Stabilized, Turn-Key, and Well-Maintained Retail / Office Building For Sale in an Excellent Downtown Southington Location! Professional long term tenant base with Occupancy of 97% with scheduled rent increases, and significant upside potential for new leases. Currently offered at an 8.2% Cap Rate and an 10.2% ROI. The building boasts a stable tenant base with long-term leases, ensuring consistent cash flow. This property allows for increased yearly rents while enjoying low vacancy rates. This attractive property was built in 1984 and offers 14,400 SF of leasable space. First floor has retail units with offices on the second floor. There are 16 tenants occupying 17 separate units. Tenants include massage, med spa, salon, paint and decorating, and insurance agency. Most leases are long term with a base rent and yearly increases. They include an escalation payment for tenant's pro rata share of any increased taxes and operating expenses above the base year. Situated in an excellent location near downtown on Main Street's vibrant retail corridor with plenty of parking. This property benefits from high visibility and vehicle traffic, along with convenient access for tenants and clients.
Listed by Sky Realty Group, Sandy Strickling. Data sourced from SmartMLS
