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$ 399,000
Est. payment | /mo
2 Baths
2,528 SqFt
$ 399,000
Est. payment | /mo
2 Baths
2,528 SqFt
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
Square Footage 2,528 sqft
Price per Sqft $157
MLS Listing ID 24083340
Full Baths 1
Half Baths 1
Year Built 1890
Annual Tax Amount $5,427
Lot Size 3,920 Sqft
Property Description
Attention Investors: Fully Occupied Mixed Use Property! We are seeking investors for a Value-Added Mixed-Use property currently generating an impressive 11.1 Capitalization Rate (CAP). All tenants are currently on month-to-month leases and are paying below-market rents. The new owner has the potential to significantly enhance the property's CAP to 13 or even higher by implementing market-based rents. The property consists of three spacious residential studio apartments on the upper level and two commercial retail spaces on the ground level. It is strategically situated in Meriden's vibrant downtown area, conveniently located near the new train station, town green, public library, and major highways. Each apartment is equipped with electric baseboard heating, ensuring comfortable living. Each unit has its own separate electric meter, along with a house meter. There are ample parking options, including four parking spaces behind the building for both residential and retail units, as well as on-street parking.
Location
State CT
County New Haven
Zoning C-4
Interior
Heating Hot Air
Cooling None
Exterior
Exterior Feature Sidewalk
Parking Features Driveway
Utilities Available Electric, Telephone, Cable Available
Roof Type Asphalt Shingle
Building
Lot Description Corner Lot, Dry, Cleared
Story 2
Foundation Concrete, Slab
Sewer Public Sewer Connected
Water Public Water Connected
Listed by Joe Scarpellino • Coldwell Banker Realty
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Kerry-Ann Lawson
REALTOR® | Lic# NY:10401292972 CT: RES0813486