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901 Boston Post Road - Shoppes at Old Saybrook, Old Saybrook, CT

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DetailMap
901 Boston Post Road - Shoppes at Old Saybrook

Old Saybrook, CT 06475 - SW Midlsx/Old Saybrk/Rt 9 Submarket

(546.4 KB)

Property Type:Retail Sub Type:Freestanding Status:Existing Year Built:1967
Building Size:94,175 SF Land Area:8.47 AC (368,953 SF)
Smallest Space:4,000 SF Largest Space:4,400 SF Total Space Avail:8,400 SF Rent/SF/Yr:
$15.00
Parking:437 Surface spaces are available; Ratio of 3.7/1,000 SF
Features:Pylon Sign, Signalized Intersection


Space Available:
Floor
SF Avail
Rent
Occupancy
Lease Term
Space Use
 1st
4,000 SF
$15.00/SF/Yr
30 Days
5-20 yrs
Retail
 1st
4,400 SF
$15.00/SF/Yr
Vacant
5-20 yrs
Retail
 
9827763
9519036


Floor
SF Avail
Rent/SF/Yr
Occupancy
Lease Term
Space Use
1st
4,000 SF
$15.00/SF/Yr
30 Days
5-20 yrs
Retail
1st
4,400 SF
$15.00/SF/Yr
Vacant
5-20 yrs
Retail
* 7.25% Cap Rate
* 94,175 SF Shopping Center on 8.47 Acres of Land
* Close to Interstate 95
* Services Shoreline Communities of Southern Connecticut
* Located on a Major Commercial Thoroughfare (Route 1)
* Regional & National Tenants include Dollar Tree, Ocean State Job Lot & Town Fair Tire
Shopping

Sale Notes:
Diligence 15 days
Closing 60 days
Deposit $500K

Description for 901 Boston Post Rd, Old Saybrook, CT 06475
Investment Highlights
Stable Retail Opportunity with Value-Add Component Regional & National Tenants Include Dollar Tree, Ocean State Job Lot & Town Fair Tire Great Visibility on Route 1 Services Shoreline Communities of Southern Connecticut

Investment Overview
The opportunity is a multi-tenant, retail property known as The Shoppes at Old Saybrook. Located at 901 Boston Post Road in Old Saybrook, Connecticut, the property is approximately 30 miles east of New Haven, Connecticut. Constructed in 1967, the Property features two buildings totaling 94,175 gross sq. ft., situated on a 9.50 acre parcel of land. The Property is currently 91.10% occupied and anchored by Ocean State Job Lot (63.71% of NRA; 46.43% of total revenue), which has been in-place since 1984 with a current lease expiration of January 2020 with one, 5-year renewal option remaining. Ocean State Job Lot is the single occupant in one of the buildings and has 124 stores across the Northeast. The second largest tenant, Dollar Tree (9.68% NRA; 9.62% of total revenue) has been in-place since 2013 with a current lease expiration of July 2023. Family Dollar currently has two, 5-year options remaining. Other tenants include Town Fair Tire, The Cedar Chest, Ocean Star Nails, and Beauty Systems. Additional rental income is collected from Monroe Muffler and Boaters World is for use of the easement.

The Property fronts Boston Post Road, a secondary road which connects with Interstate 95 (Connecticut Turnpike), approximately 1.3 miles northeast of the Property. Interstate 95 provides access to New York City to the southeast and Providence, Rhode Island to the northeast. Surrounding land uses include vacant land to the west, commercial uses and residential to the south, commercial and some residential to the northeast, and residential properties to the north of the Property. Monroe Muffler Brake and Service and Fromage Fine Foods and Coffees are adjacent to the Property and share the easement. Immediate retailers in the area include Staples, McDonalds, Saybrook Seafood, Sherman-Williams Paint Store, Elm Street Shopping Center, Walmart, Burger King, Starbucks, Old Saybrook Shopping Center, and Home Goods.

The most recent NOI for the period ending December 2016 was $566,798 with a Year One As-Is NOI estimated at $678,696. This investment offers potential upside with the opportunity to lease 8,379 sq. ft. of vacant space at attractive submarket rates.



Basser-Kaufman Real Estate
Robert Goldfeder
(516) 569-3700 x230



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