138 Washington Street Middletown, CT

Description

The beautiful and classically designed mixed use property at 138 Washington Street in Middletown is now being offered for sale. The property generates heavy cash flow over 9 total units and approximately 7,193sf. Property financials are available upon request with a signed non-disclosure agreement. Please email Brendan Kelly at brendan@hardingdevelopment.com to receive the NDA for signature. Call or email Brendan Kelly with questions. Cell (860) 463-3326. Property highlights include:

• Property being offered at an 8.3 cap rate

• 9 total units consisting of 2 ground floor retail units, 6 one-bedroom apartments and one studio apartment.

• Zero vacancy and heavy cash flow.

• Separately metered electricity and gas for each unit.

• Value add potential through apartment upgrades to achieve higher rents.

• Exterior recently painted.

• Common hallways recently recarpeted.

• All hot water heaters replaced within the past year or two.

• Property offers popular no-car downtown live+work+play lifestyle in a walkable city.

• Potential expansion with the construction of 3 additional units. (Plans available upon request)

• Ground floor retail units can be converted to apartments at lease expiration to take advantage of ongoing supply constraints.

• Expansive parking lot offers significantly more spaces than necessary allowing additional income generation through space rental (city rates are $80+ per month per space).

Please call or email with any questions or to set up a showing
Brendan Kelly
Cell: (860) 463-3326
Office: (860) 344-5551
Email: brendan@hardingdevelopment.com