This exceptional 1600-square-foot commercial condo unit at 50 Progress Circle, Unit 7A, Newington, CT, presents a unique investment opportunity. Currently thriving as an established event venue, this versatile space offers immediate income potential and significant flexibility for future use. The property boasts updated porcelain flooring throughout, a well-appointed kitchen area, and two modern bathrooms. Recessed lighting and two elegant chandeliers create a sophisticated ambiance, perfect for both events and professional office settings. The roof was recently replaced in 2020, ensuring long-term peace of mind. Its convenient location offers seconds of access to the Berlin Turnpike and major highways, providing excellent visibility and accessibility for clients and employees alike. The sale includes the existing business, offering a turnkey operation for a new owner. This is an exceptional opportunity to acquire a profitable, well-maintained commercial property in a prime location with immediate income potential and the adaptability to suit a variety of business needs. The property is a general commercial condo, situated on a 0-acre lot. The asking price is $299,800.
Valuation by Paperhouses methods
Valuation date:
Dec 11, 2024
CAP approach
CAP return
Valuation
6%
$264,528
6.5%
$244,180
7%
$226,738
Comparable approach
Method
Valuation
Relative Method
$209,056
Geo Method
$209,056
Alternative Use
Use
Valuation
Residential
$302,783
Hospitality
$277,347
Educational
$230,750
Medical
$238,685
Retail
$358,944
Location Insight
City
Newington
County
Hartford
State
Connecticut
Latitude
41.6556
Longitude
-72.7374
CBSA code
25540
CBSA name
HARTFORD-WEST HARTFORD-EAST HARTFORD, CT METROPOLITAN STATISTICAL AREA
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Disclaimer
The property value estimates provided on this website are automated calculations based on publicly available data, user-submitted information, and proprietary algorithms. These estimates are not appraisals and should not be used as a substitute for a professional valuation by a licensed appraiser.
We do not guarantee the accuracy, reliability, or completeness of these estimates, as market conditions, property features, and other factors may affect actual property values. Users should conduct their own due diligence and consult with a real estate professional before making financial or investment decisions.
By using this service, you acknowledge and accept that all estimates are provided for informational purposes only and that this website assumes no liability for any reliance on the provided valuations.
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