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391 Norwich Westerly Rd - New England Raceway 1,350 SF Office/Retail Condo Unit Offered at $328,242 in North Stonington, CT 06359
1 Unit Available
- Unit
- Unit Size
- Condo Use
- Price
- NOI
| Sale Type | Investment | Cap Rate | 8.00% |
| Sale Type | Investment |
| Cap Rate | 8.00% |
Sale Notes
PRIME INVESTMENT OPPORTUNITY – USPS POST OFFICE CONDO
Long-Term USPS Tenant | Stable Income | Located in a Busy Strip Mall
Excellent opportunity to acquire a Post Office condo leased to the United States Postal Service (USPS) and located in a very busy and active strip mall with strong visibility and convenient access.
This property offers an investor the opportunity to acquire a commercial real estate asset with a long-term USPS lease and built-in rental growth through renewal options.
PROPERTY & LEASE DETAILS
Tenant: United States Postal Service (USPS)
Property Type: Post Office Condo
Location: Prime location within a busy strip mall
Current Monthly Rent: $2,925.00
Current Annual Rent: $35,100.00
Lease Term: January 1, 2026 – December 31, 2030
Renewal Options: Two (2) additional 5-year options
Option Increase: 10% increase per option
CURRENT OPERATING EXPENSES
Condo Fee: $361.80/month — $4,341.60/year
Property Taxes: Approximately $3,499.00/year
Insurance: Approximately $1,000.00/year
Based solely on the expenses provided, the estimated current net operating income is approximately:
$35,100.00 annual rent
– $4,341.60 condo fees
– $3,499.00 property taxes
– $1,000.00 insurance
= $26,259.40 estimated annual net income
Long-Term USPS Tenant | Stable Income | Located in a Busy Strip Mall
Excellent opportunity to acquire a Post Office condo leased to the United States Postal Service (USPS) and located in a very busy and active strip mall with strong visibility and convenient access.
This property offers an investor the opportunity to acquire a commercial real estate asset with a long-term USPS lease and built-in rental growth through renewal options.
PROPERTY & LEASE DETAILS
Tenant: United States Postal Service (USPS)
Property Type: Post Office Condo
Location: Prime location within a busy strip mall
Current Monthly Rent: $2,925.00
Current Annual Rent: $35,100.00
Lease Term: January 1, 2026 – December 31, 2030
Renewal Options: Two (2) additional 5-year options
Option Increase: 10% increase per option
CURRENT OPERATING EXPENSES
Condo Fee: $361.80/month — $4,341.60/year
Property Taxes: Approximately $3,499.00/year
Insurance: Approximately $1,000.00/year
Based solely on the expenses provided, the estimated current net operating income is approximately:
$35,100.00 annual rent
– $4,341.60 condo fees
– $3,499.00 property taxes
– $1,000.00 insurance
= $26,259.40 estimated annual net income
| Unit | Unit Size | Condo Use | Price | NOI |
| Unit 1A | 1,350 SF | Office/Retail | $328,242 ($243.14/SF) | $26,259.40 |
Unit 1A
| Unit Size |
| 1,350 SF |
| Condo Use |
| Office/Retail |
| Price |
| $328,242 ($243.14/SF) |
| NOI |
| $26,259.40 |
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Unit 1A
| Unit Size | 1,350 SF |
| Condo Use | Office/Retail |
| Price | $328,242 ($243.14/SF) |
| NOI | $26,259.40 |
| Sale Type | Investment |
| Cap Rate | 8.00% |
| Sale Notes | |
|
PRIME INVESTMENT OPPORTUNITY – USPS POST OFFICE CONDO Long-Term USPS Tenant | Stable Income | Located in a Busy Strip Mall Excellent opportunity to acquire a Post Office condo leased to the United States Postal Service (USPS) and located in a very busy and active strip mall with strong visibility and convenient access. This property offers an investor the opportunity to acquire a commercial real estate asset with a long-term USPS lease and built-in rental growth through renewal options. PROPERTY & LEASE DETAILS Tenant: United States Postal Service (USPS) Property Type: Post Office Condo Location: Prime location within a busy strip mall Current Monthly Rent: $2,925.00 Current Annual Rent: $35,100.00 Lease Term: January 1, 2026 – December 31, 2030 Renewal Options: Two (2) additional 5-year options Option Increase: 10% increase per option CURRENT OPERATING EXPENSES Condo Fee: $361.80/month — $4,341.60/year Property Taxes: Approximately $3,499.00/year Insurance: Approximately $1,000.00/year Based solely on the expenses provided, the estimated current net operating income is approximately: $35,100.00 annual rent – $4,341.60 condo fees – $3,499.00 property taxes – $1,000.00 insurance = $26,259.40 estimated annual net income |
Property Facts
The following property facts and amenities apply to the entire building. Details for individual condo units may vary and are listed in the unit information above.
| Total Building Size | 5,284 SF | Floors | 1 |
| Property Type | Retail (Condo) | Typical Floor Size | 1,350 SF |
| Property Subtype | Storefront Retail/Office | Year Built | 1988 |
| Building Class | C | Parking Ratio | 3.79/1,000 SF |
| Total Building Size | 5,284 SF |
| Property Type | Retail (Condo) |
| Property Subtype | Storefront Retail/Office |
| Building Class | C |
| Floors | 1 |
| Typical Floor Size | 1,350 SF |
| Year Built | 1988 |
| Parking Ratio | 3.79/1,000 SF |
Amenities
- Pylon Sign
Somewhat walkable
20/100
Exceptionally drivable
100/100
Limited public transit
30/100
Not bikeable
10/100
NNN Tenant Information Click Here to Access
| TENANT | SF Occupied | LEASE END DATE |
|---|---|---|
| United States Postal Service |
-
|
Jan 0000
|
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391 Norwich Westerly Rd - New England Raceway