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138 Washington St Middletown, CT 06457

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For Sale
Pending
$1,100,000

Mixed-use property with retail and residential units in Middletown.

Lot size:
0.46 Acres

Property Features for 138 Washington St

General Information

Property type
Commercial
Standard status
Pending
Lot size
0.46 Acres

Building Details

Year built
1830

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Listing Contact
Brendan Kelly
Brendan Kelly
Source: Elliman

Listing Agency: Harding Commercial Real Estate Listing Agent: Brendan Kelly

Displayed information is deemed reliable but is not guaranteed and should be independently verified.

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Overview

Middletown Mixed-Use Investment Opportunity

The mixed-use property at 138 Washington Street in Middletown is available for sale. The property includes 9 units totaling approximately 7,193 square feet. The unit mix consists of 2 ground floor retail units, 6 one-bedroom apartments, and one studio apartment. Each unit has separate meters for electricity and gas. Recent improvements include a recently painted exterior, recently recarpeted common hallways, and hot water heaters replaced within the past year or two. The property offers a no-car downtown live, work, and play lifestyle in a walkable city. There is potential for expansion with the construction of 3 additional units, with plans available upon request. The ground floor retail units can be converted to apartments at lease expiration. The expansive parking lot offers more spaces than necessary, allowing additional income generation through space rental. The property is being offered at an 8.3 cap rate and generates cash flow with zero vacancy. There is value-add potential through apartment upgrades to achieve higher rents.
Location Intelligence

Current Use by Public Records

Retail space

Suggested Use

Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Daycare Center Building Supply Gym & Fitness Center

Zoning and permitted uses should be independently verified with local authorities.

Location Insight

  • Map
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City
Middletown
County
Middlesex
State
Connecticut
Longitude
-72.6534423
Latitude
41.5620025

FAQs

What type of property is this?
Mixed-use property - Mixed-use property with retail and residential units in Middletown.
Where is this mixed-use property located?
The property is located at 138 Washington St Middletown, CT.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: - Heavy cash flow with zero vacancy across 9 units.; - Offered at an attractive 8.3 cap rate.; - Value-add potential through apartment upgrades.
More about this property
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