Active
550 North Main Street
Southington CT, 06489
$1,595,000
$89.49 per sqft
Active
17,824 sqft
Commercial
Built in 1984
Stabilized, Turn-Key, and Well-Maintained Retail / Office Building For Sale in an Excellent Downtown Southington Location! Professional long term tenant base with Occupancy of 97% with scheduled rent increases, and significant upside potential for new leases. Currently offered at an 8.2% Cap Rate and an 10.2% ROI. The building boasts a stable tenant base with long-term leases, ensuring consistent cash flow. This property allows for increased yearly rents while enjoying low vacancy rates. This attractive property was built in 1984 and offers 14,400 SF of leasable space. First floor has retail units with offices on the second floor. There are 16 tenants occupying 17 separate units. Tenants include massage, med spa, salon, paint and decorating, and insurance agency. Most leases are long term with a base rent and yearly increases. They include an escalation payment for tenant's pro rata share of any increased taxes and operating expenses above the base year. Situated in an excellent location near downtown on Main Street's vibrant retail corridor with plenty of parking. This property benefits from high visibility and vehicle traffic, along with convenient access for tenants and clients.
24056751
MLSⓇ ID
October 29, 2024
Listed
October 29, 2024
Updated
Map
550 North Main Street
Southington CT, 06489
Interior Features
Fireplace
No
Cooling
Yes
Cooling Description
Central Air
Heating
Yes
Heating Description
Oil, Forced Air
Exterior/Building Features
Lot Size
1.68 Acres
Lot Features
Level
Roof
Asphalt
Sewer
Public Sewer
Other Property Details
Area Name
N/A
Taxes
$25,244
Tax Frequency
Annually
Garage
No
Parking
Parking Lot
Parking Total
70
View
No
County
Hartford
Water Source
Public
Pool
No
Zoning
B
Listed by Sandy Strickling with Sky Realty Group
Listing Contact: 8606389748
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Data last updated on 10/29/2024 at 6:12 PM UTC