3 West Street, Litchfield, CT, 06759 | $3,500,000

Own a signature part of Litchfield CT historic downtown commercial district. This historic 2/3 story building, located at the corner of West and South Street, includes twelve tenants, many of whom are long-term tenants. The property has been well maintained by the same owner over many years. Over 12, 900 square feet of rentable space on the 1st, 2nd, and basement floors and the potential to expand the 3rd floor into other space. At one time the 3rd floor was a usable theater space. Fabulous exposure in Litchfields thriving downtown and ample street parking and sidewalks. The facility features a brick exterior with a full basement supported by stone and concrete foundation walls. It has a flat or slightly pitched roof with a rubber membrane finish. The windows range from large storefront panes to multi-pane storefront units and double-hung windows, which include both older wooden models and newer thermopane versions. Recently, the main level's storefront windows were replaced. Electrical service is at least 400 amps, multi-phase, and multi-wire, with individual meters for each tenant. The first floor is heated by propane-fired furnaces that provide hot water heat, while most other units use electric baseboard heating. Radiant floor heating is installed in parts of both the main and lower levels. Additionally, some areas have recently been equipped with new mini-split systems installed within the past year. Property History Partial history of the current At The Corner building: Following the devastating fire of 1886, which destroyed just about everything on the street, the town stopped granting permits for wooden commercial buildings in town. The "Phelps Block" was thus built of brick in 1887 by local businessman Eugene Phelps on the site of the former Catlin's Tavern. (The Hunt Block next door was built in 1890. ) The three-story Phelps building had stores on the first floor, offices on the second floor and the "Phelps Opera House" on the third floor. It had seating for 600 (!!), gas and electric lighting and a stage measuring 24' wide by 15' high and 24' deep. (Note the old roofline in the first picture. ) It also was home to the Litchfield Enquirer for a time. The original "Wessells & Gates" druggists opened downstairs in 1888 and "Crutch's Pharmacy, " owned by Aaron Crutch, took over in 1899. In 1919, Crutch took on William Marley as partner and business became known as "Crutch & Marley. " The third floor of the building, including the paper stock & presses of the Litchfield Enquirer, was completely gutted during a fire in 1928. In 1942, one of Crutch's relations, Archie MacDonald established "Crutch & MacDonald. " Robert Doyle bought the business in 1961 and it was eventually closed in 1994.

Features

  • Current Use: retail, office
  • Permitted Use: retail, office
  • Utilities: Electric,Telephone,Cable
  • Heating: Baseboard,Radiant,Other
  • Cooling: Central Air,Split System,Wall Unit
  • Units: 12
  • Zoning: HTC
  • Frontage: State Road,Municipal Street
  • Year Built: 1887
  • Approx Sq. Feet: 14,215
  • Acreage: 0.23
  • Est. Taxes: $30,466
  • Lot Desc: Corner Lot,Dry
  • MLS#: 24042392
  • Days on Market: 17 days
  • Website: https://www.raveis.com
    /prop/24042392/3weststreet_litchfield_ct?source=qrflyer
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Listing courtesy of Drakeley Real Estate, Inc.

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3 West Street, Litchfield, CT, 06759

$3,500,000

Customer Service

William Raveis Real Estate

Phone: 888.699.8876

Contact@raveis.com

Frank Kolb

Senior Vice President - Coaching & Strategic

William Raveis Mortgage, LLC

Phone: 203.980.8025

Frank.Kolb@raveis.com

NMLS Mortgage Loan Originator ID 81725

5/6 (30 Yr)
Adjustable Rate Jumbo*
30 Year
Fixed-Rate Jumbo
15 Year
Fixed-Rate Jumbo
Loan Amount $2,800,000 $2,800,000 $2,800,000
Term 360 months 360 months 180 months
Initial Interest Rate** 5.000% 5.875% 5.625%
Interest Rate based on Index + Margin 8.125%
Annual Percentage Rate 6.963% 5.983% 5.805%
Monthly Tax Payment $2,539 $2,539 $2,539
H/O Insurance Payment $125 $125 $125
Initial Principal & Interest Pmt $15,031 $16,563 $23,064
Total Monthly Payment $17,695 $19,227 $25,728

* The Initial Interest Rate and Initial Principal & Interest Payment are fixed for the first and adjust every six months thereafter for the remainder of the loan term. The Interest Rate and annual percentage rate may increase after consummation. The Index for this product is the SOFR. The margin for this adjustable rate mortgage may vary with your unique credit history, and terms of your loan.

** Mortgage Rates are subject to change, loan amount and product restrictions and may not be available for your specific transaction at commitment or closing. Rates, and the margin for adjustable rate mortgages [if applicable], are subject to change without prior notice.

The rates and Annual Percentage Rate (APR) cited above may be only samples for the purpose of calculating payments and are based upon the following assumptions: minimum credit score of 740, 20% down payment (e.g. $20,000 down on a $100,000 purchase price), $1,950 in finance charges, and 30 days prepaid interest, 1 point, 30 day rate lock. The rates and APR will vary depending upon your unique credit history and the terms of your loan, e.g. the actual down payment percentages, points and fees for your transaction. Property taxes and homeowner's insurance are estimates and subject to change.