605-607 Main St Norwich, CT 06360
- Retail properties
- 3,040 SF
- 0.44 lot acres
Current Use by Public Records
- Retail properties
Property Details for 605-607 Main St
- Year built
- 1970
- Lot size
- 0.44 lot acres
- Property size
- 3,040 SF
- Property type
- Retail properties
- Property subtype
- Medical centers
Description
This fee-simple offering presents a compelling investment opportunity: a 3,040 square foot urgent care facility in Norwich, Connecticut, boasting a 6.19% cap rate and a strong net operating income (NOI) of $76,800. The property, situated on a 0.44-acre lot at 605-607 W Main St (CT Route 82), is a single-story building constructed in 1970 and renovated in 2013. PhysicianOne Urgent Care, a subsidiary of Yale New Haven Health System, occupies the entire space under a net lease agreement commencing May 1, 2013, and expiring October 31, 2028, with a remaining lease term of approximately 3.9 years and one 5-year renewal option. The lease includes a 15% rent increase at the start of the renewal option. The property benefits from high visibility on a major thoroughfare, proximity to Interstate 395, Mohegan Sun Casino, and numerous national retailers, including Walmart, Big Y, and TJ Maxx. The location enjoys strong demographics, with over 54,200 residents and 24,000 employees within a 5-mile radius, and high traffic counts exceeding 17,100 vehicles daily. The asking price is $1,240,000. This recession-resistant investment offers a stable income stream and significant upside potential due to the tenant's strong performance and the continued growth of the urgent care industry. The landlord is responsible for roof, structure, and HVAC replacement
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
- Norwich
- County
- New London
- State
- Connecticut
- Longitude
- -72.1008
- Latitude
- 41.5164
