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 

The IDX display contains information sourced from the  Smart MLS, Inc as of 10/29/2024. This data is intended solely for personal, non-commercial use and is not to be utilized for any other purposes except to identify potential properties for purchase. Although the MLS data displayed is typically considered reliable, it is not guaranteed to be accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and are advised to conduct their own investigations or seek professional assistance. Other sources besides the Listing Agent may have contributed to the MLS data presented. Unless expressly specified in writing, the Broker/Agent has not confirmed any information obtained from external sources. The Broker/Agent may or may not have acted as the Listing and/or Selling Agent and cannot guarantee the accuracy of property locations displayed on any map. Any compensation offers are solely made to participants of the MLS where the listing is registered.

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Data last updated on 10/29/2024 at 6:12 PM UTC

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