887 Main StMonroe, CT 06468
- Other commercial real estate
- 6,000 SF
Property Details for 887 Main St
- Year built
- 1979
- Construction
- FRAME
- Lot size
- 1.19 AC
- Property size (Sq ft)
- 6,000 SF
- Zone code
- I1
- Property type
- Other commercial real estate
- Property subtype
- Showrooms
- APN
- MONR M:103 B:011 L:00
- APU
- MONRM103B011L00
Description
This exceptional 7-unit flex space property, situated at 887 Main St, Monroe, CT 06468, presents a compelling investment opportunity. Located on Route 25, the property boasts excellent visibility and accessibility. The building comprises five first-floor office spaces and two ground-level industrial units, all currently occupied. All office units have recently undergone upgrades and are well-maintained by long-term tenants, who are all current on rent. Convenient common restrooms are located in the hallway. The property is in excellent condition, featuring regularly serviced HVAC units and boilers. A prominent monument sign at the entrance clearly lists all tenants. Ample parking is already available, with additional land near the lower level offering potential for expansion. The asking price is $1,900,000. The seller is motivated and prefers a 1031 exchange, but will consider strong offers. This property offers a stable income stream with significant upside potential for a new owner through leasing the available ground-level industrial space. The building's prime location, excellent condition, and strong tenant occupancy make this a truly attractive investment.
Valuation
by Paperhouses methods
- Valuation date:
- Dec 11, 2024
-
CAP approach
- CAP return
- Valuation
- 6%
- $1,458,210
- 6.5%
- $1,346,040
- 7%
- $1,249,894
-
Comparable approach
- Method
- Valuation
- Relative Method
- $1,975,579
- Geo Method
- $1,975,579
-
Alternative Use
- Use
- Valuation
- Residential
- $1,135,435
- Hospitality
- $1,040,052
- Educational
- $865,311
- Medical
- $895,070
- Retail
- $1,346,040
Location Insight
- City
- Monroe
- County
- Fairfield
- State
- Connecticut
- Latitude
- 41.3517
- Longitude
- -73.2611
- CBSA code
- 14860
- CBSA name
- BRIDGEPORT-STAMFORD-NORWALK, CT METROPOLITAN STATISTICAL AREA
Property Tax & Assessments
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
FAQs
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