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    12 Coogan Blvd Stonington, CT 06355

    Sponsored
    For Sale
    $10,000,000

    Prime Mystic, CT retail investment

    Property size:
    38,625 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    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.

    Property Features for 12 Coogan Blvd

    General Information

    Property type
    Lifestyle centers
    Square Feet
    38,625 SF
    Lot Size
    183,823 SF

    Building Details

    Year Renovated
    2023

    HighLights

    • 38,625 SF strip center in a prime location.
    • Strong tenant mix with 37% of income from credit tenants such as Starbucks, Morgan Stanley, and Verizon.
    • High leasing velocity.
    • Significant value‑add opportunity via leasing 12,198 SF of vacant space.
    • Starbucks pad site enhances property traffic.
    • Excellent location in Mystic, CT, a popular tourist destination, with direct I‑95 access.
    Property Profile Location Intelligence

    Current Use by Public Records

    Lifestyle centers

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Stonington
    County
    New London
    State
    Connecticut
    Longitude
    -71.9551154
    Latitude
    41.3721059

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    FAQs

    What type of property is this?
    Lifestyle center - Prime Mystic, CT retail investment
    Where is this lifestyle center located?
    The property is located at 12 Coogan Blvd Stonington, CT.
    What is the asking price?
    The asking price for this property is $10,000,000.
    What are key features of this property?
    This property features: 38,625 SF strip center in a prime location.; Strong tenant mix with 37% of income from credit tenants such as Starbucks, Morgan Stanley, and Verizon.; High leasing velocity.
    Request Owner's contact information
    12 Coogan Blvd Stonington, CT 06355
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    12 Coogan Blvd Stonington, CT 06355
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