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Dowling on Main St. 867 Main St 12 Unit Apartment Building $4,200,000 ($350,000/Unit) Manchester, CT 06040
INVESTMENT HIGHLIGHTS
- High Visibility Main Street Downtown Location
- 8.62% Cap Rate at Offering Price PLUS additional Upside Growth
- Ample Adjacent Public Parking
- Fully Gut Renovated 2018
- Steady Occupancy at or close to 100%
- Highly Efficient Mechanicals. Mostly Tenant Paid Utilities
EXECUTIVE SUMMARY
867 Main Street, is a Landmark building in the Quintessential New England downtown area of Manchester, CT. Originally constructed in the late 1800’s the property has a storied history as the Dowling Building.
The property maintains a very high occupancy and is being offered at a +/-8.62% Cap Rate.
Today, having been fully Gut Renovated over the past several years, this 42,500 Square Foot building is home to 12 upper floor apartments, two ground floor retail spaces along Main Street and professional office suits. The Dowling building also is home to a 10,000 square foot adult daycare facility catering to severely handicapped clients for the past 20 years or so at this location.
When renovated, no detailed was missed. The mechanical systems are ultra efficient, the entire property was insulated with RockWool, it is fully sprinklered and has a Solar Hot Water system for domestic hot water. The retail tenants and daycare pay for all of their own utilities, while the multitenant office and residential space has heat and hot water included.
Downtown Manchester is thriving with retail boutiques, restaurants, coffee shops, a craft brewery and professional office spaces.
The location is served by Route 364 approximately ½ mile from the Dowling building with connection to I-84 and I-91.
The property maintains a very high occupancy and is being offered at a +/-8.62% Cap Rate.
Today, having been fully Gut Renovated over the past several years, this 42,500 Square Foot building is home to 12 upper floor apartments, two ground floor retail spaces along Main Street and professional office suits. The Dowling building also is home to a 10,000 square foot adult daycare facility catering to severely handicapped clients for the past 20 years or so at this location.
When renovated, no detailed was missed. The mechanical systems are ultra efficient, the entire property was insulated with RockWool, it is fully sprinklered and has a Solar Hot Water system for domestic hot water. The retail tenants and daycare pay for all of their own utilities, while the multitenant office and residential space has heat and hot water included.
Downtown Manchester is thriving with retail boutiques, restaurants, coffee shops, a craft brewery and professional office spaces.
The location is served by Route 364 approximately ½ mile from the Dowling building with connection to I-84 and I-91.
PROPERTY FACTS
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Heating
- Kitchen
- Hardwood Floors
- Refrigerator
- Oven
- Sprinkler System
- Range
- Wi-Fi
SITE AMENITIES
- Laundry Facilities
- On-Site Retail
- Vintage Building
- Elevator
- Online Services
- Green Community
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 10 | - | 650 |
| 2+1 | 2 | - | 750 |
1 1
Walk Score®
Very Walkable (89)
PROPERTY TAXES
| Parcel Number | MANC-000079-003760-000867 | Improvements Assessment | $847,200 |
| Land Assessment | $73,200 | Total Assessment | $920,400 |
PROPERTY TAXES
Parcel Number
MANC-000079-003760-000867
Land Assessment
$73,200
Improvements Assessment
$847,200
Total Assessment
$920,400
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Dowling on Main St. | 867 Main St
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