480 Main Street
$1,450,000
480 Main Street, Middletown, CT 06457
13,837 sqft
Building Size
0.11 acres
Lot Area
Details:
Highlights:
- Annual Tax: $ 18591.0
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.
Listing ID: 34adeea4-a3e6-43de-bf23-2150dda3e281
Location
Gallery
