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Key Bank Building 6 Storrs Rd

15,000 SF 77% Leased Retail Building Mansfield Center, CT 06250 £1,495,155 (£100/SF) 7.92% Net Initial Yield

Executive Summary

NNN Key Bank anchors this 15,000 Sf office building. Value added opportunity with other tenants paying below market rent. Great 1031 Opportunity.
Located on the corner of Route 195 and Route 6 on Windham/Mansfield line

Financial Summary (Actual - 2021)

Annual Annual Per SF
Gross Rental Income £134,618 £8.97
Other Income - -
Vacancy Loss - -
Effective Gross Income £134,618 £8.97
Taxes £20,246 £1.35
Operating Expenses £15,800 £1.05
Total Expenses £36,047 £2.40
Net Operating Income £98,571 £6.57

Financial Summary (Actual - 2021)

Gross Rental Income
Annual £134,618
Annual Per SF £8.97
Other Income
Annual -
Annual Per SF -
Vacancy Loss
Annual -
Annual Per SF -
Effective Gross Income
Annual £134,618
Annual Per SF £8.97
Taxes
Annual £20,246
Annual Per SF £1.35
Operating Expenses
Annual £15,800
Annual Per SF £1.05
Total Expenses
Annual £36,047
Annual Per SF £2.40
Net Operating Income
Annual £98,571
Annual Per SF £6.57

Property Facts

Sale Type
Investment
Sale Condition
1031 Exchange
Property Type
Retail
Property Subtype
Bank
Building Size
15,000 SF
Building Class
B
Year Built/Renovated
1975/2014
Price
£1,495,155
Price Per SF
£100
Net Initial Yield
7.92%
NOI
£118,382
Percent Leased
77%
Tenancy
Multiple
Number of Floors
2
Building FAR
0.69
Land Acres
0.50 AC
Zoning
PB1
Parking
85 Spaces (8.5 Spaces per 1,000 SF Leased)
Frontage
87 ft on Storrs Rd

Amenities

  • Drive Thru

MAJOR TENANTS

  • Tenant
  • Industry
  • SF OCCUPIED
  • RENT/SF
  • Lease Type
  • Lease End
  • Finance and Insurance
  • 5,000 SF
  • £18.96
  • Triple Net
  • Dec 2021

KeyCorp's roots trace back centuries to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation’s largest bank-based financial services companies. KeyBank is one of the nation’s largest, bank-based financial services companies, making it easy for clients to bank where they live. The Consumer Bank serves individuals and small businesses throughout their branch footprint and through their national Laurel Road® digital lending business targeted toward healthcare professionals. They offer a variety of deposit and investment products, personal finance and financial wellness services, lending, student loan refinancing, mortgage and home equity, credit card, treasury services, and business advisory services.

Tenant Industry SF OCCUPIED RENT/SF Lease Type Lease End
Finance and Insurance 5,000 SF £18.96 Triple Net Dec 2021

Space Availability

  • Space
  • Size
  • Space Use
  • Position
  • Available
  • 1
  • 1,500 SF
  • Office
  • -
  • Now

Includes heat and electric.

  • 3
  • 960 SF
  • Office
  • -
  • Now

Includes heat and electric.

  • 4
  • 1,000 SF
  • Office
  • -
  • Now

Includes heat and electric. Medical office.

Space Size Space Use Position Available
1 1,500 SF Office - Now
3 960 SF Office - Now
4 1,000 SF Office - Now

1

Size
1,500 SF
Space Use
Office
Position
-
Available
Now

3

Size
960 SF
Space Use
Office
Position
-
Available
Now

4

Size
1,000 SF
Space Use
Office
Position
-
Available
Now

1

Size 1,500 SF
Space Use Office
Position -
Available Now

Includes heat and electric.

3

Size 960 SF
Space Use Office
Position -
Available Now

Includes heat and electric.

4

Size 1,000 SF
Space Use Office
Position -
Available Now

Includes heat and electric. Medical office.

PROPERTY TAXES

PROPERTY TAXES

Parcel Number
MANS-000038-000108-000001
Land Assessment
£99,493 (2024)
Improvements Assessment
£544,883 (2024)
Total Assessment
£644,376 (2024)
Annual Taxes
£20,246 (£1.35/sf)
Tax Year
2021
  • Listing ID: 3782286

  • Date on Market: 23/09/2014

  • Last Updated:

  • Address: 6 Storrs Rd, Mansfield Center, CT 06250

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