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666-668 Main St 18 Unit Apartment Building $2,249,500 ($124,972/Unit) Middletown, CT 06457
Executive Summary
Investors dream - fully leased with value add potential! 18-unit corner brick building located on Main Street in the heart of Downtown Middletown, steps from gourmet restaurants and boutiques. Originally built in 1850, this 11,232 SQ FT building consists of 17 residential units and one ground level retail space. The retail space is leased to a mobile carrier/retailer through 2028 with annual rent escalation, allowing the new owner to focus on executing on the business plan for the 17 residential units. The building features four rare 2 beds, 2 bath units, seven 1-bedroom units, and six studio apartments. The building is currently fully leased, giving the new Owner an opportunity to capture the incredible rent upside over time while collecting rent income. The building has all separate gas boilers, huge unfinished basement and shared electricity. The units feature great layouts with nice natural light, high ceilings and large bedrooms with good closet space. The current owner has recently replaced some of the units windows, appliances and carpeting. Easy access to route 9 and a short drive/walk to Wesleyan University. This corner brick building is located near the beautiful, historic town center with over 7 walkable blocks of different restaurants and shops, featuring dozens of choices of dining, art, music, entertainment and unique finds. Neighborhood attractions include: Perkatory Coffee Roasters; Eli Cannons Tap Room; The Whey Station; Luce. Become part of this exciting town!
Property Facts
| Price | $2,249,500 | Building Class | C |
| Price Per Unit | $124,972 | Lot Size | 0.09 AC |
| Sale Type | Investment | Building Size | 11,232 SF |
| No. Units | 18 | No. Stories | 3 |
| Property Type | Multifamily | Year Built/Renovated | 1850/2015 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise | ||
| Zoning | B-1 - General Business | ||
| Price | $2,249,500 |
| Price Per Unit | $124,972 |
| Sale Type | Investment |
| No. Units | 18 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.09 AC |
| Building Size | 11,232 SF |
| No. Stories | 3 |
| Year Built/Renovated | 1850/2015 |
| Opportunity Zone |
Yes |
| Zoning | B-1 - General Business |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Tub/Shower
- Smoke Free
Site Amenities
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Smoke Free
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 7 | - | - |
| 1+1 | 7 | - | - |
| 2+2 | 4 | - | - |
Fairly walkable
50/100
Exceptionally drivable
90/100
Limited public transit
30/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Number | MTWN-000022-000000-000227 | Improvements Assessment | $520,680 |
| Land Assessment | $161,000 | Total Assessment | $681,680 |
Property Taxes
Parcel Number
MTWN-000022-000000-000227
Land Assessment
$161,000
Improvements Assessment
$520,680
Total Assessment
$681,680
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666-668 Main St