605 Main StMonroe, CT 06468

Property Details for 605 Main St

Year built

1988

Construction

FRAME

Lot size

1.08 AC

Property size (Sq ft)

8,832 SF

Zone code

B1

Property type

Showrooms

APN

MONR M:070 B:008 L:00

APU

MONRM070B008L00

Description

This exceptional 8,832 square foot, two-story commercial building located at 605 Main Street in Monroe, Connecticut, presents a compelling mixed-use investment opportunity. Currently configured as a ground floor retail space divided into three separate units, this property is poised for significant expansion and increased revenue generation. The first floor offers versatile retail space ideal for a variety of businesses, benefiting from high visibility and convenient street access. The second floor provides a large, open space currently equipped with two half-baths. Pending mixed-use approval, this upper level has the potential to be converted into four one-bedroom apartments, significantly enhancing the property's income stream and overall value. Situated on a 1.08-acre lot, this property offers ample space and potential for future development or expansion. The building's prime location on Main Street in Monroe ensures high traffic and visibility, attracting a diverse customer base. This is a rare opportunity to acquire a well-located commercial property with significant upside potential, combining immediate income generation with the possibility of substantial long-term growth through the addition of residential units. The property is currently awaiting mixed-use approval, which will unlock its full potential as a thriving mixed-use development. This is an ideal investment for those seeking a blend of commercial and residential income streams in a desirable Connecticut location.

• CAP approach

  CAP return

  Valuation

  6%

  $2,146,484

  6.5%

  $1,981,370

  7%

  $1,839,844

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,908,052

  Geo Method

  $2,908,052

• Alternative Use

  Use

  Valuation

  Residential

  $1,671,360

  Hospitality

  $1,530,957

  Educational

  $1,273,738

  Medical

  $1,317,544

  Retail

  $1,981,370

Location Insight

City

Monroe

County

Fairfield

State

Connecticut

Latitude

41.3333

Longitude

-73.2651

CBSA code

14860

CBSA name

BRIDGEPORT-STAMFORD-NORWALK, CT METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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