Address: 1657 Route 12, Gales Ferry, Connecticut, United States 06335
Type: Drug Store
Cap Rate: 5.50%
Lease Type: Triple-Net (NNN)
Annual Rent: $254,522
Net Operating Income: $254,522
Lease Term Remaining: 18.5 Years
Options: Ten (10), Five (5) Year Options
Rentable Sq/Ft: 13,604 SF
Rent Sq/Ft: $18.71
Price Sq/Ft: $340
Lot Size: +/- 1.90
Marcus & Millichap is pleased to present the exclusive listing for a CVS Pharmacy located at 1657 Route 12 in Gales Ferry, Connecticut. The site constructed in 2012, consists of roughly 13,604 rentable square feet of building space on estimated 1.90-acre parcel of land.
CVS Pharmacy is subject to a 25-year triple-net (NNN) lease, which commenced on December 14, 2012. The annual rent is $254,522. There are ten (10), five (5)-year tenant renewal options.
The subject investment property is situated on 1657 Route 12, which boasts average daily traffic counts of about 15,000 vehicles. There are more than 16,7000 individuals residing within a three-mile radius of the property and more than 52,000 individuals within a five-mile radius.
The CVS Pharmacy property benefits from being well-positioned in an affluent Connecticut town, with an average household income of over $115,000 in a one-mile radius. The nearby area consists of many national and local tenants, including: McDonald’s, Dunkin’ Donuts, Subway, Shell, Dollar Tree, Job Lot, Putnam Bank, and many more. This CVS Pharmacy also benefits from being situated within a five-mile radius of several academic institutions. The most notable are Gales Ferry School, Juliet Long School, Ledyard Middle School, Ledyard High School, St. Bernard School, and Palmer School, which have a combined total enrollment exceeding 3,500 students. Additionally, the subject property is located on the way to Groton-London Airport, which is only 6 miles away and has 100 flight operations daily.
Gales Ferry is a village in the town of Ledyard, Connecticut, United States. It is located along the eastern bank of the Thames River. Gales Ferry is about 50 miles outside of New Haven, Connecticut. North Haven is a town in New Haven County, Connecticut on the outskirts of New Haven, Connecticut. North Haven is home of the Quinnipiac University School of Health Sciences, the School of Nursing, School of Law, School of Education, and School of Medicine located along Bassett Road. Quinnipiac University has a total enrollment of 9,000 students. North Haven is also located in close proximity to Sleeping Giant State Park and less than 10 miles from downtown New Haven and Yale University. In July of 2007, Money magazine ranked North Haven as the eighty-sixth “best place to live” in the United States. North Haven has a growing commercial, retailing and manufacturing base which employs nearly 13,000 people. There are more than 75 manufacturing and commercial firms in North Haven, 40 of which are assessed at over $1,000,000. The economy of North Haven is also based on education. Besides Quinnipiac University, the city is also home to a branch of Gateway Community College and located in close proximity to Yale University and other New Haven-based colleges.
Broker of Record: JD Parker License #REB.078898