895 Washington StMiddletown, CT 06457

Property Details for 895 Washington St

Year built

1968

Construction

FRAME

Lot size

0.58 AC

Property size (Sq ft)

1,840 SF

Zone code

B-2

Property type

Other commercial real estate

Property subtype

Showrooms

APN

MTWN M:13 L:0139

APU

MTWNM13L0139

Description

This fee-simple retail property in Middletown, CT, offers a compelling investment opportunity. The 1,840 square foot building, constructed in 1968 and renovated in 2023, sits on a 0.58-acre lot and is currently 100% occupied by Venu Flower Collective under a net lease. The lease, commencing March 10, 2023, and expiring March 31, 2033, includes a 5-year renewal option and features annual 3% rent bumps. The property boasts a strong 7.00% cap rate and a Net Operating Income (NOI) of $154,500. Its prime location on Washington Street, near a Home Depot-anchored shopping center and Wesleyan University, ensures high visibility and traffic. The area demographics are strong, with over 43,300 people within a 3-mile radius and an average household income exceeding $110,000. Daily traffic counts on Washington Street average over 28,200 vehicles. This property presents a stable, high-yield investment with significant upside potential due to the tenant's strong performance and the favorable lease terms. The property's strategic location, coupled with the tenant's established presence and the built-in rent increases, makes this an attractive opportunity for investors seeking a secure and profitable addition to their portfolio. The property is a single-story building with excellent frontage and visibility.

• CAP approach

  CAP return

  Valuation

  6%

  $447,184

  6.5%

  $412,785

  7%

  $383,301

• Comparable approach

  Method

  Valuation

  Relative Method

  $605,844

  Geo Method

  $605,844

• Alternative Use

  Use

  Valuation

  Residential

  $348,200

  Hospitality

  $318,949

  Educational

  $265,362

  Medical

  $274,488

  Retail

  $412,785

Location Insight

City

Middletown

County

Middlesex

State

Connecticut

Latitude

41.5539

Longitude

-72.6823

CBSA code

25540

CBSA name

HARTFORD-WEST HARTFORD-EAST HARTFORD, CT METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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