62 Washington StMiddletown, CT 06457

Property Details for 62 Washington St

Year built

1890

Construction

FRAME

Lot size

0.41 AC

Property size (Sq ft)

27,140 SF

Zone code

B-1

Property type

Showrooms

APN

MTWN M:22 L:0558

APU

MTWNM22L0558

Description

This exceptional mixed-use commercial property, located at 62 Washington Street in Middletown, Connecticut, presents a compelling investment opportunity. The building boasts a substantial 27,140 square feet of space spread across three floors. A complete renovation ensures modern amenities and functionality throughout. The ground floor offers attractive mixed-use retail space, perfectly positioned across from a convenient and affordable municipal parking lot, guaranteeing high foot traffic and accessibility for customers and employees. The upper three floors provide ample office space, currently benefiting from long-term leases, ensuring a stable and predictable income stream. The property sits on a 0.41-acre lot, providing ample space and potential for future expansion or outdoor amenities. Its strategic location offers unparalleled convenience, with easy access to Route 9 and all major highways within a half-mile radius, ensuring seamless connectivity for tenants and clients. This property represents a rare blend of prime location, modern updates, and strong, established tenancy, making it an ideal investment for discerning buyers seeking a stable and appreciating asset in a thriving Connecticut market. The building's combination of retail and office space caters to a diverse range of potential tenants, maximizing rental income and minimizing vacancy risk. The long-term leases in place further enhance the investment's stability and predictability. This is a turnkey opportunity to acquire a high-performing commercial property in a desirable location.

• CAP approach

  CAP return

  Valuation

  6%

  $6,595,968

  6.5%

  $6,088,586

  7%

  $5,653,686

• Comparable approach

  Method

  Valuation

  Relative Method

  $8,936,203

  Geo Method

  $8,936,203

• Alternative Use

  Use

  Valuation

  Residential

  $5,135,950

  Hospitality

  $4,704,502

  Educational

  $3,914,090

  Medical

  $4,048,702

  Retail

  $6,088,586

Location Insight

City

Middletown

County

Middlesex

State

Connecticut

Latitude

41.5628

Longitude

-72.6503

CBSA code

25540

CBSA name

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

Property Tax & Assessments

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