New Listing - 10/29/2024
550 North Main Street, Southington, CT, 06489
1984
17,824 sqft
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.
Status:
Active
Type:
Commercial
Units:
17
Zoning:
B
Frontage:
Municipal Street
Garage:
Paved, Parking Lot
Heating:
Hot Air
Cooling:
Central Air
Parking:
70-car
Acreage:
1.68
Est. Taxes:
$25,244
Assessment
$802,930
Current Use
Office/Retail
Utilities
Electric
Lot Description:
Level Lot
Days on Market:
5
MLS #:
24056751
Community Info
School Info
Walk Score
Mass Transit
Yelp
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Listing courtesy of Sandy Strickling, Sky Realty Group Email: skyrealtygroup@comcast.net