10 Higgins Hwy Mansfield Center, CT 06250-1437

Property Details for 10 Higgins Hwy

Year built

1985

Construction

FRAME

Lot size

1.60 lot acres

Property size

12,336 SF

Zone code

PB5

Property type

Showrooms

APN

MANS M:31 B:80 L:1

APU

MANSM31B80L1

Description

This 12,240 square foot medical office building in Mansfield, Connecticut, presents a compelling investment opportunity. Located at 10 Higgins Hwy, 06250, this stabilized property boasts a 9.11% cap rate and a strong NOI of $173,126. The building features nine tenants, with 100% occupancy and a remaining lease term of 3.7 years. The property benefits from a multi-tenant structure, with eight of the nine tenants being medical offices, providing inherent resilience to economic downturns. Two dental tenants are part of larger, established networks, offering further stability. Three major tenants have occupied the space for over 15 years, demonstrating long-term commitment. Recent lease signings have been for five-year terms. Tenants reimburse approximately 56% of property expenses. The 1.6-acre lot includes 90 parking spaces. Built in 1985 and renovated in 2023, the property has undergone $100,000 in capital improvements in the last two years. Its strategic location in Tolland County, five miles from the University of Connecticut and close to major roadways (Route 6), provides excellent access to Hartford, Providence, New Haven, and Boston. The property is zoned PB-5. The asking price is $1,900,000, translating to a price per square foot of $155.23. This is a rare opportunity to acquire a well-maintained, high-performing medical office building with significant upside potential.

Location Insight

City

Mansfield Center

County

Tolland

State

Connecticut

Longitude

-72.2605

Latitude

41.7417

CBSA code

25540

CBSA name

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

Property Tax & Assessments