153 Main St Middletown, CT 06457-3810
Exceptional multifamily development opportunity in Middletown, Connecticut, awaits. This offering encompasses four contiguous parcels totaling 0.57 acres situated at 153 South Main Street and extending to 19 and 21 Loveland Street. The combined land area presents a unique chance to create a substantial residential or mixed-use development. The property is zoned MXC, permitting both commercial and residential construction, offering significant flexibility for developers. Its strategic location along the Route 17/South Main Street Medical Corridor provides convenient access to Middlesex Hospital, situated directly across the street, and benefits from the proximity of Route 9 on and off ramps, ensuring easy commutes. The surrounding area boasts an array of amenities, including a Big Y supermarket, public library, diverse restaurants, and entertainment options such as escape rooms. The three building lots offer ample space for a significant project, with the additional Loveland Street parcels potentially providing extra parking or further construction possibilities. The asking price for this exceptional development opportunity is $350,000. This represents a compelling investment prospect in a thriving Connecticut community.
MXI Mixed Use Development. Any non-residential special exception use, except those uses subject to §5.6.8 Standards for Special Exception may, be considered a permitted use as part of a mixed use development . • • Farming or other agriculture uses-any green house that brings the total of such ground area to 5,000 sq. ft. or more shall be a Special Exception.…
Cap rate
Implied · in-place · derived from last sale + estimated NOIValue
AI, CAP & Alternative Use estimations · Realmo proprietary blendProperty tax & assessments
Tax year 2023Comparables
6 recent transactions · within 1.5 miComparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Property description
Physical attributes from public recordsZoning & alternative use
MXI · Middletown, CTMXI Mixed Use Development. Any non-residential special exception use, except those uses subject to §5.6.8 Standards for Special Exception may, be considered a permitted use as part of a mixed use development . • • Farming or other agriculture uses-any green house that brings the total of such ground area to 5,000 sq. ft. or more shall be a Special Exception. Seasonal farm stands shall be allowed provided they receive site plan approval and are a part of a farming operation in excess of five acres and products sold are grown or produced on the premises where the stand is located or elsewhere in Middletown and up to 25% of the products sold may be grown or produced elsewhere in the region. Appropriate parking as determined during the site plan process shall be required. • • • Recreational Facility, Public • • • Family Child Care Homes. (§4.22) • • • Group Child Care Homes. (§4.22) • • • 2. Special Exception Uses. The following uses by Special Exception may be permitted in accordance with the provision of §5.6 Special Exceptions: Special Exception Uses MXR MXC MXI Fraternity and Sorority Houses. (§5.6.8.4) • • • Adaptive residential use for structures currently or recently occupied by nonconforming use. • • • Housing for elderly or physically handicapped persons. (§5.6.8.7) • • • Multi-family Dwelling (seven or more units). (§5.6.8.22) • • • Rooming Houses. • Child Care Centers. (§5.6.8.2) • • • Neighborhood stores. (§5.6.8.9) • Banks--savings and loan companies, finance companies and similar services . • • Automobile services, farm implements--automobile, truck trailers, farm implements, for sale, display, hire or repair, including sales lots, used car lots, trailer lots, repair garages, body and fender shops, paint shops, but not within 50 ft. from any residential zone. • Mortuaries or funeral homes--including ambulance service. • Professional and business offices. (§5.6.8.8) • • Bed and Breakfast. (§5.6.8.31) • • Zoning Code of the City of Middletown, Connecticut VI-16 Special Exception Uses MXR MXC MXI Physical Fitness Centers. • • Restaurants. • • Retail business not to exceed 12,000 sq. ft. of floor area--whose principal activity is the sale of merchandise in an enclosed building (except automobile sales, boat sales, mobile home sales; etc., which tend to detract or interfere with a high intensity of pedestrian shopping activity). • • Retail sales in which both a workshop and a retail outlet are required not to exceed 12,000 sq. ft.
No recorded transactions found for this property.
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
