867 Main StManchester, CT 06040

This exceptional mixed-use property, located at 867 Main Street in Manchester, Connecticut, presents a compelling investment opportunity. The 42,500 square foot, four-story building boasts a blend of retail, office, and residential space, currently housing 48 tenants with a 96% occupancy rate projected to reach 100% by August 7, 2024. The building's diverse tenant base includes long-term occupants, many having leased space for over eight years. The lower levels feature approximately 27,000 square feet of retail and office space, including an adult day care center that has been a tenant for over 12 years. The upper levels comprise twelve green loft apartments, consistently maintaining 100% occupancy, primarily leased to young professionals. The basement offers five flexible storage units, also fully occupied. Built in 1894 and extensively renovated in 2005, 2010, and 2018, this historic landmark building incorporates numerous energy-efficient features, including solar panels, solar thermal heating, Energy Star-rated HVAC systems, and superior insulation, resulting in significant energy savings. The property sits on a 0.34-acre lot and is offered as a limited partnership with a current NOI of $320,000 and a pro-forma NOI of $360,000, translating to a 7.71% cap rate and a pro-forma cap rate of 8.67%. The asking price is $4,150,000, representing a price per square foot of $97.65. The building's strong occupancy, long-term tenants, and energy-efficient design make it an attractive investment with significant potential for future growth. Lease terms are varied and multi-lease. The building is classified as Class B with a modified lease type.