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Popeyes - Absolute NNN Ground Lease 1060 Huntingdon Ave 2,200 SF Retail Building Waterbury, CT 06704 $1,650,000 ($750/SF) 5.33% Cap Rate
INVESTMENT HIGHLIGHTS
- Absolute NNN Ground Lease – Zero Landlord Responsibilities – Long-Term 20-Year Lease Commenced in 2021
- Yale’s $42 Billion Endowment & 14,000+ Employees Support Regional Housing, Healthcare, & Service Sectors
- Attractive Site Fundamentals – 1.21 Acre Lot – Nearby National Retailers include Target, ALDI, Walmart Supercenter, TJ Maxx, PetSmart, & more
- Proximity to Yale University – Major Economic Anchor – Located 24 Miles from Yale – Global Research Institution & Top Employer
- Prominent Intersection with Combined Traffic Counts of 35,400 VPD: Huntingdon Ave & Thomaston Ave
- Immediate Access to CT Route 8 (35,400 VPD) – Major Arterial Through Waterbury – Passive, Reliable Cash Flow – Below Market Rent
EXECUTIVE SUMMARY
We are pleased to present the opportunity to acquire a single-tenant, ground lease Popeyes asset in Waterbury, Connecticut. The property is 100% leased on
an absolute NNN basis to a seasoned Popeyes operator with a proven operating history and regional scale. The 20-year lease commenced in 2021 with 16 years of firm term remaining and no landlord responsibilities, offering truly passive, long term income.
Strategically positioned at the signalized intersection of Huntingdon Avenue and Thomaston Avenue – just off the CT Route 8/James H. Darcey Memorial Highway (35,000+ VPD) – the asset benefits from excellent visibility and combined traffic counts exceeding 35,400 vehicles per day at the hard corner. The 1.21-acre parcel offers a drive-thru layout, efficient ingress/egress, and strong site fundamentals supporting sustained tenant performance.
Importantly, this is a rare opportunity to acquire a ground lease QSR asset in a high-barrier-to-entry Northeastern market. The greater New Haven–Waterbury corridor features strict zoning, limited retail pad availability, and entrenched demand from long-established neighborhoods. Drive-thru entitlements remain scarce in Connecticut, enhancing the long-term value of the site.
Waterbury anchors the Central Naugatuck Valley and sits just 30 minutes from Yale University, 40 minutes from Hartford, and within 30–45 minutes of other major institutional anchors including University of Bridgeport, Sacred Heart University, and Western Connecticut State University in Danbury. These regional institutions, along with two major hospitals and over 3.5 million square feet of industrial inventory, generate reliable foot traffic, workforce housing demand, and daily consumer spending across the trade area.
This offering represents a compelling opportunity to acquire a passive, recession resistant QSR investment with future upside in one of the most supply-constrained and institutionally backed regions of the country
an absolute NNN basis to a seasoned Popeyes operator with a proven operating history and regional scale. The 20-year lease commenced in 2021 with 16 years of firm term remaining and no landlord responsibilities, offering truly passive, long term income.
Strategically positioned at the signalized intersection of Huntingdon Avenue and Thomaston Avenue – just off the CT Route 8/James H. Darcey Memorial Highway (35,000+ VPD) – the asset benefits from excellent visibility and combined traffic counts exceeding 35,400 vehicles per day at the hard corner. The 1.21-acre parcel offers a drive-thru layout, efficient ingress/egress, and strong site fundamentals supporting sustained tenant performance.
Importantly, this is a rare opportunity to acquire a ground lease QSR asset in a high-barrier-to-entry Northeastern market. The greater New Haven–Waterbury corridor features strict zoning, limited retail pad availability, and entrenched demand from long-established neighborhoods. Drive-thru entitlements remain scarce in Connecticut, enhancing the long-term value of the site.
Waterbury anchors the Central Naugatuck Valley and sits just 30 minutes from Yale University, 40 minutes from Hartford, and within 30–45 minutes of other major institutional anchors including University of Bridgeport, Sacred Heart University, and Western Connecticut State University in Danbury. These regional institutions, along with two major hospitals and over 3.5 million square feet of industrial inventory, generate reliable foot traffic, workforce housing demand, and daily consumer spending across the trade area.
This offering represents a compelling opportunity to acquire a passive, recession resistant QSR investment with future upside in one of the most supply-constrained and institutionally backed regions of the country
PROPERTY FACTS
Sale Type
Investment NNN
Sale Condition
Ground Lease (Leased Fee)
Property Type
Retail
Property Subtype
Building Size
2,200 SF
Building Class
B
Year Built
2023
Price
$1,650,000
Price Per SF
$750
Cap Rate
5.33%
NOI
$88,000
Tenancy
Single
Building Height
1 Story
Building FAR
0.04
Lot Size
1.21 AC
Zoning
IL
AMENITIES
- Drive Thru
MAJOR TENANTS
- TENANT
- INDUSTRY
- SF OCCUPIED
- RENT/SF
- LEASE TYPE
- LEASE END
- Popeyes
- Accommodation and Food Services
- 2,200 SF
- $40.00
- Triple Net
- Apr 2041
| TENANT | INDUSTRY | SF OCCUPIED | RENT/SF | LEASE TYPE | LEASE END | |
| Popeyes | Accommodation and Food Services | 2,200 SF | $40.00 | Triple Net | Apr 2041 |
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | WATE-000088-000024-000001 | Improvements Assessment | $443,590 |
| Land Assessment | $301,910 | Total Assessment | $745,500 |
PROPERTY TAXES
Parcel Number
WATE-000088-000024-000001
Land Assessment
$301,910
Improvements Assessment
$443,590
Total Assessment
$745,500
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Popeyes - Absolute NNN Ground Lease | 1060 Huntingdon Ave
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