364 School StPutnam, CT 06260

Property Details for 364 School St

Year built

1960

Construction

FRAME

Lot size

0.17 AC

Property size (Sq ft)

2,064 SF

Property type

Other commercial real estate

Property subtype

Showrooms

APN

PUTN M:008 L:138 U:000

APU

PUTNM008L138U000

Description

This exceptional commercial property at 364 School St, Putnam, CT presents a unique investment opportunity. For 25 years, this mixed-use building has housed a thriving pizza restaurant on the ground floor and a residential apartment upstairs. The restaurant boasts a proven track record of success, demonstrating consistent year-over-year revenue growth of 8-10%. The current business model emphasizes takeout orders, minimizing operational costs associated with advertising, waitstaff, and delivery services. The property includes all real estate, fixtures, equipment, and inventory, offering a true turnkey operation. Potential buyers can seamlessly take over the established business, leveraging its existing customer base and profitability. Alternatively, the property can be utilized as a rental investment, generating income from both the commercial and residential units. The building features ample parking and a convenient drive-under garage door for efficient loading. The electrical service is a substantial 400 amps. The 0.17-acre lot is strategically located on Route 44, near Walmart and within a 6/10 mile radius of I-395 exit, ensuring high visibility and accessibility. A lease with an option to purchase or a closing at a later date is also negotiable, contingent upon a substantial deposit to cover the equipment value. This is a rare chance to acquire a well-established, profitable business with significant upside potential. The long-term owner, with 30 years in the business and 25 at this location, is ready for a new chapter.

• CAP approach

  CAP return

  Valuation

  6%

  $501,624

  6.5%

  $463,038

  7%

  $429,963

• Comparable approach

  Method

  Valuation

  Relative Method

  $679,599

  Geo Method

  $679,599

• Alternative Use

  Use

  Valuation

  Residential

  $390,590

  Hospitality

  $357,778

  Educational

  $297,667

  Medical

  $307,904

  Retail

  $463,038

Location Insight

City

Putnam

County

Windham

State

Connecticut

Latitude

41.9234

Longitude

-71.8989

CBSA code

49340

CBSA name

WORCESTER, MA-CT METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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