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$1,395,000
Est. payment /mo
21 Beds
9 Baths
10,629 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 10,629 sqft
Price per Sqft $131
MLS Listing ID 24206879
Style Units on different Floors
Bedrooms 21
Full Baths 7
Half Baths 2
Year Built 1910
Annual Tax Amount $16,659
Lot Size 6,098 Sqft
Property Sub-Type Other
Property Description
Two-building mixed-use investment opportunity in Middletown. The offering includes 61 East Main Street with four apartments and two storefronts, plus a separate three-apartment building at 2-6 Flower Street, offering a more private off Main street setting. Six apartments are occupied, while the seventh is being updated with a new kitchen and bathroom. Upon completion and lease-up at the projected rent, the property is expected to offer an approximately 9% cap rate, that's before any income from the two vacant storefronts. Zoned MXI, the storefronts have previously operated as a clothing store, salon and convenience store in past years, offering flexible possibilities subject to zoning guidelines. Additional features include private off-street parking space, wood flooring, same ownership since 2014, units updated/repaired over ownership for housing voucher compliance/inspections, separate utilities, a yard area and visible East Main Street frontage. With a Walk Score of 74, the property is close to Downtown Middletown, restaurants, shops, services, Wesleyan University, the riverfront, public transportation and Route 9. Two buildings, one investment and multiple opportunities to increase income!!! Interior pics will be added prior to active date.
Location
State CT
County Middlesex
Zoning MXI
Rooms
Basement Full
Interior
Heating Hot Water
Cooling None
Exterior
Parking Features On Street Parking, Driveway
Waterfront Description Not Applicable
Roof Type Flat
Building
Lot Description Corner Lot, Sloping Lot
Foundation Concrete
Sewer Public Sewer Connected
Water Public Water Connected
Schools
Elementary Schools Per Board Of Ed
High Schools Middletown
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Listed by Sacha Armstrong • William Pitt Sotheby's International Realty
Nearby Locations
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