480 Main Street Middletown, CT 06457
Multi-Family
MLS #: 24154266
Listed By CENTURY 21 AllPoints Realty
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Property InformationDescription
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.
Features
- Building Area: 13837.00 SF
- Cross Docks: N
- For Auction: N
- Location Name: 480 Main Street , Middletown
- MLSID: 24154266
- Price Per Area: 0.00
- Price Upon Request: N
- Style: Other Style
- Sublease: N
- Taxes: $18591.00
- Year Built: 1917
- Zoning: B-1
