124 Costello Rd Newington, CT 06111-5156

Property Details for 124 Costello Rd

Year built

1985

Construction

STEEL FRAME

Lot size

1.40 lot acres

Property size

8,640 SF

Zone code

PD

Property type

Warehouses

APN

NEWI M:32 B:11 L:0

APU

NEWIM32B11L0

Description

This 14,122 sq ft industrial building in Newington, CT, is net leased to Ferguson, a credit-worthy tenant with a long-term lease (expiring 7/31/2030, with a 5-year option). Situated on a 4.77-acre lot in a dense retail corridor near major national retailers, the property boasts a 7% cap rate and a strong NOI of $188,760. Built in 1985 with recent HVAC upgrades (2023), the building features 22' eaves, 18.6' clear height, three grade-level drive-in docks, and two flush loading docks. The property offers significant upside potential with a rent bump in 2030 ($16,675/month). The affluent demographics (median household income over $93,000) and Ferguson's long history at this location (nearly 25 years) contribute to the property's exceptional investment value. This fee-simple ownership opportunity provides a stable income stream with a modified NNN lease structure and a corporate guarantee. The property's size and location make it an attractive investment for those seeking long-term returns in a thriving market. The building also includes approximately 5,482 square feet of office space and ample parking (25 spaces, 1.77 parking ratio). The property is zoned PD.

Location Insight

City

Newington

County

Hartford

State

Connecticut

Longitude

-72.7222

Latitude

41.6564

CBSA code

25540

CBSA name

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

Property Tax & Assessments