620 Main St, Watertown, CT 06779-1931

Property Details for 620 Main St

Year built

1945

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.79 lot acres

Zone code

BC

Property type

Retail space

APN

WTWN M:99A B:65 L:4-3

APU

WTWNM99AB65L43

Description

This exceptional investment opportunity presents a fee-simple, 20,266 square foot retail property in Watertown, Connecticut, anchored by a Walgreens pharmacy operating under a triple-net (NNN) lease with a corporate guarantee. The property, located at 620 Main St, 06795, boasts a strong 9.05% cap rate and a substantial net operating income (NOI) of $140,300. Built in 1945, this two-story building sits on a 0.79-acre lot zoned B-D Downtown Central Business, offering significant potential for value-add opportunities. Walgreens recently exercised a five-year lease extension, demonstrating their long-term commitment. The property also includes a dry cleaner and over 10,000 square feet of second-story space available for lease-up. Its prime location on a major thoroughfare, with excellent visibility and access, is further enhanced by a large pylon sign and proximity to Taft School. The established pharmacy location has served the community for over 30 years, and the recent development of a Starbucks in the market underscores the area's growth potential. The asking price is $1,550,000, translating to $76.48 per square foot. This property offers limited landlord responsibilities and significant upside potential through lease-up of the existing vacant space.

Location Insight

City

Watertown

County

Litchfield

State

Connecticut

Longitude

-73.1165

Latitude

41.6019

CBSA code

45860

CBSA name

TORRINGTON, CT MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments