Address: 617 Watertown Avenue, Waterbury, Connecticut, United States 06708
Cap Rate: 5.65%
Lease Type: Double-Net (NN)
Annual Rent: $94,000
Net Operating Income: $94,000
Lease Term Remaining: 15 Years
Options: Three, Five Year Options
Year Built: 2020
Rentable Sq/Ft: 5,280 SF
Rent Sq/Ft: $17.8
Price Sq/Ft: $315
Lot Size: +/- 0.38 Acres
Marcus & Millichap is pleased to present the exclusive listing for a Planned Parenthood asset located at 617 Watertown Avenue in Waterbury, CT. Planned Parenthood recently signed a new 15-year lease complete with 2.5% annual increases. Planned Parenthood opened it’s first location in New Haven just 20 miles south of Waterbury, and has been operating in the city of Waterbury since the 1970’s. This site is a relocation of a long-term location that is built to the exact standards of Planned Parenthood of Southern New England. The site is in the epicenter of the densely populated city near the intersection of Interstate 84 and Route 8. There are over 157,000 people within five miles of this asset, and the closest clinic is over 18 miles away from this Waterbury location.
The subject investment property is situated on Watertown Avenue, which has an average daily traffic count of 13,211. Watertown Avenue serves as an access road to Highway-8, which brings an additional 83,800 vehicles into the immediate area on average daily. This investment property benefits from being situated in a well populated area. There are more than 14,100 individuals residing within a one-mile radius of the property and more than 73,700 individuals within a three-mile radius.
The subject property benefits from being positioned in an urban infill consisting of national and local tenants, shopping centers, hospitality accommodations, and hospitals all within close proximity of this property. Major national tenants include: The Home Depot, Walgreen’s, T.J. Maxx, Save-A-Lot, Barnes & Noble, Kentucky Fried Chicken, McDonald’s, Wendy’s, Burger King, Advance Auto Parts, and many more. This Planned Parenthood benefits from being situated around other medical facilities. Waterbury Hospital is located just one-mile from the subject investment property. Waterbury Hospital, the cornerstone for the Greater Waterbury Health Network, is a 357-bed community and teaching hospital that, along with outpatient centers, affiliates and partners, provides world-class healthcare services to more than 350,000 people living in the Greater Waterbury Region. Furthermore, Saint Mary’s Hospital is less than three-miles from this Planned Parenthood. Saint Mary’s Hospital continues to be a pioneer in Greater Waterbury, expanding its network of medical services, forging alliances with key healthcare partners, investing in new technology and exploring new ways to enhance access to care, while providing a spiritually enriched environment for our patients.
Waterbury is home to two colleges, Post University, a private liberal arts college, and Naugatuck Valley Community College as well as three regional university campuses: The University of Connecticut, University of Bridgeport and Western Connecticut State University. Many positive developments are taking place in Waterbury as the city advances its economic development strategy with public and private investments that are yielding solid returns. This is evidenced by the many new businesses choosing to locate in Waterbury, resulting in the creation of hundreds of jobs. Waterbury is located 33 miles south of Hartford. Hartford is the capital of Connecticut and boasts a population of over 124,000. It is largely known as the historic international center of the insurance industry, home to Travelers, The Hartford, The Phoenix Companies, and UnitedHealthcare to name a few. Several Fortune 100 companies are headquartered in the city including: United Technologies Corporation, and the Hartford Financial Services Group.
Broker of Record: JD Parker License #REB.0788985