1224 Mill St Berlin, CT 06023

Property Details for 1224 Mill St

Lot size

6.85 lot acres

Property type

Office properties & Spaces

Property subtype

Medical Office Space

Description

This exceptional Class A office complex, Mill Crossings, presents a compelling investment opportunity in Berlin, Connecticut. Located at 1224 Mill Street, this property boasts 35,111 square feet of net rentable space spread across three buildings, situated on a generous 6.85-acre lot. Anchored by a global tenant, Regus, since 1998, with a recent lease renewal, the property generates a strong net operating income of $390,000. The property features over 200 parking spaces, catering to both employees and visitors. Built in 1995 and meticulously maintained, Mill Crossings presents a well-maintained aesthetic with a simple façade and attractive landscaping. The property's strategic location at the crossroads of Interstate 91 and Route 9 offers unparalleled access to Central Connecticut, benefiting from a low 2.3% vacancy rate, significantly lower than both its trailing three-year average and the broader Hartford market. This presents a stable income stream for investors, with potential for increased NOI through lease renegotiation. The expansive lot also offers significant potential for future development, subject to town approvals, creating opportunities for expansion or the addition of medical facilities or apartments. The property's proximity to major roadways, including the Berlin Turnpike and CT 9, ensures easy access to the entire state, while nearby amenities such as Dunkin', McDonald's, and Chili's provide convenience for tenants and employees. This is an ideal investment for both owners/users and investors seeking a stable, high-performing asset in a thriving market.

Location Insight

City

Berlin

County

Hartford

State

Connecticut

Longitude

-72.7263

Latitude

41.615