1030 Wolcott St Waterbury, CT 06705-1316

This exceptional 10,984 square foot retail center in Waterbury, Connecticut presents a compelling investment opportunity. The property, built in 1999 and situated on a 3.22-acre lot, features a strong anchor tenant: Bank of America, occupying half the space. The current occupancy is 50%, with a significant portion vacant, offering immediate upside potential for additional lease income. The property boasts a Net Lease structure with a current NOI of $272,872 and a 5.27% cap rate. The asking price is $5,180,000, translating to $471.60 per square foot. The center benefits from a high-traffic location at the signalized intersection of Lakewood and Wolcott Street (43,000 vehicles per day), providing excellent visibility and exposure. Its prime location along a major retail corridor is surrounded by numerous national retailers, including Walmart, Stop & Shop, McDonald's, and more. The Bank of America tenant occupies a space that serves as a strategic relocation branch, consolidating two local branches and is expected to hold $500 million in deposits. The property is zoned CA. While the current lease with Bank of America has expired, the investment highlights a potential for a new long-term lease. This property offers a blend of stability and growth potential for savvy investors.