867 Main St - Apartments FOR SALE


Manchester, CT 06040- East Side
$4,200,000 USD
867 Main St, Manchester, CT for Sale
$4,200,000 USD
Apartments - FOR SALE
1/12
null | Request Cap Rate

867 Main St
Manchester, CT 06040
East Side


HIGHLIGHTS

  • High Visibility Main Street Downtown Location
  • Fully Gut Renovated 2018
  • 8.62% Cap Rate at Offering Price PLUS additional Upside Growth
  • Steady Occupancy at or close to 100%
  • Ample Adjacent Public Parking
  • Highly Efficient Mechanicals. Mostly Tenant Paid Utilities

OVERVIEW

867 Main Street, is a Landmark building in the Quintessential New England downtown area of Manchester, CT. Originally constructed in the late 1800’s the property has a storied history as the Dowling Building. The property maintains a very high occupancy and is being offered at a +/-8.62% Cap Rate. Today, having been fully Gut Renovated over the past several years, this 42,500 Square Foot building is home to 12 upper floor apartments, two ground floor retail spaces along Main Street and professional office suits. The Dowling building also is home to a 10,000 square foot adult daycare facility catering to severely handicapped clients for the past 20 years or so at this location. When renovated, no detailed was missed. The mechanical systems are ultra efficient, the entire property was insulated with RockWool, it is fully sprinklered and has a Solar Hot Water system for domestic hot water. The retail tenants and daycare pay for all of their own utilities, while the multitenant office and residential space has heat and hot water included. Downtown Manchester is thriving with retail boutiques, restaurants, coffee shops, a craft brewery and professional office spaces. The location is served by Route 364 approximately ½ mile from the Dowling building with connection to I-84 and I-91.

FOR SALE DETAILS

PRICE

$4,200,000 USD

PRICE/SF

$99 USD /SF

# OF UNITS

12

PRICE/UNIT

$350,000

CAP RATE

Request Cap Rate

% LEASED

96%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Green Loft Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Mid-Rise

PROPERTY SUBTYPE

Apartments

ADD'L SUBTYPES

Storefront Retail/Residential, Office/Residential

TOTAL BUILDING SIZE

-

STORIES

4

YEAR BUILT

1897

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.34 AC

LAND SF

14,810 SF

ZONING

CBD

APN/PARCEL ID

MANC-000079-003760-000867

ASK ABOUT THIS PROPERTY

Rick ChozickChozick Realty Inc.More Info

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Rick ChozickChozick Realty Inc.More Info

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