453 New Park Avenue

Description

rice stated is starting bid at auction on 8-12. 453 New Park Avenue is a fully occupied industrial/manufacturing/warehouse in affluent West Hartford, Connecticut. The asset is perfectly suited for many potential uses, including repurposing for retail use as it is located adjacent to many national retailers. The property is currently fully occupied by a furniture company that has been in the building for 30+ years and uses the entire 10,084 square feet. Upon sale, the current owner will lease back the property for one year $100K, triple-net lease. Built in 1948 and maintained over the years, this asset is the perfect opportunity for an owner/user of industrial or retail use. The entire square footage is spread out across one story with a 0.36-acre lot. The property comes equipped with heavy power, high ceilings, and two loading dock doors directly off Exit 45 with excellent visibility and access. The high-performing West Hartford submarket is an excellent place for retail businesses to enter. Nothing is under construction in the West Hartford retail submarket, making existing properties highly valuable. In the past year, six sales have traded for approximately $13.2 million in volume. Rent growth was 3.3% in general retail buildings, 5.0% in malls, 6.5% in power centers, 4.2% in strip centers, and 4.1% in neighborhood centers. Industrial properties also perform well in the West Hartford submarket. The West Hartford industrial submarket is nearly at capacity, with just 0.8% of inventory being vacant. Over the past year, vacancy has decreased by 0.7%. Within this submarket, specialized space is by far the largest subtype, with 2 million square feet in this category, followed by 960,000 square feet of logistics space and 430,000 square feet of flex space. Rents have increased by 3.6% from a year ago and risen by a cumulative 19.6% in the past three years. This is a moderately expensive submarket relative to Hartford as a whole. 453 New Park Avenue is positioned near it all, with access to major retail alongside a growing population. West Hartford is known for combining big-city living with a small-town feel. The property is just off of Interstate 84, which connects to downtown Hartford in just under 6 miles. Nearby Interstate 95 also connects to New York City. Higher education institutions are prevalent in this area, such as the University of Saint Joseph, University of Hartford, University of Connecticut School of Law, UConn School of Medicine, and Trinity College, which are close by. There are many amenities and restaurants near this property, including Walmart Supercenter, The Home Depot, Chick-fil-A, Taco Bell, Dunkin', and others. 453 New Park Avenue is the perfect opportunity for owners/users and investors looking to enter a prevalent Northeast affluent market with limitless potential. Property tours are available by appointment only.