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- LoopNet Team
Crown St
Meriden, CT 06450
Land For Sale
·
0.40 AC
INVESTMENT HIGHLIGHTS
- Potential annual gross income – 174 units x $120 = $20,880
- Bookkeeper – owner compensation for bookkeeping work
- Leasehold buyouts – Lease provides for buy-out at $6,000.00 less 10% of prior ground rent payments. Owner has been accepting a lesser amount of $2,500
- Accounts Receivables - $7,909.00
PROPERTY FACTS
| Property Type | Land | Total Lot Size | 0.40 AC |
| Property Subtype | Residential |
| Property Type | Land |
| Property Subtype | Residential |
| Total Lot Size | 0.40 AC |
DESCRIPTION
The investment opportunity is the leased fee interest in land which currently supports the Crown Village Condominium Complex on Crown Street in Meriden CT. The ground lease commenced on July 17, 1981 and terminates July 17, 2080. There are 253 residential units within Crown Village and there are currently 174 units subject to the ground lease. Each unit owner pays a fixed amount of $10 per month in rent as a tenant under the lease and they have the option to purchase the fee simple interest in the land associated with their unit. Crown Village is located at the corner of Hall Avenue and Crown Street in Meriden, CT. It is a twelve building complex with pool and clubhouse facilities. For additional info on the complex visit the Crown Village Neighborhood Association at www.crownvillage.info.
