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16 Railroad Ave
Plainfield, CT 06374
Retail Property For Sale
INVESTMENT HIGHLIGHTS
- Secured by a national tenant, Citizens Bank, a major financial institution with extensive branch locations and significant deposits.
- Offers an absolute NNN lease structure, meaning the landlord has zero responsibility for taxes, CAM, or insurance costs.
- Includes a committed 3-year renewal lease with Citizens Bank, starting October 1, 2021.
- Features two drive-thru lanes, enhancing convenience and customer accessibility.
- Provides a favorable cap rate of 6.2%, reflecting a solid return on investment.
- Built in 1980 and situated on a 0.58-acre lot, providing ample space and functionality.
EXECUTIVE SUMMARY
This property at 16 Railroad Ave, Plainfield, CT, offers an exceptional investment opportunity with its 2,566 SF building, featuring two drive-thru lanes and situated on a 0.58-acre lot. Constructed in 1980, it is currently leased to Citizens Bank, a prominent national banking institution with extensive branch locations and significant deposits, ensuring a stable and reliable income stream. The property is available for $830,000, reflecting a favorable cap rate of 6.2% and a price of $331.25 per square foot. With an absolute NNN lease in place, the landlord has zero responsibility for taxes, CAM, or insurance, making it a low-maintenance investment. The lease includes a committed 3-year renewal starting October 1, 2021, providing long-term stability and a secure return on investment.
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Bank
Building Size
2,566 SF
Building Class
C
Year Built
1980
Price
$1,149,135 CAD
Price Per SF
$447.83 CAD
Cap Rate
6.19%
NOI
$71,174 CAD
Tenancy
Single
Building Height
1 Story
Building FAR
0.10
Lot Size
0.58 AC
Zoning
C2 - commercial zoning many approved uses
Parking
25 Spaces (9.74 Spaces per 1,000 SF Leased)
Frontage
77’ on Railroad Ave
AMENITIES
- Pylon Sign
- Signalized Intersection
- Drive Thru
PROPERTY TAXES
| Parcel Number | PLAI-000001P-000039-000037 | Improvements Assessment | $488,539 CAD |
| Land Assessment | $73,354 CAD | Total Assessment | $561,893 CAD |
PROPERTY TAXES
Parcel Number
PLAI-000001P-000039-000037
Land Assessment
$73,354 CAD
Improvements Assessment
$488,539 CAD
Total Assessment
$561,893 CAD
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