Technical
Financial
Distress signals
Property profile

50 Progress Cir Ste 1b Newington, CT 06111

OFF-MARKET
Office Spaces
Property ID
US15-0817292
1,600 SF Built 1990
Individually Owned 11-yr Hold Free & Clear
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Property summary

AI-generated overview

This exceptional 1600-square-foot commercial condo unit at 50 Progress Circle, Unit 7A, Newington, CT, presents a unique investment opportunity. Currently thriving as an established event venue, this versatile space offers immediate income potential and significant flexibility for future use. The property boasts updated porcelain flooring throughout, a well-appointed kitchen area, and two modern bathrooms. Recessed lighting and two elegant chandeliers create a sophisticated ambiance, perfect for both events and professional office settings. The roof was recently replaced in 2020, ensuring long-term peace of mind. Its convenient location offers seconds of access to the Berlin Turnpike and major highways, providing excellent visibility and accessibility for clients and employees alike. The sale includes the existing business, offering a turnkey operation for a new owner. This is an exceptional opportunity to acquire a profitable, well-maintained commercial property in a prime location with immediate income potential and the adaptability to suit a variety of business needs. The property is a general commercial condo, situated on a 0-acre lot. The asking price is $299,800.

Property profile

Verified
Property type Office Spaces
Use group CONDOMINIUM OFFICES
Year built 1990
Construction MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area 1,600 SF
Zoning code PD
APN NEWI M:31 B:25 L:1B
UPID US15-0817292

Cap rate & NOI

Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors

Current use

Occupant on record · Public records
  • Daycare Center
  • Landscaping General Contractor
  • Industrial Manufacturer
  • Hotel & Motel Resort

Location

50 Progress Cir Ste 1b Newington, CT 06111-5547
Newington metro Census 494201 HARTFORD-WEST HARTFORD-EAST HARTFORD, CT METROPOLITAN STATISTICAL AREA
Google Maps

Value estimations

Realmo proprietary · 4 methods
AI Approach AI
$265k
CAP Approach CAP
by Request
Comparable Approach Comparable
by Request
Blend (final) Blend
$265k

Owner & transaction history

Zoning & alternative use

PD · Newington, CT
Zoning description

Business (PD) and Industrial (I) zones, to encourage transit-oriented development of parcels on Cedar Street, Fenn Road, and streets adjacent to Fenn Road that are generally within walking distance of the CTfastrak stati…

General category PLANNED_DEVELOPMENT

Comparables

6 recent transactions · within 1.5 mi
Comparable in this city
6 recent transactions
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
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