Price: $8,083,333
Cap Rate: 6.00%
Net Operating Income: $485,000
Square Footage: 13,838
Lot Size: 1.47 AC
Year Built: 2008
The subject property is a 14,206SF building, leased to Walgreens (WBA) on an absolute NNN lease. The tenant has 13 years remaining on the initial term. The lease calls for zero landlord obligations and options to renew. The asset is well located in New London, Connecticut and receives nearly 18,000 VPD along Bank Street.
New London is a coastal Connecticut city. The Custom House Maritime Museum traces its port history. Nearby, 1800s Fort Trumbull overlooks the Thames River. The collection at Lyman Allyn Art Museum includes maritime paintings. Playwright Eugene O’Neill spent his boyhood summers at Monte Cristo Cottage, now a museum. South of the 1801 New London Harbor Light, Ocean Beach Park has a beach on Long Island Sound and rides.
