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Building 2 765 Straits Tpke 32,708 SF 50% Leased Office Building Middlebury, CT 06762 $2,950,000 ($90.19/SF) 5.55% Cap Rate
Investment Highlights
- Value-add office investment opportunity
- Approximately 50% occupancy with significant lease-up potential
- Ample on-site parking
- ±32,708 SF office building on ±10.46 acres
- Projected stabilized NOI of ±$355,800 (12.06% cap rate)
Executive Summary
Value-add office investment opportunity located at 765 Straits Turnpike in Middlebury, CT. The property consists of a ±32,708 SF office building situated on ±10.46 acres with convenient access to I-84 (Exit 17).
The property is currently approximately 50% occupied, offering significant lease-up potential. In-place NOI is approximately $163,668, with a projected stabilized NOI of ±$355,800.
The property features ample on-site parking, elevator service, and flexible floor plates suitable for office and medical users. Located within an established commercial corridor with surrounding retail, medical, and professional office users.
The property is currently approximately 50% occupied, offering significant lease-up potential. In-place NOI is approximately $163,668, with a projected stabilized NOI of ±$355,800.
The property features ample on-site parking, elevator service, and flexible floor plates suitable for office and medical users. Located within an established commercial corridor with surrounding retail, medical, and professional office users.
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
-
|
-
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
-
|
-
|
| Net Operating Income |
$163,668
|
$5.19
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Net Operating Income | |
|---|---|
| Annual | $163,668 |
| Annual Per SF | $5.19 |
Property Facts
Sale Type
Investment or Owner User
Property Type
Building Size
32,708 SF
Building Class
B
Year Built
2003
Price
$2,950,000
Price Per SF
$90.19
Cap Rate
5.55%
NOI
$163,668
Percent Leased
50%
Tenancy
Multiple
Building Height
2 Stories
Typical Floor Size
16,354 SF
Slab To Slab
12’
Building FAR
0.07
Lot Size
10.46 AC
Zoning
CA40 - CA40
Parking
125 Spaces (3.82 Spaces per 1,000 SF Leased)
Amenities
- Signage
- Air Conditioning
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease End
- All Risk Management Services, Inc
- Administrative and Support Services
- -
- -
- -
- Dynobite Smiles
- Health Care and Social Assistance
- -
- -
- -
- Positive Energy Electricity
- -
- -
- -
- -
| Tenant | Industry | SF Occupied | Rent/SF | Lease End | ||
| All Risk Management Services, Inc | Administrative and Support Services | - | - | - | ||
| Dynobite Smiles | Health Care and Social Assistance | - | - | - | ||
| Positive Energy Electricity | - | - | - | - |
Somewhat walkable
30/100
Exceptionally drivable
100/100
Minimal public transit
10/100
Property Taxes
| Parcel Number | MIDD-000406-000000-000418 | Improvements Assessment | $1,103,900 |
| Land Assessment | $893,900 | Total Assessment | $1,997,800 |
Property Taxes
Parcel Number
MIDD-000406-000000-000418
Land Assessment
$893,900
Improvements Assessment
$1,103,900
Total Assessment
$1,997,800
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Building 2 | 765 Straits Tpke
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