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Bank Of America | Corp NN w/ Increases 107 Main St 4,266 SF Retail Building Old Saybrook, CT 06475 $3,070,000 ($719.64/SF) 7% Cap Rate
INVESTMENT HIGHLIGHTS
- 2+ Years Remaining | Options To Extend | Scheduled Rental Increases | Established Brand | $240M+ Deposits
- Old Saybrook Shopping Center (330,000+ SF) | Retail Corridor |Strong National/Credit Tenant Presence | Drive-Thru Equipped
- NN Lease | Fee Simple Ownership | Limited Landlord Responsibilities
- Strong Demographics In 5-Mile Trade Area
EXECUTIVE SUMMARY
SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a NN leased, Bank of America investment property located in Old Saybrook, Connecticut. The tenant, Bank of America, N.A., has 2+ years remaining with 2 (5-year) options to extend, demonstrating their commitment to the site. The lease features 14% rental increases at the beginning of each option period, steadily growing NOI and hedging against inflation. The lease is NN with limited landlord responsibilities making it an ideal, low-management investment opportunity for a passive investor. The property is equipped with a double drive-thru along Main St, providing ease and convenience for customers. This location reported over $240 million in deposits.
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Building Size
4,266 SF
Building Class
C
Year Built
1950
Price
$3,070,000
Price Per SF
$719.64
Cap Rate
7%
NOI
$214,907
Tenancy
Single
Building Height
2 Stories
Building FAR
0.18
Lot Size
0.53 AC
Zoning
B-1 - Central Business
Parking
26 Spaces (6.09 Spaces per 1,000 SF Leased)
Frontage
AMENITIES
- Banking
- Dedicated Turn Lane
- Freeway Visibility
- Pylon Sign
- Security System
- Signage
- Drive Thru
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | OSAY-000037-000018 | Improvements Assessment | $801,400 |
| Land Assessment | $181,900 | Total Assessment | $983,300 |
PROPERTY TAXES
Parcel Number
OSAY-000037-000018
Land Assessment
$181,900
Improvements Assessment
$801,400
Total Assessment
$983,300
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Bank Of America | Corp NN w/ Increases | 107 Main St
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