The property is located within sight of Exit 5 - I-84 on and off exit ramps in a new growth area at North Main St. in downtown Danbury, CT. The property is in the valuable multi-use CG-20 zone. The CG-20 zone allows a multitude of high end and generous uses including office and medical. The property is located within the tax-advantaged "Opportunity Zone". The property consists of two one-bedroom Apartments situated on 0.28 acres and a partially refurbished multi-car garage and excellent parking. The apartments and garage are fully leased with one-year leases providing a current NOI of $22,525 with a Cap Rate of 7.64% This building has been recently renovated with a new roof, hardboard siding, insulation, and gutters. The electrical system in the building has been significantly upgraded and a new washer and dryer installed in the basement. The front and rear porch entrances have been completely rebuilt with materials matching the new siding. The rear garage has been partially refurbished and upgraded to include heat and air conditioning. Natural gas, municipal water, and sewer service the building. The property is located at the Gateway access via I-84/684 to Eastbound New England and Westbound New York, New Jersey, and PA. Metropolitan NY and NJ are only one-hour South. This 1312 s.f. apartment building and multi-car garage contain two floors and a full basement. A feasibility site plan has been prepared for the potential construction of a new building on the site.
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