50 Progress CirNewington, CT 06111

Property Details for 50 Progress Cir

Year built

1990

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Property size (Sq ft)

1,600 SF

Zone code

PD

Property type

Office properties

Property subtype

Other office properties

APN

NEWI M:31 B:25 L:1B

APU

NEWIM31B25L1B

Description

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.

• 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

Property Tax & Assessments

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