New Listing - 10/04/2024
1224 Mill Street, #1224, Berlin, (East Berlin), CT, 06023
1989
35,000 sqft
$39OK NOI | Anchored by Global Tenant Regus since 1998 with recent lease renewal price listed is starting bid on tenx 11.18.24 Mill Crossing, situated at 1224 Mill Street, is an excellent opportunity for both investors and owners/users, with 35,270 square feet in three buildings and excess land for additional development. Built in 1995 and meticulously maintained over the years this asset is primed to be an excellent investment. The property comes equipped with a 6.65-acre lot and over 200 parking spaces perfect for both employees and visitors. The simple facade and well-groomed landscaping surrounding the asset makes it ideal for tenancy. New ownership can continue to run the property as-is while collecting incomes from in-place tenants Buyers can also revamp current tenant leases to yield a higher net operating income. Alternatively, this is an excellent opportunity for owners/users with excess land for new develoment of medical or apartments subject to town approval. Berlin is at the crossroads of Central Connecticut, where Interstate 91 merges with Route 9, making it the perfect place for office investment. The area has a very low vacancy of 2.3% which is 0.4% lower than it was this time last year. Current vacancy is lower than its trailing three-year average of 3.2%, which is also lower than the 9.7% trailing three-year average of the Hartford market as a whole. Rents have increased in the past 12 months.
Status:
Active
Town:
Berlin
Type:
Commercial
Units:
4
Zoning:
POR
Frontage:
State Road
Heating:
Gas on Gas, Hot Air
Cooling:
Central Air
Acreage:
6.65
Est. Taxes:
$66,265
Assessment
$2,241,700
Current Use
office
Permitted Use
office multifamily
Utilities
Electric,Gas
Lot Description:
Corner Lot
Days on Market:
0
MLS #:
24051629
Community Info
School Info
Walk Score
Mass Transit
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Listing courtesy of Michael Guidicelli, Regions Real Estate Advisors Email: michael@regionscommercial.com