102-106 Court St, Middletown, CT

$1,950,000

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12,695

Square feet

About 102-106 Court St

We are proud to bring this turnkey investment property with significant recurring cash flow and minimal maintenance requirements to market. The two properties are separate with their own utilities and systems but they do sit side by side and function as a single three unit property essentially. The 106 Court St building is home to one of Middletown's most popular nightlife and fine-dining establishments, Mezzo Grille. With their incredibly popular outdoor patio and bar they had very little difficulty navigating the uncertainty that has affected their industry recently. Next door at 102 Court St, Niuda Noodle serves delicious sushi and noodles on the first floor and just upstairs is a new fully remodeled three bedroom apartment. Each of the tenants pays for their own utilities including water usage. This stabilized investment property is fully leased and will produce substantial and immediate income for a new owner. The buildings sit right in the heart of downtown Middletown and share the block with City Hall as well as the massive public parking area, Melilli Plaza. The city of Middletown's idyllic downtown is experiencing a surge in both private and public investment at the moment and property values are expected to increase significantly in the coming years as a result. This property would be a perfect fit for an investor or investment group looking to create value through cap rate compression by enhancing portfolio size. *See Addendum*

Features of 102-106 Court St

MLS® # 170505035
Price $1,950,000
Bathrooms 0.00
Square Footage 12,695
Acres 0.00
Year Built 1942
Type Commercial/Investment
Sub-Type Investment, Residential Income, Retail
Status Active

Community Information

Address 102-106 Court St
Area N/A
City Middletown
County Middlesex
State CT
Zip Code 06457

Amenities

Utilities Electric, Gas, Telephone, Cable
Parking Other
Garages Other
Is Waterfront No
Has Pool No

Interior

Heating Hot Air, Gas In Street
Cooling Central Air
Fireplace No

Exterior

Lot Description Dry, Level Topography
Roof Tar/Gravel
Construction Masonry
Foundation Concrete

Additional Information

Date Listed June 30th, 2022
Days on Market 22
Zoning B-1
RE / Bank Owned No

Listing Details

OfficeHarding Commercial Real Estate

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