895 Washington St, Middletown, CT 06457-2911

Property Details for 895 Washington St

Year built

1968

Construction

FRAME

Lot size

0.58 lot acres

Zone code

B-2

Property type

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.

Location Insight

City

Middletown

County

Middlesex

State

Connecticut

Longitude

-72.6823

Latitude

41.5539

CBSA code

25540

CBSA name

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

Property Tax & Assessments