Shopping Strip

Rockville Center

Listing Price: $1,400,000

Cap Rate
8.05%
Gross SF
24,500
Rentable SF
24,500
Price/Gross SF
$57.14
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 was built in 1951 and sits on about 1.51 acres with excellent visibility from CT-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 has immediate accessibility to Interstate 84, which is an Interstate Highway that spans 232 miles from Dunmore, Pennsylvania to Sturbridge, Massachusetts, and is about 1 mile south of the center. Vernon is positioned just 16 miles outside of Hartford, the capital city and the fourth largest city of Connecticut.

This offering presents a substantial value-add opportunity for investors, currently standing at just above 46 percent occupancy. The tenant mix includes Boost Mobile, Antonios Pizza, Rockville Adult Education, and a Laundry Mat. There are currently 2 vacant suites available, the 10,000 square foot anchor space and another 3,100 square foot space. There is very little lease rollover risk with the tenants in place, with only one tenant having an expiration in 2020. Antonios Pizza has more than 3 years left, Boost Mobile has 5 years left and the Laundry Mat plans to sign a brand-new 10 year lease at the close of escrow providing more security to the deal. Almost all of the leases are classified as triple net, with the tenants reimbursing for their pro rata share of all expenses. Boost Mobile and Antonios Pizza both have rent increases scheduled in their future renewal options providing small hedges against future inflation.

Investment Highlights

  • 24,500 Square Foot Multi-Tenant Retail Center
  • Considerable Value-Add Opportunity | Currently being Offered at 46% Occupancy
  • Located Directly Adjacent to Rockville General Hospital 44 Bed Acute Care Hospital
  • Mostly NNN Leases | Tenants Reimburse for Pro Rata Share of Expenses
  • Very Minimal Near-Term Lease Rollover
  • Vernon is just 16 Miles Outside Hartford State Capital & 4th Largest City in CT

Exclusively Listed By

Listing Price: $1,400,000

Cap Rate
8.05%
Gross SF
24,500
Rentable SF
24,500
Price/Gross SF
$57.14
Lot Size
1.51 acres
Year Built
1951

Investment Highlights

  • 24,500 Square Foot Multi-Tenant Retail Center
  • Considerable Value-Add Opportunity | Currently being Offered at 46% Occupancy
  • Located Directly Adjacent to Rockville General Hospital 44 Bed Acute Care Hospital
  • Mostly NNN Leases | Tenants Reimburse for Pro Rata Share of Expenses
  • Very Minimal Near-Term Lease Rollover
  • Vernon is just 16 Miles Outside Hartford State Capital & 4th Largest City in CT

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 was built in 1951 and sits on about 1.51 acres with excellent visibility from CT-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 has immediate accessibility to Interstate 84, which is an Interstate Highway that spans 232 miles from Dunmore, Pennsylvania to Sturbridge, Massachusetts, and is about 1 mile south of the center. Vernon is positioned just 16 miles outside of Hartford, the capital city and the fourth largest city of Connecticut.

This offering presents a substantial value-add opportunity for investors, currently standing at just above 46 percent occupancy. The tenant mix includes Boost Mobile, Antonios Pizza, Rockville Adult Education, and a Laundry Mat. There are currently 2 vacant suites available, the 10,000 square foot anchor space and another 3,100 square foot space. There is very little lease rollover risk with the tenants in place, with only one tenant having an expiration in 2020. Antonios Pizza has more than 3 years left, Boost Mobile has 5 years left and the Laundry Mat plans to sign a brand-new 10 year lease at the close of escrow providing more security to the deal. Almost all of the leases are classified as triple net, with the tenants reimbursing for their pro rata share of all expenses. Boost Mobile and Antonios Pizza both have rent increases scheduled in their future renewal options providing small hedges against future inflation.

Exclusively Listed By

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