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$850,000
Est. payment /mo
4 Beds
3 Baths
2,236 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 2,236 sqft
Price per Sqft $380
MLS Listing ID 24149701
Style Units on different Floors
Bedrooms 4
Full Baths 2
Half Baths 1
Year Built 1912
Annual Tax Amount $5,896
Lot Size 0.690 Acres
Property Sub-Type Other
Property Description
Commercial Mixed Use, cross-posted on MLS alternative # 24149460. 7.06 CAP r a t e ~ Prime mixed-use investment property offered at $850,000 along the high-visibility Route 1 corridor. The asset consists of three total units of office/retail space with direct road frontage and two residential apartments privately situated in the rear. Trusted General Contractor currently rents the rear yard space at $1,000/month. Projected gross income totals $90,000/year. Incorporating a 10 p e r c e n t vacancy & repairs reserve, the stabilized effective gross income is $81,000/year. Operating expenses total $20,945/year (real estate taxes: $5,896 | insurance: $5,879 | electric: $4,600 | oil: $1,350 | propane: $1,620 | snow removal/water/septic: $1,600), resulting in a net operating income (NOI) of $60,055/year. At the asking price of $850,000, the asset delivers a 7.06 CAP r a t e, with long-term value preservation and upside through future rent adjustments. Strong location, consistent cash flow, and limited supply of mixed-use product on Route 1 make this an ideal long-term hold, 1031 exchange target, or portfolio addition.
Location
State CT
County Middlesex
Zoning B-4
Rooms
Basement Full, Unfinished
Interior
Heating Hot Air, Hot Water
Cooling None
Exterior
Waterfront Description Not Applicable
Roof Type Asphalt Shingle
Building
Lot Description Corner Lot, Level Lot
Foundation Masonry
Sewer Septic
Water Public Water Connected
Schools
Elementary Schools Per Board Of Ed
High Schools Per Board Of Ed
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Listed by Nicholas Tarquino • Carbutti & Co., Realtors
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