396 Danbury Road, Wilton, CT
The Offering
CBRE, Inc. has been retained as the exclusive advisor in the sale of 6,361 square foot condominium interest in 396 Danbury Road (“Property”) located in the affluent Town of Wilton, Connecticut. 396 Danbury Road is a total of 12,000 square feet and is directly on Route 7 (Danbury Road), the main thoroughfare in the Town of Wilton which averages 20,600 cars traveling the roadway per day. The condominium interest is 100% leased to three tenants in the medical and education employment sectors with a gross average rent of $24.81 per square feet. This offering provides an investor with the opportunity to acquire a 100% leased condominium interest at an attractive yield. Upside exists by moving below market rents to market as tenants leases expire.
Investment Highlights
Demographics (4-Mile)
Outstanding demographic profile
- 32,358 residents
- Average annual household income – $248,661
- Employment Population – 21,442
- Average house value – $898,577
Fairfield County
#39 wealthiest county in the United States in 2016; #1 wealthiest county in the State of Connecticut
- Total Businesses – 54,531
- Total Population – 953,619 residents
- Average Household Income – $134,811
- 16% of all households located within Fairfield County are valued above $1,000,000
Fully Occupied Office Space
100% leased to tenants in the medical and education employment sectors
- Total Gross Income of $25.49 PSF
- Minimal expenses of $54,346 or $8.54 PSF
- All leases include rent escalations
Opportunities
Ability to acquire this property at an 8.2% cap rate whereas the 5-Year average cap rate for office buildings sold in Wilton is a 7.9% cap rate
- Average 10-Year leveraged cash on cash return of 11.74%
- Upside in rents – Current base rent achieved at the property is $24.81 per square foot, 20% less than the Wilton office markets gross rent of $31.19
Contact Information
Patrick Colwell
Senior Vice President
+1 203 352 8929
patrick.colwell@cbre.com
Louis Zuckerman
Vice President
+1 203 352 8907
louis.zuckerman@cbre.com
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