Homes for sale - 1224 Mill Street #1224, Berlin, CT 06023

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Sheena Ruggirello

sheena.ruggirellos@gmail.com +1(860) 222-4734

$700,000

Est. payment - /mo

35,000 SqFt

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UPDATED:

10/05/2024 01:11 AM

Key Details

Property Type Commercial

Listing Status Active

Purchase Type For Sale

Square Footage 35,000 sqft

Price per Sqft $20

MLS Listing ID 24051629

Year Built 1989

Annual Tax Amount $66,265

Lot Size 6.650 Acres

Property Description

$39OK NOI | Anchored by Global Tenant Regus since 1998 with recent lease renewal price listed is starting bid on tenx 11.18.24 Mill Crossing, situated at 1224 Mill Street, is an excellent opportunity for both investors and owners/users, with 35,270 square feet in three buildings and excess land for additional development. Built in 1995 and meticulously maintained over the years this asset is primed to be an excellent investment. The property comes equipped with a 6.65-acre lot and over 200 parking spaces perfect for both employees and visitors. The simple facade and well-groomed landscaping surrounding the asset makes it ideal for tenancy. New ownership can continue to run the property as-is while collecting incomes from in-place tenants Buyers can also revamp current tenant leases to yield a higher net operating income. Alternatively, this is an excellent opportunity for owners/users with excess land for new develoment of medical or apartments subject to town approval. Berlin is at the crossroads of Central Connecticut, where Interstate 91 merges with Route 9, making it the perfect place for office investment. The area has a very low vacancy of 2.3% which is 0.4% lower than it was this time last year. Current vacancy is lower than its trailing three-year average of 3.2%, which is also lower than the 9.7% trailing three-year average of the Hartford market as a whole. Rents have increased in the past 12 months.

Location

State CT

County Hartford

Zoning POR

Interior

Heating Gas on Gas, Hot Air

Cooling Central Air

Exterior

Utilities Available Electric, Gas

Roof Type Asphalt Shingle

Building

Lot Description Corner Lot

Sewer Public Sewer Connected

Water Public Water Connected

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Listed by Michael Guidicelli • Regions Real Estate Advisors

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Sheena Ruggirello

+1(860) 222-4734

Agent | License ID: CN234452

Agent License ID: CN234452

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1224 Mill Street #1224 Berlin, CT 06023

Sheena Ruggirello

Sheena Ruggirello

Key Details

Location

Interior

Exterior

Building

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