38 Wellington Rd Milford, CT 06461-1641
This exceptional Class A office building, located at 38 Wellington Rd, Milford, CT 06461, presents a compelling investment opportunity. The 39,907 square foot, two-story building boasts a 100% occupancy rate with a credit-rated, single tenant—the State of Connecticut Department of Children and Families—under a gross lease with five years remaining on a five-year term, expiring in 2029. The property features a substantial 7.70% cap rate and a strong NOI of $477,610, with an asking price of $6,200,000 ($155.36/sq ft). Built in 1981 and extensively renovated in 2024, the building includes 228 parking spaces and sits on a four-acre lot zoned DO10. Modern amenities include a two-story open atrium entryway, elevators, updated LED lighting, and recently replaced hallway carpeting. The interior offers a mix of executive offices and open bullpen areas. Its prime location within the Merritt 95 Office Park provides excellent regional accessibility, with close proximity to I-95, the Wilbur Cross Parkway/Merritt Parkway (Exit 55), Milford Metro-North train station, and Igor Sikorsky Memorial Airport. Neighboring tenants include prestigious organizations such as Yale New Haven Hospital and the Boy Scouts of America. This stabilized investment offers a secure, low-maintenance income stream with a high-quality tenant and long-term lease. Lease options are available.
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Department of Child & Families Social Service Agency Charitable Organization
SECTION 3.6 DESIGN OFFICE DISTRICTS: DO-10 AND DO-25 3.6.1 Permitted Uses : Subject to Site Plan review and to all other applicable provisions and limitations of these Regulations, the Board shall permit the following buildings or uses in Design Office Districts. 3.6.1.1 Subject to Site Plan Approval in accordance with ARTICLE VII herein, offices for executi…
Cap rate
Implied · in-place · derived from last sale + estimated NOIValue
AI, CAP & Alternative Use estimations · Realmo proprietary blendProperty tax & assessments
Tax year 2023Comparables
6 recent transactions · within 1.5 miComparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Property description
Physical attributes from public recordsZoning & alternative use
DO10 · Milford, CTSECTION 3.6 DESIGN OFFICE DISTRICTS: DO-10 AND DO-25 3.6.1 Permitted Uses : Subject to Site Plan review and to all other applicable provisions and limitations of these Regulations, the Board shall permit the following buildings or uses in Design Office Districts. 3.6.1.1 Subject to Site Plan Approval in accordance with ARTICLE VII herein, offices for executive, professional or administrative purposes. 3.6.1.2 Subject to Site Plan Approval in accordance with ARTICLE VII, herein, computer centers housing data processing, accounting or similar types of equipment or business machines and related facilities, equipment and machines. 3.6.2 Special Uses: Subject to all other applicable provisions and limitations of these Regulations, the Board may allow the following buildings or uses, subject to Special Permit and Site Plan Approval in accordance with ARTICLE VII, herein. Such Special Permit may be for a group of uses within a Design Office Park or may be individual uses, both of which must comply with all regulations herein. 3.6.2.1 Scientific or research laboratories devoted to research, design, and/or experimentation. 3.6.2.2 Farms, as defined herein. 3.6.2.3 Truck Gardens, Nurseries or Garden Centers, subject to Site Plan Review in accordance with ARTICLE VII, herein, and subject to the following: (1) Provided that only produce raised or grown on the premises is sold there from; (2) The sale by a nursery or garden center of plants, flowers and shrubs started elsewhere, but sold from an enclosed greenhouse, shall be allowed; (3) The lot size shall be not less than three (3) acres: (4) The buffer strip of not less than thirty (30) feet in width shall be provided adjacent to a residential district.
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.