$930,000
$1,075,000
13.5%For more information regarding the value of a property, please contact us for a free consultation.
530 Main Street Middletown, CT 06457
15,136 SqFt
Key Details
Sold Price $930,000
Property Type Commercial
Listing Status Sold
Purchase Type For Sale
Square Footage 15,136 sqft
Price per Sqft $61
MLS Listing ID 170554217
Sold Date 02/28/24
Year Built 1860
Annual Tax Amount $23,062
Lot Size 3,920 Sqft
Property Description
Opportunity for the savvy investor looking to capitalize on adding value by creating a Lifestyle Asset in the heart of Middletown. The asset is in close proximity to Wesleyan University and next to the popular restaurants: Ion, Whey Station, and Luce. Its Only Natural Boutique Grocery Store. This 4 floor asset is 16 units, with 4 storefronts and 12, 1 bedroom apartments. The retail tenants are: a Grocery Store, Boost Mobile, a Barber and one vacant store front. Features of the asset include: 70% new windows, hard wire smoke detectors and sprinkler system. The tenants pay electric. A capital infusion through enhancing the common areas and remodeling the units will make this asset a lifestyle community. Closed comps of $122k-$135k/unit can be attained for modern units in Middletown. Parking for this asset is on side streets for free or tenants can get a residential permit for ~$55/mth to park in some of the parking lots. Melilli Lot is the closest one with great lighting & access to all amenities.
Location
State CT
County Middlesex
Zoning B-1
Interior
Heating Hot Air
Cooling None
Exterior
Garage Paved, On Street Parking, Off Street Parking
Utilities Available Electric Available, Gas Available, Phone Available, Cable Available
Roof Type Tar/Gravel
Building
Lot Description Level Lot
Foundation Concrete
Sewer Public Sewer Connected
Water Public Water Connected
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Bought with Michael Eshetu • Ethos Rlty, LLC