7
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$1,450,000
Est. payment /mo
10 Baths
13,837 SqFt
Under Contract
480 Main Street Middletown, CT 06457
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Key Details
Property Type Commercial
Listing Status Under Contract
Purchase Type For Sale
Square Footage 13,837 sqft
Price per Sqft $104
MLS Listing ID 24154052
Full Baths 10
Year Built 1917
Annual Tax Amount $18,591
Lot Size 4,791 Sqft
Property Description
Welcome to Main St in Middletown! This 10 Unit mixed use brick beauty is anchored by 2 established commercial tenants on the ground level and 8 massive (900+Sq Ft) one-bedroom residential units above- an incredible opportunity for a stabilized asset with additional room for growth in a highly competitive location and market! The long-term ground-floor commercial tenants provide reliable income and contribute substantial CAM payments, ensuring manageable operating expenses for ownership. Seven of the eight residential units have been modernized in recent years, with all tenants responsible for electric and hot water, maximizing net income. Significant value-add opportunity exists as current rents remain below market despite recent renovations. Multiple near-term lease expirations combined with strong comparable rents throughout the neighborhood support immediate, achievable income growth for a new owner! This asset is ideal for an investor seeking a stabilized mixed-use building with reliable income and a clear potential for growth and appreciation in a high-demand market.
Location
State CT
County Middlesex
Zoning B-1
Interior
Heating Steam
Cooling Window Unit
Flooring Vinyl, Wood
Exterior
Utilities Available Electric
Roof Type Flat
Building
Lot Description Level Lot
Story 3
Sewer Public Sewer Connected
Water Public Water Connected
Listed by Lindy Hoyt • Century 21 AllPoints Realty
NEARBY SCHOOL & BUSINESS
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