391 Norwich Westerly Rd - Storefront Retail/Office CONDO FOR SALE


North Stonington, CT 06359
$328,242 USD
718-415-4609
391 Norwich Westerly Rd, North Stonington, CT for Sale
$328,242 USD
Storefront Retail/Office CONDO - FOR SALE
1/5
null | 8% Cap Rate

391 Norwich Westerly Rd
North Stonington, CT 06359


OVERVIEW

PRIME INVESTMENT OPPORTUNITY – USPS POST OFFICE CONDO Long-Term USPS Tenant | Stable Income | Located in a Busy Strip Mall Excellent opportunity to acquire a Post Office condo leased to the United States Postal Service (USPS) and located in a very busy and active strip mall with strong visibility and convenient access. This property offers an investor the opportunity to acquire a commercial real estate asset with a long-term USPS lease and built-in rental growth through renewal options. PROPERTY & LEASE DETAILS Tenant: United States Postal Service (USPS) Property Type: Post Office Condo Location: Prime location within a busy strip mall Current Monthly Rent: $2,925.00 Current Annual Rent: $35,100.00 Lease Term: January 1, 2026 – December 31, 2030 Renewal Options: Two (2) additional 5-year options Option Increase: 10% increase per option CURRENT OPERATING EXPENSES Condo Fee: $361.80/month — $4,341.60/year Property Taxes: Approximately $3,499.00/year Insurance: Approximately $1,000.00/year Based solely on the expenses provided, the estimated current net operating income is approximately: $35,100.00 annual rent – $4,341.60 condo fees – $3,499.00 property taxes – $1,000.00 insurance = $26,259.40 estimated annual net income

FOR SALE DETAILS

PRICE

$328,242 USD

PRICE/SF

$243 USD /SF

CAP RATE

8%

# OF UNITS

1

CONDO SIZE

-

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

New England Raceway

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Storefront Retail/Office

TOTAL BUILDING SIZE

5,284 SF

STORIES

1

BUILDING CLASS

C

YEAR BUILT

1988

SPRINKLERS

-

PARKING SPACES

20

LAND DETAILS

LAND ACRES

-

LAND SF

-

ZONING

-

APN/PARCEL ID

-

ASK ABOUT THIS PROPERTY

Barry FrankelBarry FrankelMore Info
718-415-4609

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Barry FrankelBarry FrankelMore Info
718-415-4609

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.