15 Hazard Ave Enfield, CT 06082-3711

Property Details for 15 Hazard Ave

Year built

2004

Construction

STEEL FRAME

Lot size

0.33 lot acres

Property size

6,285 SF

Zone code

BR

Property type

Showrooms

APN

ENFI M:045 L:0076

APU

ENFIM045L0076

Description

This exceptional investment opportunity presents the fee-simple interest in a single-tenant, absolute NNN ground lease Red Robin restaurant located at 15 Hazard Avenue in Enfield, Connecticut. Built in 2004, this 6,350 square foot restaurant boasts a prime location within Enfield Commons, enjoying excellent visibility and frontage along Hazard Avenue (CT Route 190), a major commercial thoroughfare. The property benefits from its proximity to Interstate 91 and US Route 5, ensuring high traffic counts exceeding 28,600 vehicles daily. The site is strategically positioned adjacent to the Enfield Square Mall and surrounded by a robust mix of national retailers, grocers, and restaurants, creating a strong retail environment and captive customer base. The current lease, commencing August 1, 2015, and expiring July 31, 2035, offers a substantial remaining term of 10.7 years, with four 5-year renewal options. Attractive 10% rent increases are built into the lease every five years, providing a hedge against inflation and increasing revenue streams. The property sits on a 0.33-acre lot and features a 6.75% cap rate with a current NOI of $262,900 and an asking price of $3,894,815. The corporate-guaranteed lease requires zero landlord responsibilities, making this an ideal passive investment. The strong tenant, Red Robin Gourmet Burgers, Inc., reported $1.3 billion in revenue in 2023, demonstrating financial stability. The surrounding area boasts a dense population within a 3-5 mile radius, with average household incomes exceeding $118,739 and $139,154 respectively. This location is considered a top performer within the Red Robin system, both in Connecticut and nationally.

Location Insight

City

Enfield

County

Hartford

State

Connecticut

Longitude

-72.5824

Latitude

41.9906

CBSA code

25540

CBSA name

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

Property Tax & Assessments