Retail Building or redevelopment site

Retail-Commercial for Sale
Catylist Listing ID: 30285811
Property Subtypes: Free-Standing Building, Retail-Pad, Street Retail
Building Size (RSF): 2,581 SF
Gross Land Area: 0.78 Acres
Sale Price: $5,500,000
Unit Price: $2,130 PSF
Property Use Type: Investment, Vacant/Owner-User
Building Name: M&T Bank
Sale Terms: Other
Cap Rate: Undisclosed
Last Updated: 11/17/2018

Overview / Comments

This property sits at a stop light with a second stop light entering onto a side road, rear entrance to the ¾ acre site. They are currently paying $18,210.16 a month, through November 30 2018, which ends their 20 year Lease. Beginning December 1, 2018, they will begin a 10 year Lease at $275,000 NNN per year for the first 5 years which increases for years 6-10 to $302,500 NNN. However, “Tenant shall have the right to terminate this Lease at any time after the end of the sixth full year of the Extended Term (i.e. November 30, 2024), provided that the Tenant gives at least six (6) months prior written notice to Landlord; and further provided that Tenant shall pay to the Landlord a termination fee equal to one year’s base rent at the then-current rental rate.”  At traffic lighted intersection. Traffic Count: 22,000. M&T Bank has been at this location for 20 years

Additional Details

Nearest MSA: Bridgeport-Stamford-Norwalk
County: Fairfield
Retail Clientele: General, Business
Property Visibility: Excellent
Traffic/Vehicle Count: 22,000
Total Number of Buildings: 1
Number of Stories: 1
Property Condition: Excellent
Year Built: 1974

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 8,949 74,040 212,878
Median Age: 43.88 39.21 38.63
Households: 3,575 27,212 79,756

Contact

Photograph of Listing Agent

Ronald E. Lyman

Lyman Real Estate CTCList Member
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