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Bank

Webster Bank

475 Talcottville Rd, Vernon, CT 06066

Listing Price: $1,677,500

Cap Rate
5.75%
Tenant Name
Webster Bank
Years Remaining On Lease
5.9
Gross SF
6,652
Guarantor
Corporate Guarantee
Rentable SF
6,652
Price/Gross SF
$252.18
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$14.49

Investment Overview

The subject property is a 6,652 square foot building that sits on 1.84 acres of land. The property has been fully leased by Webster Bank since 2007 and the tenant signed a new 10-year lease in 2017. The tenant operates on a NNN lease with minimal landlord responsibilities including repairs and replacement of the roof only. There is ample parking on the premises along with three drive-thru lanes. Annual Deposits for this location are in excess of $92 million, which is a 45% increase over the past five years. Webster Bank has investment grade credit with an S&P rating of BBB+. Webster Bank is centrally located on Talcottville Road, which boasts over 24,000 vehicles daily and is a primary retail corridor in this submarket. The property is less than two miles from I-84, providing easy access to downtown Hartford, which is just 12 miles southwest. The area has very strong demographics with over 88,000 people within a five mile radius and an average household income over $104,000. Nearby retailers include Walgreens, Aldi, Planet Fitness, Advance Auto Parts, O’Reilly Auto Parts, Tractor Supply, Dollar General, Dunkin’ and more. The property is located within a dense residential neighborhood with numerous apartment communities totaling over 1,600 apartments within one mile of Webster Bank, including The Mansions at Hockanum Crossing; a 700-unit apartment complex with direct access to Talcottville Avenue. Located 15 minutes east of the Connecticut capital of Hartford, and 25 miles from the city of Springfield, Massachusetts, the Town of Vernon is strategically placed in “New England’s Knowledge Corridor” with close proximity to some of the top colleges and universities in the country, including the University of Connecticut, Trinity College and Wesleyan University.

Investment Highlights

  • Single Tenant Webster Bank | 6,652 SF
  • NNN Lease | 6 Years Remaining
  • Centrally Located on Talcottville Road (Primary Retail Corridor) ADT: 24,300

Exclusively Listed By

  • Laurie Ann Drinkwater

    Senior Vice President Investments

    (617) 896-7230

    Email Laurie Ann

    License(s): CT: REB.0751880, MA: 147511, RI: B 16787

    Boston

  • Seth J. Richard

    Licensed Real Estate Salesperson

    (212) 430-5164

    Email Seth

    License(s): CT: RES- 0764595, NY: 10401275108, MA: 149700

    Manhattan

Listing Price: $1,677,500

Cap Rate
5.75%
Tenant Name
Webster Bank
Years Remaining On Lease
5.9
Gross SF
6,652
Guarantor
Corporate Guarantee
Rentable SF
6,652
Price/Gross SF
$252.18
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$14.49

Investment Highlights

  • Single Tenant Webster Bank | 6,652 SF
  • NNN Lease | 6 Years Remaining
  • Centrally Located on Talcottville Road (Primary Retail Corridor) ADT: 24,300

Investment Overview

The subject property is a 6,652 square foot building that sits on 1.84 acres of land. The property has been fully leased by Webster Bank since 2007 and the tenant signed a new 10-year lease in 2017. The tenant operates on a NNN lease with minimal landlord responsibilities including repairs and replacement of the roof only. There is ample parking on the premises along with three drive-thru lanes. Annual Deposits for this location are in excess of $92 million, which is a 45% increase over the past five years. Webster Bank has investment grade credit with an S&P rating of BBB+. Webster Bank is centrally located on Talcottville Road, which boasts over 24,000 vehicles daily and is a primary retail corridor in this submarket. The property is less than two miles from I-84, providing easy access to downtown Hartford, which is just 12 miles southwest. The area has very strong demographics with over 88,000 people within a five mile radius and an average household income over $104,000. Nearby retailers include Walgreens, Aldi, Planet Fitness, Advance Auto Parts, O’Reilly Auto Parts, Tractor Supply, Dollar General, Dunkin’ and more. The property is located within a dense residential neighborhood with numerous apartment communities totaling over 1,600 apartments within one mile of Webster Bank, including The Mansions at Hockanum Crossing; a 700-unit apartment complex with direct access to Talcottville Avenue. Located 15 minutes east of the Connecticut capital of Hartford, and 25 miles from the city of Springfield, Massachusetts, the Town of Vernon is strategically placed in “New England’s Knowledge Corridor” with close proximity to some of the top colleges and universities in the country, including the University of Connecticut, Trinity College and Wesleyan University.

Exclusively Listed By

  • Laurie Ann Drinkwater

    Senior Vice President Investments

    (617) 896-7230

    Email Laurie Ann

    License(s): CT: REB.0751880, MA: 147511, RI: B 16787

    Boston

  • Seth J. Richard

    Licensed Real Estate Salesperson

    (212) 430-5164

    Email Seth

    License(s): CT: RES- 0764595, NY: 10401275108, MA: 149700

    Manhattan

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