240 Buckland St Manchester, CT 06042-1604

Property Details for 240 Buckland St

Year built

1993

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

1.05 lot acres

Property size

4,419 SF

Zone code

B3

Property type

Showrooms

APN

MANC M:27 B:800 L:240

APU

MANCM27B800L240

Description

This exceptional investment opportunity presents a fee-simple ownership of a thriving Curaleaf cannabis dispensary located at 240 Buckland Street, Manchester, Connecticut. The property boasts a 4,322 square foot building situated on a 1.05-acre lot, constructed in 2022. Currently operating under a 10-year, double-net (NN) lease with a highly desirable tenant, Curaleaf, the lease commenced September 28, 2022, and expires September 30, 2032, leaving approximately 7.9 years remaining. The annual net operating income (NOI) is $250,000, representing a 7.50% capitalization rate. The lease includes a crucial provision for a 3% annual rent increase commencing in year four, providing a strong hedge against inflation and ensuring consistent income growth. This prime location within Manchester's retail corridor guarantees high visibility and accessibility, further enhancing the investment's appeal. The property's recent construction and the strength of the tenant, a global leader in the cannabis industry, combine to create a compelling investment opportunity with significant long-term potential. The property is offered at an asking price of $3,333,333. This is a single-tenant, fee-simple ownership with minimal landlord responsibilities.

Location Insight

City

Manchester

County

Hartford

State

Connecticut

Longitude

-72.5543

Latitude

41.8038

CBSA code

25540

CBSA name

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

Property Tax & Assessments