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Ashley Homestore & Taco John’s 56 Costello Rd 44,034 SF Retail Building Newington, CT 06111 $7,677,419 ($174.35/SF) 7.75% Cap Rate
Investment Highlights
- Brand New 10-Year Absolute NNN Leases
- Excellent Demographics | 250 Luxury Units Across the Street
- Prime Signalized Corner | Exceptional Visibility
- Experienced Franchise Ownership | Proven Operators
- Dominant Regional Retail Corridor
- Built-In Rental Growth
Executive Summary
Surmount is pleased to present the exclusive listing for an Ashley Homestore & Taco John’s located at 56 & 56B Costello Rd, Newington, CT 06111. The site sits on an estimated 3.78-acre parcel of land. Both Ashley Homestore & Taco John’s are subject to 10-year Triple Net (NNN) leases. The total annual rent is $595,000. Taco John’s has a scheduled increase of 11% in year 6 and Ashley Homestore has scheduled 10% increases in each option period.
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Freestanding
Building Size
44,034 SF
Building Class
B
Year Built
1960
Price
$7,677,419
Price Per SF
$174.35
Cap Rate
7.75%
NOI
$595,000
Tenancy
Single
Building Height
1 Story
Building FAR
0.27
Lot Size
3.78 AC
Zoning
PD
Frontage
Somewhat walkable
30/100
Exceptionally drivable
90/100
Limited public transit
20/100
Somewhat bikeable
20/100
Nearby Major Retailers
Property Taxes
| Parcel Number | NEWI-000032-000009 | Improvements Assessment | $1,750,000 |
| Land Assessment | $630,000 | Total Assessment | $2,380,000 |
Property Taxes
Parcel Number
NEWI-000032-000009
Land Assessment
$630,000
Improvements Assessment
$1,750,000
Total Assessment
$2,380,000
Contacts
-
Stewart Hickey -
Anthony D'Ambrosia -
Josh Kanter -
Glen Kunofsky -
Christopher Marks -
Surmount
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