39
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$2,000,000
Est. payment /mo
25,298 SqFt
Price Dropped by $100K
631 Farmington Avenue Hartford, CT 06105
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UPDATED:
10/19/2024 02:02 AM
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
Square Footage 25,298 sqft
Price per Sqft $79
MLS Listing ID 24042284
Year Built 1960
Annual Tax Amount $65,211
Lot Size 0.780 Acres
Property Description
Attention investors! This turnkey commercial office building presents an excellent opportunity for those looking to expand their portfolio. Fully leased until 2030 with two long term tenants providing stabilized rental income. Larger unit has occupied the building 30+ years, and the other has been there 14 years. Leases increase by 2.5% annually to account for expenses. Situated in the West End, with easy highway access and public transit. Substantial upgrades include energy efficient lighting, new fire alarm system, new HVAC system, updated restrooms, and a complete renovation of the second floor. Ample parking (50+ spaces) located on the front, side, and rear of the building. The partially finished basement offers potential to further maximize rental revenue. Over 9% cap rate with minimal owner responsibility, this property would be ideal for a 1031 exchange or for the newer investor looking to get into commercial real estate. Detailed expense sheet available upon request.
Location
State CT
County Hartford
Zoning MX-1
Interior
Heating Hot Air
Cooling Central Air
Exterior
Exterior Feature None
Utilities Available Electric, Gas, Telephone, Cable
Roof Type Membrane
Building
Lot Description Level Lot
Sewer Public Sewer Connected
Water Public Water Connected
Listed by Stephanie Ossowski • Dave Jones Realty, LLC
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