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Shopping Strip

Rockville Center

33 W Main St, Vernon, CT 06066

Listing Price: $1,750,000

Cap Rate
7.63%
Gross SF
24,436
Rentable SF
24,436
Price/Gross SF
$71.62
Lot Size
1.51 acres
Year Built
1951

Investment Overview

Marcus and Millichap is pleased to present for your acquisition review Rockville Center located in Vernon, Connecticut. The 24,500+/- square foot retail center is currently 58 percent occupied with three vacant spaces, presenting a substantial value-add opportunity for an incoming investor. There is a strong recent leasing history with a new 10-year lease having been signed in October 2021 and an additional 10-year lease that was signed in January 2020. There is zero lease rollover until July 2023, with long-term leases in place with three of the four tenants. Rents are in-line with the market, allowing for an incoming investor to capture future rent growth in addition to the value from leasing the vacant suites. The tenant mix includes Boost Mobile and Antonio’s Pizza, both of which have been tenants at the center since 2015, and two new tenants, Get Fresh and APS Rockville Cold Storage. All of the leases are considered triple net, with Boost Mobile being a fixed triple net lease. There are rent increases in each of Antonio’s Pizzas renewal options, and both Get Fresh and APS Rockville have rent bumps in year 6 of their lease, providing incremental upside and a hedge against future inflation. Rockville Center was built in 1951 and sits on about 1.51 acres with excellent visibility from Connecticut 74. Rockville Center sits directly next door to the Rockville General Hospital, which is a 44-bed acute-care community hospital and acts as a major traffic and economic driver to this area. The subject property is one mile from Interstate 84, which is an Interstate Highway that spans 232 miles from Dunmore, Pennsylvania to Sturbridge, Massachusetts. Vernon is positioned just 16 miles outside of Hartford, the capital city and the fourth largest city of Connecticut.

Investment Highlights

  • 24,500 Square Foot Multi-Tenant Retail Center in the State Capital of Connecticut
  • Considerable Value-Add Opportunity | Currently being Offered at 58% Occupancy | 3 Vacant Suites
  • All Triple Net Leases | Zero Lease Rollover until 7/31/2023
  • Get Fresh Signed a New 10-Year Lease in January 2020 & APS Rockville Signed a Brand-New 10-Year Lease in October 2021
  • Boost Mobile & Antonio's Pizza have both been Tenants Since 2015
  • Incremental Upside in Capturing Rent Increases for Three of the Tenants
  • Located Directly Adjacent to the Rockville General Hospital – 44 Bed Acute Care Community Hospital
  • Vernon is just 16 Miles Outside Hartford – State Capital & 4th Largest City in Connecticut

Exclusively Listed By

Shopping Strip

Rockville Center

Listing Price: $1,750,000

Cap Rate
7.63%
Gross SF
24,436
Rentable SF
24,436
Price/Gross SF
$71.62
Lot Size
1.51 acres
Year Built
1951

Investment Highlights

  • 24,500 Square Foot Multi-Tenant Retail Center in the State Capital of Connecticut
  • Considerable Value-Add Opportunity | Currently being Offered at 58% Occupancy | 3 Vacant Suites
  • All Triple Net Leases | Zero Lease Rollover until 7/31/2023
  • Get Fresh Signed a New 10-Year Lease in January 2020 & APS Rockville Signed a Brand-New 10-Year Lease in October 2021
  • Boost Mobile & Antonio's Pizza have both been Tenants Since 2015
  • Incremental Upside in Capturing Rent Increases for Three of the Tenants
  • Located Directly Adjacent to the Rockville General Hospital – 44 Bed Acute Care Community Hospital
  • Vernon is just 16 Miles Outside Hartford – State Capital & 4th Largest City in Connecticut

Investment Overview

Marcus and Millichap is pleased to present for your acquisition review Rockville Center located in Vernon, Connecticut. The 24,500+/- square foot retail center is currently 58 percent occupied with three vacant spaces, presenting a substantial value-add opportunity for an incoming investor. There is a strong recent leasing history with a new 10-year lease having been signed in October 2021 and an additional 10-year lease that was signed in January 2020. There is zero lease rollover until July 2023, with long-term leases in place with three of the four tenants. Rents are in-line with the market, allowing for an incoming investor to capture future rent growth in addition to the value from leasing the vacant suites. The tenant mix includes Boost Mobile and Antonio’s Pizza, both of which have been tenants at the center since 2015, and two new tenants, Get Fresh and APS Rockville Cold Storage. All of the leases are considered triple net, with Boost Mobile being a fixed triple net lease. There are rent increases in each of Antonio’s Pizzas renewal options, and both Get Fresh and APS Rockville have rent bumps in year 6 of their lease, providing incremental upside and a hedge against future inflation. Rockville Center was built in 1951 and sits on about 1.51 acres with excellent visibility from Connecticut 74. Rockville Center sits directly next door to the Rockville General Hospital, which is a 44-bed acute-care community hospital and acts as a major traffic and economic driver to this area. The subject property is one mile from Interstate 84, which is an Interstate Highway that spans 232 miles from Dunmore, Pennsylvania to Sturbridge, Massachusetts. Vernon is positioned just 16 miles outside of Hartford, the capital city and the fourth largest city of Connecticut.

Exclusively Listed By

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