129 Mill StBerlin, CT 06037

Property Details for 129 Mill St

Year built

1960

Construction

FRAME

Lot size

0.98 AC

Property size (Sq ft)

8,594 SF

Zone code

CCD-2

Property type

Office properties

Property subtype

Office buildings

APN

BERL M:10-3 B:83BB L:1

APU

BERLM103B83BBL1

Description

This exceptional commercial ground lease opportunity presents a rare chance to acquire a strategically located 0.98-acre parcel in the heart of Berlin, Connecticut. Situated at 129 Mill Street, this property boasts a prime corner location at the intersection of Mill Street and Webster Square, benefiting from a traffic light and an impressive Annual Daily Traffic count of 21,300 vehicles. The existing building, constructed and renovated in 2023, offers a substantial 39,204 square feet of space, currently configured for restaurant and retail use under a single tenancy. The property is classified as Class A and zoned CCD-2 within Hartford County. This location offers unparalleled accessibility, with easy access to Route 9/Berlin Turnpike, ensuring high visibility and convenient access for customers and employees. The strong demographics of the area, coupled with a high barrier to entry, make this a truly exceptional investment opportunity. The annual ground lease income is $100,000. This property represents a significant opportunity for long-term growth and profitability in a thriving commercial market. The single-tenant occupancy simplifies management and minimizes vacancy risk. Don't miss this chance to secure a premier commercial property in a high-demand location.

• CAP approach

  CAP return

  Valuation

  6%

  $1,420,845

  6.5%

  $1,311,549

  7%

  $1,217,867

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,122,892

  Geo Method

  $1,122,892

• Alternative Use

  Use

  Valuation

  Residential

  $1,626,321

  Hospitality

  $1,489,701

  Educational

  $1,239,414

  Medical

  $1,282,039

  Retail

  $1,927,977

Location Insight

City

Berlin

County

Hartford

State

Connecticut

Latitude

41.6263

Longitude

-72.7483

CBSA code

25540

CBSA name

HARTFORD-WEST HARTFORD-EAST HARTFORD, CT METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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