STONM164B4L1

Description

This 38,625 square foot shopping center in Mystic, Connecticut, presents a compelling value-add opportunity. Located at 12 Coogan Blvd, 06355, this multi-tenant property boasts a 68% occupancy rate and features nationally recognized tenants such as Starbucks and Morgan Stanley, alongside a collection of local businesses. Built in 1989 with additions in 2002, the center underwent a complete façade renovation and roof replacement in 2023. The 4.22-acre lot provides ample parking for 190 vehicles. Significant leasing momentum is evident, with recent lease signings contributing to substantial cash flow growth potential. The remaining 13,454 square feet of vacant space across five suites offers a clear path to increased profitability. Further upside exists through converting existing gross leases to market NNN leases. The property benefits from its strategic location directly off I-95, drawing from both the robust local community and the significant tourist traffic attracted to Mystic's renowned attractions, including Olde Mistick Village, Mystic Seaport, and the Mystic Aquarium. This prime location, coupled with the recent renovations and strong tenant mix, makes Mystic Green a rare opportunity to acquire a value-add retail asset in a highly sought-after New England destination. The asking price is $10,000,000, with a price per square foot of $258.90.

• CAP approach

  CAP return

  Valuation

  6%

  $37,685,580

  6.5%

  $34,786,692

  7%

  $32,301,928

• Comparable approach

  Method

  Valuation

  Relative Method

  $37,228,588

  Geo Method

  $37,228,588

• Alternative Use

  Use

  Valuation

  Residential

  $34,786,692

  Hospitality

  $31,864,422

  Educational

  $26,510,824

  Medical

  $27,422,572

  Retail

  $41,239,060

Location Insight

City

Mystic

County

New London

State

Connecticut

Latitude

41.372

Longitude

-71.9559

CBSA code

35980

CBSA name

NORWICH-NEW LONDON, CT METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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