Listed by SURMOUNT
$7,677,419
Ashley Homestore & Taco John’s
Details
Property Type Retail
Sub Type Home furnishing, Restaurant - quick service
Cap Rate 7.75%
NOI $595,000
Occupancy 100%
Tenancy Multi
Brand/Tenant Ashley Furniture Homestore, Taco John's
Lease Type NNN
Lease Term 10
Lease Expiration 12/31/2036
Remaining Term 10.5
Rent Bumps Yes
Lease Options 2, 5 Year Options
Acreage 3.780
Investment Type Net Lease
Tenant Credit Franchisee
Lease Commencement 01/01/2027
Ground Lease No
About This Property for Sale
Marketing description
Surmount is pleased to present the exclusive listing for an Ashley Homestore & Taco John’s located at 56 & 56B Costello Rd, Newington, CT 06111. The site sits on an estimated 3.78-acre parcel of land. Both Ashley Homestore & Taco John’s are subject to 10-year Triple Net (NNN) leases. The total annual rent is $595,000. Taco John’s has a scheduled increase of 11% in year 6 and Ashley Homestore has scheduled 10% increases in each option period.
Investment highlights
- Brand New 10-Year Absolute NNN Leases | The property is secured by brand new 10-year Absolute NNN leases with Ashley Home Store and Taco John's, providing investors with a truly passive ownership opportunity. The leases eliminate landlord responsibilities while offering long-term income security backed by two established retail concepts.
- Experienced Franchise Ownership | Proven Operators | Taco John's is operated by Reliance Hospitality Group, an experienced multi-unit restaurant franchisee with continued expansion plans throughout the Northeast. Ashley HomeStore is operated by a long-standing Connecticut furniture retailer with decades of market presence and an established operating history.
- Excellent Demographics | 250 Luxury Units Across the Street | The property serves one of Greater Hartford's most desirable retail trade areas, with approximately 187,000 residents and an average household income exceeding $107,000 within a five-mile radius. More than 250 luxury apartment units directly across the street further support strong consumer demand and future growth.
- Dominant Regional Retail Corridor | Situated along the Berlin Turnpike, the property benefits from one of Connecticut's premier retail corridors, surrounded by a critical mass of national retailers including Walmart, Home Depot, Lowe's, Target, Chick-fil-A, Sam's Club, Panera Bread, Starbucks, Chipotle, Aldi, BJ's Wholesale Club, and numerous other destination retailers that generate substantial daily consumer traffic.
- Prime Signalized Corner | Exceptional Visibility | The property occupies a prominent signalized intersection along the Berlin Turnpike, one of Connecticut's busiest commercial corridors with approximately 55,000 vehicles per day. Multiple points of ingress and egress, excellent visibility, and convenient access provide outstanding exposure to both local and regional traffic.
- Built-In Rental Growth | The leases feature scheduled rental increases that provide predictable income growth throughout the primary lease terms. Taco John's includes a 10% rent increase in Year 6, while Ashley HomeStore features 10% increases at the commencement of each five-year renewal option, enhancing long-term investment performance.
Listing Contacts
Listed by SURMOUNT
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$595,000.00
$49,583.33/mo
Valuation Metrics
0
DSCR
7.75%
Cap Rate
7.75%
ROI
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