80 Pickett District Road - New Milford

Industrial for Sale
Catylist Listing ID: 30641963
Property Subtypes: Cold Storage, Flex Space, Food Processing, Free-Standing, Industrial-Business Park, Manufacturing, Mixed Use, Light Industrial, Office Showroom, Research & Development, Self Storage, Truck Terminal, Warehouse/Distribution, General
Building Size (RSF): 63,967 SF
Gross Land Area: 8 Acres
Sale Price: $5,250,000
Unit Price: $82.07 PSF
Ceiling: 18 ft.
Docks/Doors: 4 Docks, 4 Doors
Office SF: 9,000 SF
Drive In Bays: 2 Bays
Property Use Type: Investment
Building Name: Edelman Leather Company
Sale Terms: Cash to Seller, Other
Cap Rate: 10.0%
Last Updated: 11/12/2020

Overview / Comments

INVESTMENT SALE at $5,250,000 - 7.40% Cap Rate - 9 to12% Cash on Cash over 5 Yrs. This 63,967 s.f. industrial building built in 1956 on 8 acres. Edelman Leather Company (a subsidiary of Knoll, Inc.) is the anchor Tenant for 15 years and has 4.5 years remaining on its latest lease extension. There are also approximately 7,100 s.f. currently available for lease at $5.95 s.f. NNN. Possible lease expansion to 25,000 s.f. The available space has 16’ ceiling and two bathrooms. The 2020 Per Forma estimates the NOI at $373,181.

The property has 700' of frontage and 500’ deep on Pickett District Road and located adjacent to Kimberly Clark. The building footprint is 61,156 with a 2800 s.f. cafeteria mezzanine. The roof age is estimated at 12 years. Ceiling height in warehouse areas estimated at 18'. The building is sprinklered, has HVAC in most areas, and has public water, septic, and gas.

The property is ideally located on Pickett District Road with great access to a 4 lane highway (Route 7). The property is zoned RI (Restricted Industrial) in central New Milford. Possible 40,000 s.f. expansion possible on site. There is excellent on-site paved parking for fleet vehicles, trucks, and employee cars. It has 4 loading docks and two drive in-doors. There is also a tractor-trailer handling area with easy access to 4 docks and two drive-in doors. Heat is provided with gas, electric is sub-metered, city water, septic, 277/480 volts, and full sprinklers.

Call Mike Struna or Chris Cosio for an appointment and tour the building today…… 203-798-9345

Financials

Finance Data Year 2019
Actual or Proforma Year Proforma

Current Tenants

Tenant Business Name Edelman Leather, LLC
Website URL www.edelmanleather.com
Industry Type Manufacturing
Is Renting? Yes
SF of Space Occupied 55,000 SF

Additional Details

Nearest MSA: Torrington
County: Litchfield
Taxing Authority: Town of New Milford
Tax ID/APN: 18.4/38
Zoning: RI
Market Type: Medium
Side of Street: West
Road Type: Paved, 2-Track
Transportation: Bus, Airport, Taxi
Highway Access: Route 7 North and South 1 Mile away
Site Description: Level Site. Excellent car and truck parking
Area Description: Area of Central New Milford near Kimberly Clark and numerous other industrial uses.
Tenancy: Multiple Tenants
Total Number of Buildings: 1
Number of Stories: 1
Typical SF / Floor: 63,967 SF
Property Condition: Good
Year Built: 1956
Year Renovated: 2000
Roof Type: Flat
Construction/Siding: Concrete, Steel Frame
Parking Type: Surface
Sprinklers: Wet
Heat Type: Electricity, Natural Gas
Heat Source: Baseboard, Central, Ceiling Units
Air Conditioning: Engineered System
Lighting: Fluorescent, Incandescent
Internet Access: Cable
Interior Description: The interior of the building is a mix of office, manufacturing, and warehousing.
Zoning Description: RI - Restrict Industrial
Lot Frontage: 700
Lot Depth: 500
Water Service: Municipal
Sewer Type: Septic
Easements: Electric Lines, Utilities

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 5,229 19,774 35,311
Median Age: 37.86 41.52 42.83
Households: 2,116 7,695 13,450

Contact

Photograph of Listing Agent

Chris Cosio

Advantage Realty Commercial Not a member of CTCList
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