901 Boston Post Rd
Old Saybrook, CT 06475
901 Boston Post Road · Retail Property For Sale

The opportunity is a multi-tenant, retail property known as The Shoppes at Old Saybrook. Located at 901 Boston Post Road in Old Saybrook, Connecticut, the property is approximately 30 miles east of New Haven, Connecticut. Constructed in 1967, the Property features two buildings totaling 94,175 gross sq. ft., situated on a 9.50 acre parcel of land. The Property is currently 91.10% occupied and anchored by Ocean State Job Lot (63.71% of NRA; 46.43% of total revenue), which has been in-place since 1984 with a current lease expiration of January 2020 with one, 5-year renewal option remaining. Ocean State Job Lot is the single occupant in one of the buildings and has 124 stores across the Northeast. The second largest tenant, Dollar Tree (9.68% NRA; 9.62% of total revenue) has been in-place since 2013 with a current lease expiration of July 2023. Family Dollar currently has two, 5-year options remaining. Other tenants include Town Fair Tire, The Cedar Chest, Ocean Star Nails, and Beauty Systems. Additional rental income is collected from Monroe Muffler and Boaters World is for use of the easement. The Property fronts Boston Post Road, a secondary road which connects with Interstate 95 The Property fronts Boston Post Road, a secondary road which connects with Interstate 95 (Connecticut Turnpike), approximately 1.3 miles northeast of the Property. Interstate 95 provides access to New York City to the southeast and Providence, Rhode Island to the northeast. Surrounding land uses include vacant land to the west, commercial uses and residential to the south, commercial and some residential to the northeast, and residential properties to the north of the Property. Monroe Muffler Brake and Service and Fromage Fine Foods and Coffees are adjacent to the Property and share the easement. Immediate retailers in the area include Staples, McDonalds, Saybrook Seafood, Sherman-Williams Paint Store, Elm Street Shopping Center, Walmart, Burger King, Starbucks, Old Saybrook Shopping Center, and Home Goods. The most recent NOI for the period ending December 2016 was $566,798 with a Year One As-Is NOI estimated at $678,696. This investment offers potential upside with the opportunity to lease 8,379 sq. ft. of vacant space at attractive submarket rates. **NOI Represents The Projected Year One As-Is Through 2017**