365 Boston Post Rd 8 Unit Apartment Building $2,400,000 ($300,000/Unit) 6.34% Cap Rate Milford, CT 06460

USMF is pleased to present "Milford Center Plaza". This 12 unit building offers investors a diverse tenant base with 4 ground floor retail tenants and 8 residential apartments above. The building totals +/- 11,000 Sq/ft of rentable space. Apartments and retail spaces are fully occupied with long term tenants; many residential apartments have turned over to MTM leases. All retail tenants have 2-5 year leases with options to renew and all have been at the property for 10+ years.
Current ownership has done capital improvements to the building including but not limited to; new siding, roof, driveway patching, updating kitchens and bathrooms, updating hallways.
Current rents at the property are anywhere between 15-33% below the market average. This allows the future investor to capitalize on the loss to lease the building currently operates. With Milford's strong tenant base and high demand cash flow increase should exceed 20% in total gross income.
The property benefits from having ample off street parking for both tenants and patrons visiting the plaza. Tenants are responsible for their own utilities; all tenants are separately metered. All residential units have stackable washer/dryer a bonus for those who live in the property.
The property is in proximity to downtown Milford, downtown New Haven and downtown Bridgeport. This allows for heavy traffic flow and easy commutability. Milford is a burgeoning renter market for those looking to leave city life, but, still have easy access to major metropolitan hubs. The Milford MTA Station is only 1:45 minutes from Grand Central and allows residents easy access to NYC and its boroughs.