138 Washington Street
Middletown, Connecticut

Description:

The beautiful and classically designed mixed use property at 138 Washington Street in Middletown is now being offered for sale. The property generates heavy cash flow over 9 total units and approximately 7,193sf. Property financials are available upon request with a signed non-disclosure agreement. Please email agent Brendan Kelly to receive the NDA for signature. Property highlights include: * Property being offered at an 8.3 cap rate * 9 total units consisting of 2 ground floor retail units, 6 one-bedroom apartments and one studio apartment. * Zero vacancy and heavy cash flow. * Separately metered electricity and gas for each unit. * Value add potential through apartment upgrades to achieve higher rents. * Exterior recently painted. * Common hallways recently recarpeted. * All hot water heaters replaced within the past year or two. * Property offers popular no-car downtown live+work+play lifestyle in a walkable city. * Potential expansion with the construction of 3 additional units. (Plans available upon request) * Ground floor retail units can be converted to apartments at lease expiration to take advantage of ongoing supply constraints. * Expansive parking lot offers significantly more spaces than necessary allowing additional income generation through space rental (city rates are $80+ per month per space).

Listing Courtesy of Harding Commercial Real Estate