632 New Hvn Ave Milford, CT 06460-3620

Property Details for 632 New Hvn Ave

Year built

1948

Construction

FRAME

Lot size

0.39 lot acres

Property size

3,386 SF

Zone code

CDD4

Property type

Showrooms

APN

MILF M:68 B:711 L:4

APU

MILFM68B711L4

Description

This fee-simple medical office building, located at 632 New Haven Ave, Milford, CT 06460, presents a compelling investment opportunity. The 3,386 square foot building, constructed in 1948 and situated on a 0.38-acre lot, is currently 100% occupied by CareVet Animal Hospital under a Net Lease agreement. The lease, commencing January 20, 2021, and expiring January 20, 2026, has a remaining term of approximately 1.2 years. The tenant, backed by a corporate guarantee, enjoys a strong presence in the community, having operated as a veterinary clinic for over two decades. The lease includes attractive 2.8% annual rent bumps throughout the initial term and 8% increases at the start of each of three, five-year option periods. The property boasts a strong NOI of $73,878, resulting in an 8.00% cap rate and a price per square foot of $272.73. The asking price is $923,475. The building is a two-story structure in a high-income area, with average household incomes exceeding $120,000 within 3 and 5 miles, and approximately $131,000 within 1 mile. The location benefits from a large potential customer base, with over 100,000 residents and 41,000+ households within a 5-mile radius. This is a rare opportunity to acquire a stable, net-leased investment property with a proven tenant and significant upside potential.