Unique mixed use opportunity in Middletown offering strong cash flow and flexible ownership potential.


Property

Website:https://www.nestseekers.com/5514140
Address:
13-15 Portland
Middletown, CT 06457
Ownership: Multi-Family
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

Contact

Nest Seekers International at The J House Greenwich, 1114 E Putnam Ave, Riverside, CT 06878
Listing Courtesy of Sacha Armstrong of William Pitt Sotheby's International Realty