Ashley HomeStore - Leasehold

51 Richards Ave
Norwalk , CT 06854-2309

Ashley HomeStore - Leasehold - Retail for sale

Overview


JLL is pleased to offer for sale the leasehold interest in a Ashley HomeStore (the Property) located in Norwalk, Connecticut. The Property consists of a freestanding retail building that is tenanted and personally guaranteed by a local Ashley HomeStore operator. Ashley HomeStore has approximately 9.4 years remaining with three (3) five-year options to extend. The ground lease has approximately 9.6 years remaining, expiring December 31st 2027, with four options to extend through 2052. The Property is strategically positioned just off of Connecticut Avenue and is surrounded by many national retailers that help drive additional traffic to the area. This offering represents an excellent opportunity to acquire a long-term fully depreciable asset located in a strong retail and demographic location.

Investment Highlights


Well-positioned Property just off of Connecticut Ave (27,600 VPD) which is the primary retail thoroughfare through Norwalk, CT. Additionally, the Property is located just 0.1 mile from I-95 (138,000 VPD)
There are 9.6 years remaining on the ground lease with options to extend through 2047. Ashley HomeStore has 9.4 years remaining with three (3) five-year options to extend.
Outstanding local demographics with over 80,000 residents earning an average household income of $139,700 in a 3-mile radius
Strong store branding of Ashley Furniture Industries, the largest furniture manufacturer in the world.
General
Property Type Retail
Tenure Type Sale / Purchase
Property Address 51 Richards Ave, Norwalk, CT 06854-2309
Land In Acres 1.91
Building Size 24,041  ft2
Financial
Price Confidential
Cap Rate Confidential
Current NOI $220,820.00
Lease
Tenant's Name Ashley Furniture Industries, Incorporated
Lease Expiration Date 12/31/2027
Remaining Term 8.8Yrs

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