620 Main StWatertown, CT 06795

Property Details for 620 Main St

Year built

1945

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.79 AC

Property size (Sq ft)

11,281 SF

Zone code

BC

Property type

Retail space

APN

WTWN M:99A B:65 L:4-3

APU

WTWNM99AB65L43

Description

This exceptional investment opportunity presents a fee-simple, 20,266 square foot retail property in Watertown, Connecticut, anchored by a Walgreens pharmacy operating under a triple-net (NNN) lease with a corporate guarantee. The property, located at 620 Main St, 06795, boasts a strong 9.05% cap rate and a substantial net operating income (NOI) of $140,300. Built in 1945, this two-story building sits on a 0.79-acre lot zoned B-D Downtown Central Business, offering significant potential for value-add opportunities. Walgreens recently exercised a five-year lease extension, demonstrating their long-term commitment. The property also includes a dry cleaner and over 10,000 square feet of second-story space available for lease-up. Its prime location on a major thoroughfare, with excellent visibility and access, is further enhanced by a large pylon sign and proximity to Taft School. The established pharmacy location has served the community for over 30 years, and the recent development of a Starbucks in the market underscores the area's growth potential. The asking price is $1,550,000, translating to $76.48 per square foot. This property offers limited landlord responsibilities and significant upside potential through lease-up of the existing vacant space.

• CAP approach

  CAP return

  Valuation

  6%

  $2,741,677

  6.5%

  $2,530,778

  7%

  $2,350,009

• Comparable approach

  Method

  Valuation

  Relative Method

  $3,714,418

  Geo Method

  $3,714,418

• Alternative Use

  Use

  Valuation

  Residential

  $2,134,806

  Hospitality

  $1,955,471

  Educational

  $1,626,929

  Medical

  $1,682,882

  Retail

  $2,530,778

Location Insight

City

Watertown

County

Litchfield

State

Connecticut

Latitude

41.6019

Longitude

-73.1165

CBSA code

45860

CBSA name

TORRINGTON, CT MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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