550 Main StSouthington, CT 06489

Property Details for 550 Main St

Year built

1984

Construction

FRAME

Lot size

1.68 AC

Property size (Sq ft)

17,824 SF

Zone code

B

Property type

Other commercial real estate

Property subtype

Showrooms

APN

SOUT M:133 L:069

APU

SOUTM133L069

Description

This exceptional investment opportunity presents a stabilized, turn-key multi-tenant property located at 550 N Main St, Southington, CT 06489. The 17,824 square foot building, constructed in 1984, features 17 units across two stories, boasting 14,401 square feet of net rentable space. Currently housing 16 tenants, including a diverse mix of businesses such as massage therapy, medical spa, salon, and insurance agency, the property enjoys a remarkable 97% occupancy rate. The current NOI is $132,048, with a pro-forma NOI of $135,356, yielding an 8.28% cap rate and a pro-forma cap rate of 8.49%. The asking price is $1,595,000, translating to $89.49 per square foot and $93,823.53 per unit. The property sits on a 1.68-acre lot and includes 70 parking spaces. Long-term leases are in place with built-in rent bumps, providing consistent cash flow and significant upside potential. The property is zoned B and offers a mix of retail space on the first floor and office space on the second. Lease options are available, and the ownership is fee simple. This prime location on Main Street's vibrant retail corridor ensures high visibility and convenient access, making it an attractive investment for both owner-occupiers and investors seeking a strong return. The property's strong tenant base, consistent cash flow, and built-in rent increases make this a compelling opportunity in the thriving Southington market.

• CAP approach

  CAP return

  Valuation

  6%

  $4,331,854

  6.5%

  $3,998,635

  7%

  $3,713,018

• Comparable approach

  Method

  Valuation

  Relative Method

  $5,868,788

  Geo Method

  $5,868,788

• Alternative Use

  Use

  Valuation

  Residential

  $3,372,998

  Hospitality

  $3,089,648

  Educational

  $2,570,551

  Medical

  $2,658,956

  Retail

  $3,998,635

Location Insight

City

Southington

County

Hartford

State

Connecticut

Latitude

41.6149

Longitude

-72.8744

CBSA code

25540

CBSA name

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

Property Tax & Assessments

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