AAA Motor Club Building

Office for Sale
Catylist Listing ID: 30296448
Property Subtypes: Institutional, Office Building
Building Size (RSF): 41,185 SF
Gross Land Area: 3 Acres
Sale Price: $8,750,000
Unit Price: $212.46 PSF
Property Use Type: Investment
Building Name: AAA Motor Club Building
Class of Space: Class A
Usable Size (USF): 41,185 SF
Core Factor: 19%
Sale Terms: Cash to Seller
Cap Rate: 6.86%
Average Occupancy Rate: 100
Last Updated: 6/16/2019

Overview / Comments

This Class A office building was built in 2002 as a new location of the AAA Motor club. The AAA Motor has merged with other Motor Clubs in the northeast but has continuously maintained this location for AAA Motor club services and its travel agency. Entry to all tenant space is through it’ beautiful lobby area with double elevator service to all floor. Common rest rooms and dedicated IT room on each floor. The entire building has full HVAC and sprinklers. Many of the space have “Contemporary” space designs with open ducting, glass walled offices, and great views. There are 164 parking spaces available for Tenant and visitor parking. Excellent street signage available to all tenants.

This prime investment opportunity is for the first time now formally available for sale. This pristine 41,185 s.f. fully leased office building is located at 93 Lake Avenue in Danbury CT. The location of this investment property is just one of the many reasons it has been fully occupied for the last 16 years. The building is conveniently located near the Danbury Regional Mall at the intersection of I-84 and Route 7 at Exit 4. Tenants and customers can get on and off the Interstate 84 to go either East or West or also travel North or South on Route 7. The location makes it convenient for those visitors coming to the property from New York State, Danbury, Ridgefield, Newtown, Southbury, New Fairfield, and Bethel.

The property is currently occupied by several credit rated tenants including, Wells Fargo Financial Services, EverBank, Kohler Ronan Engineering, AAA Motor Club, and the International Union of Journeymen and Allied Trades. AAA Motor Northeast currently occupies a large portion of the ground floor and will consider a sales / lease back or vacate their space as a condition of the sale.
The investment 2017 Net Operating Income of $600,142 yields a "Cap Rate" of 6.86%. Class A office building built in 2002 with 4/1000 parking ratio. Located at the intersection of I-84 and CT Route 7 in Danbury CT. Fully leased Class A office building / investment property - possible expansion or pad site.

Brokers: A "Buyers Representation and Commission Agreement" will be necessary prior to the delivery of the investment details and financial information on this opportunity. Call the exclusive listing broker J. Michael Struna at Advantage Realty Commercial with any questions at 203-798-9345.

Financials

Finance Data Year 2017
Net Operating Income $600,142 (Annual)
Actual or Proforma Year Actual

Current Tenants

Tenant Business Name Wells Fargo Financial
Is Renting? Yes
Tenant Business Name Keller-Ronan Engineering LLC
Tenant Business Name AAA NorthEast Motor Club
Tenant Business Name EverBank
Tenant Business Name International Union of Journeymen and Allied Trades

Additional Details

Nearest MSA: Bridgeport-Stamford-Norwalk
County: Fairfield
Taxing Authority: City of Danbury
Tax ID/APN: G15025
Zoning: RH-3
Highway Access: Interstate 84 East and West / Route 7 North and South
Airports: Danbury Municipal Airport
Site Description: Level 3 acre site located with direct access to the Interstate.
Total Number of Buildings: 1
Number of Stories: 3
Typical SF / Floor: 14,000 SF
Year Built: 2002
Year Renovated: 2016
Roof Type: Folded Plate
Construction/Siding: Brick
Parking Ratio: 4 (per 1000 SF)
Parking Type: Surface
Parking Description: 164 parking spaces. Free to Tenant. Level lots.
Total Parking Spaces: 164
Passenger Elevators: 2
Sprinklers: Wet
Heat Type: Electricity, Natural Gas
Heat Source: Central
Air Conditioning: Engineered System
Internet Access: Cable, DSL, T1/T3
Zoning Description: RH-3
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 17,105 71,899 122,925
Median Age: 32.27 35.79 38.77
Households: 5,590 25,906 44,204

Contact

Photograph of Listing Agent

Chris Cosio

Advantage Realty Commercial Not a member of CTCList
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