Current Use by Public Records
- Lifestyle centers
Property Details for 635-655 Main St
- Lot size
- 6.00 lot acres
- Property type
- Lifestyle centers
- Property subtype
- Power centers
Description
This exceptional investment opportunity presents a fully leased, 79,813 square foot retail plaza situated on six acres in Middletown, Connecticut. The property comprises three buildings constructed in 1956, 1996, and 1998, offering a diverse tenancy of ten businesses. Building one encompasses 68,813 square feet, including a 6,525 square foot mezzanine. Building two offers 6,000 square feet of retail/bank space, complete with a drive-thru. Building three is a 5,000 square foot restaurant. The property boasts 330 parking spaces, prominent pylon and on-building signage, and excellent visibility along a high-traffic corridor with an average daily traffic count of 13,100 vehicles. Located conveniently near Route 9, Exit 21, the property is zoned B-2 and benefits from a 100% occupancy rate with a remaining lease term of four years. The asking price is $7,895,000, representing a compelling price per square foot of $98.92 and an attractive 8.00% cap rate. This is a rare opportunity to acquire a well-established, high-performing retail asset in a desirable location.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Middletown
- County
- Middlesex
- State
- Connecticut
- Longitude
- -72.6538
- Latitude
- 41.539
