Unique mixed use opportunity in Middletown offering strong cash flow and flexible ownership potential.
| Website: | https://www.nestseekers.com/5514140 |
|---|---|
| Address: | 13-15 Portland Middletown, CT 06457 |
| Ownership: | Multi-Family |
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| Type: | Multi-Family |
| Bedrooms: | 12 BR |
| Bathrooms: | 8 |
| Area: | 9890 sq ft |
Financials
Price:$1,300,000
Annual Taxes:$13,932
Description
Unique mixed-use opportunity in Middletown offering strong cash flow and flexible ownership potential. Property consists of a fully occupied 4-family, a fully occupied 2-family, and two 1,600 SF commercial garage/workshop spaces all situated on one lot with views of the Connecticut River and Arrigoni Bridge. One commercial space is leased, while the second vacant garage offers ideal owner-user potential for contractors, storage, workshop space, or additional rental income. Projected 8.2% cap at current occupancy, with stabilization potential of approximately 9.4-9.8% upon lease of the 2nd garage. Residential units feature a desirable mix of 1-, 2-, and 3-bedroom layouts with updates completed over time, including newer boilers and water heaters. Off-street parking, minutes to Route 9, downtown Middletown, and walking distance to Wesleyan University. Property conveyed as-is.
Amenities
- Elementary School - Per Board of Ed
- High School - Per Board of Ed
- Intermediate School -
- Window Unit
Nest Seekers International at The J House Greenwich, 1114 E Putnam Ave, Riverside, CT 06878 Phone: +1 203-204-9555 | |
| Listing Courtesy of Sacha Armstrong of William Pitt Sotheby's International Realty | |