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100% LEASED TO STATE OF CONNECTICUT |
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OFFERING DETAILS
| Price............................. |
$7,300,000 |
| Size.............................. |
39,907 SF |
| Year Built..................... |
1981 |
| Renovated.................... |
2008 |
| Occupancy.................. |
100% |
| 2013 NOI...................... |
$624,771 |
| 2013 Cap Rate............. |
8.6% |
| 2014 NOI...................... |
$728,805 |
| 2014 Cap Rate............. |
10.0% |
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INVESTMENT HIGHLIGHTS
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38 Wellington Road, located in Milford, Connecticut is a 39,907 square foot single tenant office building that is currently 100% leased to the State of Connecticut Department of Children and Families through November, 2018. For the fiscal year starting in December 2013, the NOI will increase to $728,805 providing a 10% cap rate at the current listed price. The building is in excellent condition with a new roof in 2012 and substantial improvements completed in 2008 to the HVAC, mechanical & electrical systems and a new glass atrium. The building is located within ¼ mile of Interstate-95 and the Wilbur Cross Parkway. Additional features of the offering include:
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Investment grade AA credit rating by S&P for State of Connecticut
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Excellent condition: new roof in 2012 and substantially renovated in 2008
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New Haven West submarket has 11.9% vacancy rate
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Centrally located with easy access to I-95, Wilbur Cross Parkway, and
Route 1
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Ample parking: 4 spaces per 1,000 square feet
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