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649 W Main St
Waterbury, CT 06702
91% Occupied Retail Center · Retail Property For Sale
INVESTMENT HIGHLIGHTS
- Well-Positioned, 91% Occupied Retail Center with Two Out Lots
- Anchor Tenants: Walgreens, Advance Auto Parts, KFC, Monro Muffler
- Out Parcels Included in Sale: Free-Standing KFC w/ Drive-Thru and Free Standing Monro Muffler
- Long-Term Tenancy: Many Tenants have been in Place Since the Property's Inception; Indicating Stability.
- Upside Available Thru Lease-Up of Vacant Space and All Leases Have Upcoming Rent Increases or No Remaining Renewal Options
- Strategically Located Between Two Major Hospital Systems
EXECUTIVE SUMMARY
Encore REIS is pleased to present Century Plaza, a 91% occupied multi-tenant retail center situated on 4.23 acres at a highly visible, signalized hard-corner intersection in Waterbury, Connecticut - just east of the downtown district. Built in 1994, the attractively constructed center features a drive-thru pharmacy pickup window, prominent pylon signage at the intersection of Thomaston Avenue and West Main Street, and multiple points of ingress/egress, with combined daily traffic counts exceeding 40,000 vehicles per day.
Anchored by long-term national tenants including Walgreens, Advance Auto Parts, KFC (drive-thru), and Monro Muffler, all of whom have operated at the property since its
inception. The stabilized center offers immediate rental growth through in-place lease escalations and limited tenant renewal options. Two income-producing outlots, KFC and
Monro Muffler, are included in the offering.
The property enjoys close proximity to Interstate 84 (200,000+ VPD), major retail corridors, and is strategically located between two regional hospitals: Waterbury Hospital (357 beds) just 0.6 miles away and St. Mary’s Hospital, a Yale-affiliated 347-bed facility, only 1 mile away.
Anchored by long-term national tenants including Walgreens, Advance Auto Parts, KFC (drive-thru), and Monro Muffler, all of whom have operated at the property since its
inception. The stabilized center offers immediate rental growth through in-place lease escalations and limited tenant renewal options. Two income-producing outlots, KFC and
Monro Muffler, are included in the offering.
The property enjoys close proximity to Interstate 84 (200,000+ VPD), major retail corridors, and is strategically located between two regional hospitals: Waterbury Hospital (357 beds) just 0.6 miles away and St. Mary’s Hospital, a Yale-affiliated 347-bed facility, only 1 mile away.
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Property Subtype
Freestanding
Building Size
36,680 SF
Building Class
B
Year Built
1994
Price
$6,500,000
Price Per SF
$177.21
Cap Rate
9.04%
NOI
$587,832
Percent Leased
91%
Tenancy
Multiple
Building Height
1 Story
Loading Docks
1 Exterior
Building FAR
0.20
Lot Size
4.16 AC
Zoning
IG - General Industrial
Parking
225 Spaces (6.13 Spaces per 1,000 SF Leased)
AMENITIES
- Signage
PROPERTY TAXES
| Parcel Number | WATE-000272-000022-000023 | Improvements Assessment | $3,351,740 |
| Land Assessment | $593,110 | Total Assessment | $3,944,850 |
PROPERTY TAXES
Parcel Number
WATE-000272-000022-000023
Land Assessment
$593,110
Improvements Assessment
$3,351,740
Total Assessment
$3,944,850
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