Yale Medicine Ortho & Yale New Haven Hospital 48 Wellington Rd 10,444 SF Vacant Office Building Milford, CT 06461 $3,800,000 ($363.85/SF) 6.51% Cap Rate

Yale Medicine Orthopaedics & Rehabilitation and Yale New Haven Hospital Physical Therapy and Radiology Medical Office Building located at 48 Wellington Road, Milford, Connecticut. This investment property boasts investment-grade credit tenants with leases signed by Yale University with the highest S&P credit rating "AAA" and Yale-New Haven Hospital, Inc. with an S&P credit rating of "AA-".
Relying on the skill and expertise of more than 4,500 university and community physicians and advanced practitioners, including more than 600 resident physicians, Yale New Haven Hospital (YNHH) provides comprehensive, multidisciplinary, family-focused care in more than 100 medical specialty areas. Yale New Haven Hospital regularly ranks among the best hospitals in the U.S. and is accredited by The Joint Commission. In conjunction with YSM and Yale Cancer Center, YNHH is nationally recognized for its commitment to teaching and clinical research.
Yale Medicine Orthopaedics & Rehabilitation: as the clinical practice for the Yale School of Medicine, Yale Medicine’s doctors play multiple roles in advancing the practice of medicine – from treating and caring for patients, to developing new cures through innovative research, to educating future doctors. Yale is the largest academic multi-specialty practice in New England.
Situated in a high-traffic location in Milford, just off CT 15/Wilbur Cross Parkway, this property enjoys an average household income of $182,377 within a 1-mile radius and a population of 133,631 within a 5-mile radius. With a total building size of 10,444 SF and a net operating income of $247,215, this property offers a strong investment opportunity. Recent capital improvements include a new roof and updates to HVAC, septic, drainage, and parking lot.
The complex was originally built for IBM in 1981 and has transitioned into an office park condominium, which tenants include the State of Connecticut for Children’s & Families, Boy Scouts of America, Eye Surgery Center and Owner/Occupied Coastal Connecticut Counseling.
Yale exercised five-year lease renewal options for both tenants in 2024.