501 E Middle Tpke - Apartments FOR SALE


Manchester, CT 06040- Buckley
$495,000 USD
877-327-3755
501 E Middle Tpke, Manchester, CT for Sale
$495,000 USD
Apartments - FOR SALE
1/6
null | Request Cap Rate

501 E Middle Tpke
Manchester, CT 06040
Buckley


HIGHLIGHTS

  • Approved for 25 apartments
  • Senior Housing (Owners believe approvals could be had with no age restrictions)
  • Detailed Site Design Approval Plan
  • Great Value-Add Property
  • Original Brick Exterior and Vaulted Ceilings
  • State Register of Historic Places

OVERVIEW

The historic Woodbridge Mill building is a turn-of-the-century factory building totaling 33,948 SF and situated on 1.03 acres. Originally built as an expansion location for the Glastonbury Knitting Company, this storied property is located at the 3-way junction of Middle East Tpke, East Center Street and Woodbridge Street. The property has approvals in place to be converted into 25 senior apartments (age of 55+, owners believe approvals could be had with no age restrictions), allows for historic tax credits (both statewide and federal), and has a projected NOI of $370,000+/- per year. Architectural plans are already in the work and would allow for a great unit mix of 16 one bedroom apartments, and 9 two bedroom apartments.

FOR SALE DETAILS

PRICE

$495,000 USD

PRICE/SF

$15 USD /SF

# OF UNITS

26

PRICE/UNIT

$19,038

CAP RATE

Request Cap Rate

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1901

PARKING SPACES

31

LAND DETAILS

LAND ACRES

1.03 AC

LAND SF

44,867 SF

ZONING

SDC

APN/PARCEL ID

MANC-000108-003950-000501

ASK ABOUT THIS PROPERTY

Carl BermanElite Commercial Real Estate ServicesMore Info
877-327-3755

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Carl BermanElite Commercial Real Estate ServicesMore Info
877-327-3755

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.