1144 Main StTorrington, CT 06790

  • Other commercial real estate
  • 0.54 AC
For Sale
$1,302,538 View listing

Property Details for 1144 Main St

Lot size
0.54 AC
Zone code
LB
Property type
Other commercial real estate
APN
TORR M:133 B:010 L:011
APU
TORRM133B010L011

Description

This exceptional investment opportunity presents a 4,750 square foot medical office building in Torrington, Connecticut, situated on a 1.08-acre lot. The property boasts a strong 6.50% cap rate, generating a net operating income (NOI) of $84,665 annually. Currently 100% occupied by SightMD under a triple-net (NNN) lease with 6.7 years remaining until the lease expiration date of July 31, 2031, with a single 5-year renewal option. The lease commenced July 30, 2021, and includes annual rent increases of 2%, providing inflation-protected yields. The building, constructed in 1960 and renovated in 2017, offers a compelling value-add component with a portion of the building currently vacant (1,550 sq ft), presenting an opportunity for increased revenue. SightMD, a financially stable and expanding eyecare practice with over 60 locations in the Northeast, occupies 3,200 square feet. The property benefits from its location near a new Starbucks, enhancing visibility and traffic. The asking price is $1,302,538, translating to $274.22 per square foot. The property is located at 1144 E Main St, Torrington, CT 06790, within a thriving market with a strong demographic profile (92,072 individuals within a ten-mile radius, average household income exceeding $105,994). This offering presents a rare chance to acquire a stable, high-performing medical office investment with significant upside potential.

Valuation
by Paperhouses methods

Valuation date:
Dec 11, 2024
  • Alternative Use

    Use
    Valuation
    Residential
    $4,451,282
    Hospitality
    $4,077,351
    Educational
    $3,392,308
    Medical
    $3,508,975
    Retail
    $5,276,924
1144 Main St, Torrington, Connecticut

Location Insight

City
Torrington
County
Litchfield
State
Connecticut
Latitude
41.8149
Longitude
-73.0955
CBSA code
45860
CBSA name
TORRINGTON, CT MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2023
$15,177
$71,950
$244,500
$316,450
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