59 Norwich Ave Norwich, CT 06360

Property Details for 59 Norwich Ave

Year built

2017

Construction

STEEL FRAME

Lot size

2.09 lot acres

Property size

8,505 SF

Zone code

GC/R10

Property type

Showrooms

APN

NORW M:63 B:1 L:56

APU

NORWM63B1L56

Description

This exceptional investment opportunity presents a fee-simple, single-tenant, absolute NNN leased Family Dollar store located at 59 Norwich Ave, Norwich, CT 06360. The property boasts 8,320 square feet on a 0.72-acre lot and benefits from a strong location near Interstate 395, Mohegan Sun, and Foxwoods Casinos, serving a substantial population within a 5-mile radius (50,503). The lease with the credit-rated Dollar Tree, Inc. (NYSE: DLTR) subsidiary extends to 6/30/2031, offering a remaining term of 6.6 years. The property generates a substantial net operating income (NOI) of $131,553, representing an 8.00% cap rate and a price per square foot of $197.65. Built in 2016, this property is currently 100% occupied. The asking price is $1,644,412. The property also includes an OUTFRONT Media billboard under a separate absolute NNN 15-year lease, contributing to the overall NOI. The average household income within a 1-mile radius is $62,122, and within a 5-mile radius, it's $91,996, indicating a strong consumer base. The property's proximity to a middle and high school further enhances its appeal and potential for consistent revenue generation. This is a rare opportunity to acquire a stable, high-performing retail investment with a long-term lease and significant upside potential.

Location Insight

City

Norwich

County

New London

State

Connecticut

Longitude

-72.0512

Latitude

41.5528

CBSA code

35980

CBSA name

NORWICH-NEW LONDON, CT METROPOLITAN STATISTICAL AREA

Property Tax & Assessments