For Sale
$1,595,000

550 Main StSouthington, CT 06489

High-yield, stabilized multi-tenant office/retail building.

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional investment opportunity presents a stabilized, turn-key multi-tenant property located at 550 N Main St, Southington, CT 06489. The 17,824 square foot building, constructed in 1984, features 17 units across two stories, boasting 14,401 square feet of net rentable space. Currently housing 16 tenants, including a diverse mix of businesses such as massage therapy, medical spa, salon, and insurance agency, the property enjoys a remarkable 97% occupancy rate. The current NOI is $132,048, with a pro-forma NOI of $135,356, yielding an 8.28% cap rate and a pro-forma cap rate of 8.49%. The asking price is $1,595,000, translating to $89.49 per square foot and $93,823.53 per unit. The property sits on a 1.68-acre lot and includes 70 parking spaces. Long-term leases are in place with built-in rent bumps, providing consistent cash flow and significant upside potential. The property is zoned B and offers a mix of retail space on the first floor and office space on the second. Lease options are available, and the ownership is fee simple. This prime location on Main Street's vibrant retail corridor ensures high visibility and convenient access, making it an attractive investment for both owner-occupiers and investors seeking a strong return. The property's strong tenant base, consistent cash flow, and built-in rent increases make this a compelling opportunity in the thriving Southington market.

Highlights

  • Exceptional investment opportunity: 17,824 SF multi-tenant building in Southington, CT.
  • 16 tenants in 17 units (97% occupancy), generating $132,048 NOI ($135,356 pro-forma).
  • 8.28% cap rate (8.49% pro-forma), asking price $1,595,000 ($89.49/SF, $93,823.53/unit).
  • 1.68-acre lot with 70 parking spaces; long-term leases with built-in rent increases.
  • Fee simple ownership; B zoning (retail/office); prime Main Street location.

Property Details for 550 Main St

Property type
Retail properties, Office properties
Square Feet
17,824 SF
Class
B
Year Built
1984
Buildings
1
Stories
2
Lot Size (sq. ft)
73,181 SF
Units
17

Location Insight

City
Southington
County
Hartford
State
Connecticut
Latitude
41.614565305103
Longitude
-72.87390106595
550 Main St, Southington, Connecticut

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550 Main St
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