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Multifamily/Retail Downtown Middletown 138-140 Washington St 7,600 SF 100% Leased Retail Building Middletown, CT 06457 $1,535,512 CAD ($202.04 CAD/SF) 8.31% Cap Rate
EXECUTIVE SUMMARY
The beautiful and classically designed mixed use property at 138 Washington Street in Middletown is now being offered for sale. The property generates heavy cash flow over 9 total units and approximately 7,193sf. Property financials are available upon request with a signed non-disclosure agreement. Please email Brendan Kelly at brendan@hardingdevelopment.com to receive the NDA for signature. Call or email Brendan Kelly with questions. Cell (860) 463-3326. Property highlights include:
• Property being offered at an 8.3 cap rate
• 9 total units consisting of 2 ground floor retail units, 6 one-bedroom apartments and one studio apartment.
• Zero vacancy and heavy cash flow.
• Separately metered electricity and gas for each unit.
• Value add potential through apartment upgrades to achieve higher rents.
• Exterior recently painted.
• Common hallways recently recarpeted.
• All hot water heaters replaced within the past year or two.
• Property offers popular no-car downtown live+work+play lifestyle in a walkable city.
• Potential expansion with the construction of 3 additional units. (Plans available upon request)
• Ground floor retail units can be converted to apartments at lease expiration to take advantage of ongoing supply constraints.
• Expansive parking lot offers significantly more spaces than necessary allowing additional income generation through space rental (city rates are $80+ per month per space).
• Property being offered at an 8.3 cap rate
• 9 total units consisting of 2 ground floor retail units, 6 one-bedroom apartments and one studio apartment.
• Zero vacancy and heavy cash flow.
• Separately metered electricity and gas for each unit.
• Value add potential through apartment upgrades to achieve higher rents.
• Exterior recently painted.
• Common hallways recently recarpeted.
• All hot water heaters replaced within the past year or two.
• Property offers popular no-car downtown live+work+play lifestyle in a walkable city.
• Potential expansion with the construction of 3 additional units. (Plans available upon request)
• Ground floor retail units can be converted to apartments at lease expiration to take advantage of ongoing supply constraints.
• Expansive parking lot offers significantly more spaces than necessary allowing additional income generation through space rental (city rates are $80+ per month per space).
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Property Subtype
Building Size
7,600 SF
Building Class
C
Year Built/Renovated
1830/2000
Price
$1,535,512 CAD
Price Per SF
$202.04 CAD
Cap Rate
8.31%
NOI
$127,528 CAD
Percent Leased
100%
Tenancy
Multiple
Building Height
3 Stories
Building FAR
0.38
Lot Size
0.46 AC
Opportunity Zone
Yes
Zoning
B-1 - Central/Downtown Business Zone
Parking
35 Spaces (4.61 Spaces per 1,000 SF Leased)
Frontage
64’ on Washington St
AMENITIES
- Bus Line
- Pylon Sign
MAJOR TENANTS
- TENANT
- INDUSTRY
- SF OCCUPIED
- RENT/SF
- LEASE END
- Ursels Web
- Retailer
- -
- -
- -
| TENANT | INDUSTRY | SF OCCUPIED | RENT/SF | LEASE END | ||
| Ursels Web | Retailer | - | - | - |
Walk Score®
Very Walkable (89)
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | MTWN-000022-000000-000509 | Improvements Assessment | $463,108 CAD |
| Land Assessment | $192,974 CAD | Total Assessment | $656,082 CAD |
PROPERTY TAXES
Parcel Number
MTWN-000022-000000-000509
Land Assessment
$192,974 CAD
Improvements Assessment
$463,108 CAD
Total Assessment
$656,082 CAD
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Multifamily/Retail Downtown Middletown | 138-140 Washington St
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