$1,595,000
550 North Main Street Southington, CT 06489
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$1,595,000
Est. payment /mo
17,824 SqFt
Under Contract
550 North Main Street Southington, CT 06489
UPDATED:
11/12/2024 11:58 PM
Key Details
Property Type Commercial
Listing Status Under Contract
Purchase Type For Sale
Square Footage 17,824 sqft
Price per Sqft $89
MLS Listing ID 24056751
Year Built 1984
Annual Tax Amount $25,244
Lot Size 1.680 Acres
Property Description
Stabilized, Turn-Key, and Well-Maintained Retail / Office Building For Sale in an Excellent Downtown Southington Location! Professional long term tenant base with Occupancy of 97% with scheduled rent increases, and significant upside potential for new leases. Currently offered at an 8.2% Cap Rate and an 10.2% ROI. The building boasts a stable tenant base with long-term leases, ensuring consistent cash flow. This property allows for increased yearly rents while enjoying low vacancy rates. This attractive property was built in 1984 and offers 14,400 SF of leasable space. First floor has retail units with offices on the second floor. There are 16 tenants occupying 17 separate units. Tenants include massage, med spa, salon, paint and decorating, and insurance agency. Most leases are long term with a base rent and yearly increases. They include an escalation payment for tenant's pro rata share of any increased taxes and operating expenses above the base year. Situated in an excellent location near downtown on Main Street's vibrant retail corridor with plenty of parking. This property benefits from high visibility and vehicle traffic, along with convenient access for tenants and clients.
Location
State CT
County Hartford
Zoning B
Interior
Heating Hot Air
Cooling Central Air
Exterior
Exterior Feature Lighting
Garage Paved, Parking Lot
Utilities Available Electric
Roof Type Asphalt Shingle
Building
Lot Description Level Lot
Foundation Slab
Sewer Public Sewer Connected
Water Public Water Connected
Listed by Sandy Strickling • Sky Realty Group
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