April 4, 2022 – Tim Hines of Horvath & Tremblay has arranged the sale of a mixed-use property in Middletown, Connecticut. Hines exclusively represented the seller to complete the transaction at a sale price of $345,000.
The mixed-use property is located at 58 Washington Street in Middletown, Connecticut. The 2.5-story building contains three (3) units consisting of one (1) office/retail suite, one (1) 1-Bedroom/1-Bathroom unit and one (1), 2-Bedroom/1-Bathroom unit in 2,410 square feet of living area (3,872 square feet of gross area) on a 0.1-acre parcel. Each unit is separately metered for electricity, and gas heat and hot water, which the Tenants can pay directly. The first floor is secured by a new 5-year lease with scheduled rent increases in years 3, 4, and 5. The upper floors are improved with a 1 and 2-Bedroom apartment, both of which have 1-year leases. The building features a large walk-up attic that can be finished to create an additional residential unit or can be added as additional bedrooms to the existing 2nd floor unit, allowing an investor to increase the rent roll and net operating income for the Property. 58 Washington Street is well-located in downtown Middletown (the central business district). The property is situated less than 500 feet from Main Street and CT Routes 9/17. The location offers convenient access to area highways, public transportation and retail amenities on Washington Street, Middletown’s primary commercial corridor and nearby Main Street. Main Street is home to numerous businesses, office buildings and municipal offices. Additionally, the Property is across the street from downtown Middletown’s largest public parking lot and is just 0.5-miles from Wesleyan University, one of the most prestigious liberal arts colleges in the country.
Horvath and Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in New England. Their advisors specialize in the sale of apartment buildings, mixed-use properties and development projects. They have experience successfully structuring portfolio sales and 1031 exchanges. They have a dedicated buy side desk that provides real time inventory and market data to each individual client placing capital or fulfilling a 1031 exchange requirement. The firm is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.