Listed by Beebe CRE
$5,500,000
West Marine Building – Mystic, CT
Details
APN 150-1-28A
Property Type Retail
Square Footage 13,000
Cap Rate 6.21%
NOI $341,445
Tenancy Single
Lease Type NNN
Rent Bumps Yes
Year Built 2014
Acreage 11.080
Investment Type Net Lease
Tenant Credit Corporate Guarantee
Retail | 6.21% CAP | 13,000 SqFt
Marketing description
Beebe CRE is pleased to present the West Marine property located at 9 Maritime Drive in Mystic, Connecticut. Constructed in 2014, the property consists of approximately 13,000 rentable square feet situated on ±11.08 acres and is currently leased to West Marine under a net lease structure. The Mystic location was unaffected by West Marine's recent announcement of 59 store closures nationwide, with no Connecticut stores impacted. The store ranks second in sales volume statewide and saw an 18.2% increase in year-over-year customer traffic, according to Placer.ai.
Investment highlights
- No Connecticut stores impacted by West Marine's recent 59-store bankruptcy closures; Mystic location ranks second in sales volume statewide with traffic up 18.2% year-over-year, according to Placer.aiOriginal 10-year triple-net (NNN) lease with more than three years remaining on first option
- Attractive annual 3% escalations including option periods through 2038
- Two renewal options: periods of five (5) years, through 2038
- Corporate tenant and corporate guaranty
- Dense retail corridor: McDonald's, Starbucks, Dunkin Donuts, Domino's Pizza, Friendly's, Cask'n Keg and many more
- Positive real estate fundamentals, located within a coastal destination known for boating with 10 marinas in the immediate area
- Ease of access and located within direct proximity to I-95, I-395 and other major routes
- Strong traffic counts: I-95 & Coogan Boulevard, 64,000 and 18,800 vehicles per day, respectively
- Dense hospitality corridor: Hilton, Hyatt Place, Holiday Inn Express, Howard Johnson by Wyndham, Econo Lodge, Hampton Inn & Suites, Residence Inn by Marriot, Quality Inn, Days Inn By Wyndham and more
- Compelling location fundamentals, located across from Mystic Aquarium
- Affluent area, with an average household income exceeding $126,700 within a three-mile radius
- The Nation's #1 boating supplies retailer, servicing 150 countries worldwide
- Operates some 250 company-owned stores, as well as a port supply wholesale business, a direct-to-customer website, catalog, and call center
- Throughout 37 US States, Puerto Rico and an e-commerce website reaching domestic, international, and professional customers
Listing Contacts
Listed by Beebe CRE
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Loan Amount
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Annual Debt Service
$--
$--
Annual Cash Flow
$341,445.00
$28,453.75/mo
Valuation Metrics
0
DSCR
6.21%
Cap Rate
6.21%
ROI
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