90 Grove St Ridgefield, CT 06877

Property Details for 90 Grove St

Lot size

3.01 lot acres

Zone code

B-3

Property type

Commercial land

APN

RIDG M:E14 B:1011

APU

RIDGME14B1011

Description

This exceptional investment opportunity presents a stabilized portfolio of thirteen Class A office condos located at 90 Grove Street, Ridgefield, Connecticut, 06877. The property encompasses 23,735 square feet across a three-story building on a three-acre lot, built in 1986 and boasting a 95% occupancy rate. The portfolio features a diverse tenancy of thirteen units, including notable tenants such as Morgan Stanley, Ridgefield Ophthalmology, Rowantree Law Group, and Quest Diagnostics. The asking price is $3,795,000, representing a price per square foot of $159.89 and a price per unit of $291,923.08. The property generates a substantial net operating income (NOI) of $268,473, yielding a 7.07% cap rate. The building is zoned B-3 and includes 300 parking spaces. Amenities include a welcoming lobby with a digital directory, a fitness center, and a shared conference room. Its prime location offers convenient access to I-84, Route 7, and I-684, providing excellent regional accessibility. The gross lease structure minimizes management responsibilities, making this a low-maintenance, high-return investment. This portfolio offers a stable income stream from high-quality tenants, making it an attractive addition to any real estate portfolio. The building is the only one in town with a shared conference room and fitness center. The lobby features floor-to-ceiling marble, a guest seating area, and shared common restrooms.