101 Stonebridge Ct Highland Ave Cheshire, CT 06410
- Retail properties
- 5,292 SF
- 2.50 lot acres
Current Use by Public Records
- Retail properties
Property Details for 101 Stonebridge Ct Highland Ave
- Lot size
- 2.50 lot acres
- Property size
- 5,292 SF
- Property type
- Retail properties
- Property subtype
- Grocery and convenience stores
Description
Exceptional investment opportunity: a brand-new, 25-year absolute NNN ground lease for a Mobil gas station and convenience store located at 101 Stonebridge Ct, Cheshire, CT 06410. This 5,292 square foot property sits on a 2.5-acre lot at the intersection of Highland Avenue and Interstate 691, a high-traffic area with 74,600 cars daily on I-691 and 19,300 on Highland Ave. The lease commenced April 4, 2024, and expires April 29, 2049, offering a remaining term of 24.5 years. The property boasts a strong net operating income (NOI) of $120,000, resulting in a 5.50% cap rate and a price per square foot of $412. The asking price is $2,181,818. Rent increases are the greater of 10% or CPI, capped at 15%, providing an effective inflation hedge. The lease includes two 10-year renewal options. This is a single-tenant lease with a franchisee tenant, backed by a personal guarantor. The property benefits from its proximity to the busy I-84/I-691 interchange and serves a high-income area with a household income of $117,000. The location is strategically positioned within a 15-minute drive of a population of 585,602, offering excellent access to New Haven, Hartford, and Stamford. The property is expected to be delivered free and clear of debt, providing a true coupon clipper investment with long-term rental growth potential. The building is scheduled for completion in Q1 2025.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Cheshire
- County
- New Haven
- State
- Connecticut
- Longitude
- -72.8984
- Latitude
- 41.5164
