Red Robin 15 Hazard Ave 6,350 SF Retail Building Enfield, CT 06082 $5,544,853 CAD ($873.21 CAD/SF) 6.75% Cap Rate
INVESTMENT HIGHLIGHTS
- Long Term Lease
- Zero Landlord Responsibilities
- Strategic Location
- Attractive Rent Increases
- Strong Tenant
- Top Performing Location
EXECUTIVE SUMMARY
Horvath & Tremblay is pleased to present the exclusive opportunity to purchase the fee-simple interest in the single-tenant, Absolute NNN Ground Lease, Red Robin located at 15 Hazard Avenue in Enfield, Connecticut (the “Property”). Red Robin has been at this location since it was constructed in 2004 and has 10+ years remaining on their lease with four, 5-year renewal options. Red Robin’s lease calls for attractive 10% rent increases every five years throughout the primary lease term and renewal options. The Property is a pad site to Enfield Commons and enjoys outstanding frontage and visibility along Hazard Avenue (CT Route 190), the area’s primary commercial corridor. The Property is seconds from Interstate 91 and is just 0.7-miles from US Route 5. Red Robin is adjacent to the signalized intersection with Phoenix Avenue, which also serves at the entrance to the Enfield Square Mall and is surrounded by grocers, big box retailers, and national retailers and restaurants that drive significant traffic to the area. Additionally, the area is home to densely developed residential neighborhoods that provide a captive customer base.
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Building Size
6,350 SF
Building Class
C
Year Built
2004
Price
$5,544,853 CAD
Price Per SF
$873.21 CAD
Cap Rate
6.75%
NOI
$374,278 CAD
Tenancy
Single
Building Height
1 Story
Building FAR
0.44
Lot Size
0.33 AC
Zoning
BR - Business, mixed
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | ENFI-000045-000000-000076 | Improvements Assessment | $997,828 CAD |
| Land Assessment | $279,836 CAD | Total Assessment | $1,277,665 CAD |
