898 Silas Deane HwyWethersfield, CT 06109

  • Retail properties
  • 9,916 SF
For Sale
$1,975,000 View listing

Property Details for 898 Silas Deane Hwy

Year built
1967
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Lot size
0.83 AC
Property size (Sq ft)
9,916 SF
Zone code
RC
Property type
Retail properties
Property subtype
Retail space
APN
WETH M:227 B:002
APU
WETHM227B002

Description

This exceptional 18,434 square foot shopping center, located at 898 Silas Deane Highway in Wethersfield, Connecticut (zip code 06109), presents a compelling investment opportunity. The property, a two-story, multi-tenant retail plaza, boasts five units currently operating at 100% occupancy, generating a strong cash flow. Built in 1967 and extensively renovated in 2022, this Class A retail space features a brand new roof and updated mechanical systems, minimizing future maintenance needs and maximizing passive income potential. The stabilized investment, categorized as a value-add opportunity, is offered at $1,975,000, translating to a price per square foot of $107.14. Leases are structured on a gross basis, simplifying management. Situated in Hartford County, this property benefits from its high-traffic location on Silas Deane Highway, ensuring consistent visibility and accessibility for tenants and customers. The recent 100% lease-up demonstrates the strong demand for retail space in this desirable area. This is an ideal investment for those seeking a low-maintenance, high-return property with significant upside potential.

Valuation
by Paperhouses methods

Valuation date:
Dec 11, 2024
  • CAP approach

    CAP return
    Valuation
    6%
    $2,409,934
    6.5%
    $2,224,554
    7%
    $2,065,658
  • Comparable approach

    Method
    Valuation
    Relative Method
    $3,264,974
    Geo Method
    $3,264,974
  • Alternative Use

    Use
    Valuation
    Residential
    $1,876,495
    Hospitality
    $1,718,859
    Educational
    $1,430,071
    Medical
    $1,479,253
    Retail
    $2,224,554
898 Silas Deane Hwy, Wethersfield, Connecticut

Location Insight

City
Wethersfield
County
Hartford
State
Connecticut
Latitude
41.6989
Longitude
-72.658
CBSA code
25540
CBSA name
HARTFORD-WEST HARTFORD-EAST HARTFORD, CT METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2023
$42,021
$437,500
$568,280
$1,005,780
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-
-
-

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