$ 3,000,000
423 Main Street Middletown, CT 06457
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$ 3,000,000
Est. payment | /mo
31,200 SqFt
$ 3,000,000
Est. payment | /mo
31,200 SqFt
Key Details
Property Type Commercial
Listing Status Under Contract
Purchase Type For Sale
Square Footage 31,200 sqft
Price per Sqft $96
MLS Listing ID 170614199
Year Built 1944
Annual Tax Amount $40,884
Lot Size 8,712 Sqft
Property Description
Prime Downtown location on Main St in Middletown. A lot of development currently taking place in the booming downtown and surrounding area. Priced at an 8 CAP with more value add potential. Many Cap Ex improvements have been made by ownership and strong leases in place including 10 year 'Salad Bar' and 5 year 'Escape Room' in former social security office. Building Highlights: 40,000 SQFT of Retail/Office 90% occupied with long term leases, 3 year old roof old with 25 year warranty, New Fire alarm system/Fully Sprinklered building. Over $750,000 spent in tenant build out and building renovations last 3 years including completely remodeled 2nd ,3rd and 4th floors, all new brick facade, and new HVAC. Building comes with 14 Parking Spots in rear of building.
Location
State CT
County Middlesex
Zoning B-1
Interior
Interior Features Elevator, Fire Suppression System, Freight Elevator
Heating Hot Air
Cooling Central Air
Exterior
Garage Off Street Parking, On Street Parking, Parking Lot
Utilities Available Electric
Roof Type Composition,Flat
Building
Lot Description Level Lot
Foundation Concrete
Sewer Public Sewer Connected
Water Public Water Connected
Listed by Michael Doherty • KW Legacy Partners
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Osi Rosenberg
Broker | REB.0791464