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138 Washington Street Middletown, CT 06457
7,193 SqFt
UPDATED:
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
Square Footage 7,193 sqft
Price per Sqft $152
MLS Listing ID 24134794
Year Built 1830
Annual Tax Amount $18,099
Lot Size 0.460 Acres
Property Description
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 agent Brendan Kelly to receive the NDA for signature. 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).
Location
State CT
County Middlesex
Zoning B-1
Interior
Heating Hot Water
Cooling Central Air, Window Unit
Exterior
Utilities Available Electric, Gas, Telephone, Cable
Roof Type Other
Building
Lot Description Dry
Sewer Public Sewer Connected
Water Public Water Connected
Listed by Brendan Kelly • Harding Commercial Real Estate