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227 W High St East Hampton, CT 06424

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Mixed-use property with commercial and residential units on 8.98 acres.

Property Features for 227 W High St

General Information

Standard status
Active

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Listing Contact
Michelle Lorenzetti
Source: Crexi

Listing Agency: Premier Real Estate Investment Group Listing Agent: Michelle Lorenzetti

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

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Overview

Mixed-Use Opportunity on 8.98 Acres

This mixed-use property, situated on approximately 8.98 acres, presents a value-add opportunity. It comprises one commercial unit (bar) and four residential units, including an apartment, two cottages, and a single-family home. The property operates with well and septic systems. Environmental remediation is currently under Connecticut Department of Energy and Environmental Protection (CT DEEP) oversight, with a history of oil spill remediation. The project may qualify for Brownfield funds to cover remediation costs, contingent upon the development including six or more units, subject to confirmation. The current annual income is $61,200, with real estate taxes totaling $6,533, of which the bar reimburses 50%. The effective tax burden to ownership is approximately $3,266. The insurance estimate is $10,000, and the maintenance estimate is $3,500, resulting in adjusted annual expenses of approximately $16,766. The current net operating income (NOI) is approximately $44,434. Experienced operators capable of managing remediation and lease-up can capitalize on the spread between the basis and stabilized valuation, creating meaningful upside potential.
Location Intelligence

Current Use by Public Records

The Tavern On 66 Bar & Pub

Suggested Use

Restaurant Building Supply Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Gym & Fitness Center Auto Parts Store Skin Care Clinic Department Store Storage Facility

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

Location Insight

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  • Local Demand
City
East Hampton
County
Middlesex
State
Connecticut
Longitude
-72.4850555
Latitude
41.6050457

FAQs

What type of property is this?
Mixed-use property - Mixed-use property with commercial and residential units on 8.98 acres.
Where is this mixed-use property located?
The property is located at 227 W High St East Hampton, CT.
What are key features of this property?
This property features: - Significant value-add opportunity with potential to increase NOI from $44,434 to a projected $117,234 after stabilization.; - Priced at $450,000 to reflect environmental conditions and rehabilitation scope, offering a discounted entry point.; - High going-in cap rate of 9.87% based on current income.
More about this property
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