107 Main St
Old Saybrook, CT 06475
Bank Of America · Retail Property For Sale

*Available Individually or as part of B of A Portfolio* Marcus and Millichap is pleased to present 107 Main Street, Old Saybrook CT. The subject property is a 3,690 square foot freestanding building on a .31 acre lot, and is currently on a triple net lease with Bank of America. This branch location features two drive-thru lanes, and had over $61.6 million in deposits as of June 30th, 2015. The property has operated as a bank branch since 1977 under various entities, and was acquired by the current tenant in 2005. Bank of America has exercised its first 5 year option, providing over 6 years of term remaining. There are three additional 5-year options for renewal, with 14% increases at the beginning of each option. The subject property benefits from its location in the town' s primary trade area along Route 1, which sees traffic counts of approximately 14,000 vehicles per day. The property is down the street from Old Saybrook Shopping Center, which hosts such major tenants as Walmart, Stop & Shop, Wells Fargo, Famous Footwear, and Hallmark. Additional retailers include Staples, Dollar Tree, CVS, Sleepy' s, Advance Auto Parts, and many others. The property is in close proximity to the Old Saybrook Amtrak Station, which is served by 18 trains daily and saw annual ridership of over 60,800 customers in 2015. A new 199-space parking lot is currently being built adjacent to the station. Also under development is Eastpointe at Saybrook Junction, a new 186 unit apartment complex scheduled for completion by mid-2017. The surrounding area shows strong demographics, with a population of over 23,100 and an average household income of over $114,000 within a 5 mile radius. The offering presents investors with the unique opportunity to acquire a triple-net leased asset with minimal landlord responsibility of the roof and structure, backed by one of the strongest credit tenants.