598 Washington StMiddletown, CT 06457

Property Details for 598 Washington St

Lot size

0.20 AC

Zone code

B-2

Property type

Mixed-use properties

Property subtype

Other investment properties

APN

MTWN M:23 L:0050

APU

MTWNM23L0050

Description

This exceptional 0.43-acre commercial land parcel, situated at 598 Washington Street in Middletown, Connecticut (zip code 06457), presents a remarkable investment opportunity. Located at a signalized intersection of Washington Street and Bernie O’Rourke/West Street, this property boasts exceptional visibility and accessibility, benefiting from a substantial daily traffic count of 24,500 vehicles. The site is serviced by city water, gas, and sewer, providing essential utilities for development. A proposed QSR drive-thru pad adds significant potential for future development. The property's strategic location is further enhanced by its proximity to a variety of established businesses, including Home Depot, Starbucks, Aldi, Price Chopper, CVS, and Chipotle Mexican Grill, ensuring high foot traffic and consumer visibility. The land is available for lease at an annual rate of $60,000. There is also a possibility of expanding the property to 0.55 acres for an additional cost. This property is zoned for commercial use within Middlesex County. Serious inquiries are encouraged to explore this promising opportunity.

• CAP approach

  CAP return

  Valuation

  6%

  $1,440,354

  6.5%

  $1,329,557

  7%

  $1,234,589

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,138,310

  Geo Method

  $1,138,310

• Alternative Use

  Use

  Valuation

  Residential

  $1,648,651

  Hospitality

  $1,510,156

  Educational

  $1,256,432

  Medical

  $1,299,642

  Retail

  $1,954,449

Location Insight

City

Middletown

County

Middlesex

State

Connecticut

Latitude

41.5554

Longitude

-72.6727

CBSA code

25540

CBSA name

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

Property Tax & Assessments

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