Cap Rate: 5.50%
Net Operating Income: $87,500
Square Footage: 2,500
Year Built: 2006
The subject offering is a fee simple interest in a net leased Starbucks in New Milford, CT. The corporately guaranteed lease calls for minimal landlord obligations. Starbucks recently extended their lease and shows commitment to this location. The lease also calls for 5% rental increases every 5 years. The tenant has four, 5 year options to renew. This Starbucks is strategically located on a heavily trafficked road and includes a drive thru. The asset neighbors Walmart, Home Depot, Kohl’s, Home Goods, Big Y, Super Stop & Shop, Staples, TJMaxx, Aldi, McDonald’s, Arby’s.
New Milford is a town in Litchfield County, Connecticut, United States. The town is in western Connecticut, 14 miles north of Danbury, on the banks of the Housatonic River. It is the largest town in the state in terms of land area at nearly 62 square miles. The population was 28,142 according to the 2010 census, up from 27,121 at the 2000 census. The town center is listed as a census-designated place. The northern portion of the town is part of the region of northwestern Connecticut, and the far eastern portions are part of the Litchfield Hills region. It is located roughly 50 miles west of Hartford, 65 miles southwest of Springfield, Massachusetts, 85 miles southeast of Albany, New York, and 77 miles northeast of New York City.