70 Heminway Park Road, Watertown, CT 06795

Property Description

price listed is starting bid price on TenX, 11/18 70 Heminway Park Road presents investors with an easy transfer of an NNN-leased medical office. The single-story brick building was erected in 1955 and rings in at an impressive 4,140 square feet. Situated on a 0.31-acre lot the property comes equipped with 19 parking spaces perfect for employees and visitors alike. Recent renovations include a new HVAC, roof, front facade, and a reception and waiting area. 70 Heminway Park Road has been inhabited by St. Mary's Hospital for the past 13 years, which has meticulously maintained the asset. The tenant is on an NNN lease, creating a hands-off investment for ownership. St. Mary's Hospital pays for utilities, taxes, insurance, snowplowing, landscaping, trash, and HVAC maintenance. The Watertown, Connecticut, office market is a small yet substantial location for investors to enter. Total inventory is impressive at 220,000 square feet. Vacancy rates are low at a notable 2.8% vacancy, which is 2.8% lower than a year ago. Market rates for rent are on the rise as well as cap rates in this area. Watertown is a quaint town located just under an hour from the major metros of Hartford and New Haven. This locale is committed to bringing new businesses to the area as well as keeping existing businesses successful.