586 Middletown Road, Colchester, CT, 06415 | $750,000

Incredible opportunity for possible development. The exceptional property is on RT 16 (Middletown Road) with an astronomical traffic count and outstanding visibility. The location could not be more ideal. Minutes off Exit 18 on RT2 and to Downtown Colchester. Thirty minutes to Hartford and I91 and I84, Norwich, the shoreline, I95 and I395. The property encompasses 23. 9 picturesque acres and a truly exquisite one-of-a-kind barn (The Black Horse as it’s known). The dream of this property started many years ago and kept recurring over and over, and so the sellers started acquiring the very special antiques that grace the inside. Before long, that dream became tangible, and over two years of design and construction The Black Horse became a reality. The potential uses of this opportunity are endless (Zoning uses in Public Remarks addendum. Zoning Regulations are attached). In addition to the building there is a detached garage for storage and nearly two miles of trails. BUYER TO CONDUCT THEIR OWN DUE DILIGENCE. THE FOLLOWING ARE EXCERPTS FROM THE ZONING REGULATIONS (WHICH ARE ATTACHMENTS): PERMITTED USES – The following uses are permitted in the RU District: Agricultural uses as permitted in Section 8. 9; Membership Clubs that relate to outdoor activities: Family Day care homes, as defined by CGS Section 19a-77(a)(3) and licensed pursuant to CGS Section 19a-87b, are permitted in all Single-Family. SPECIAL PERMIT USES – The following are eligible for Special Permit after consideration and approval from the Commission: Commercial Kennel: Bed and Breakfast; Golf course; Institutional and municipal land uses including public utilities; Day care/nursery schools in accordance with Section 8. 8. 9 of these Regulations and licensed by the State of Connecticut; Educational Institutions; Agricultural uses permitted by Special Permit pursuant to Section 8. 9.

Features

  • Current Use: Personal Use
  • Permitted Use: See Description
  • Utilities: Electric,Phone Available,Cable Available
  • Garage: Driveway,Unpaved
  • Parking: 20-car
  • Heating: Wood/Coal Stove
  • Cooling: None
  • Units: 1
  • Zoning: RU
  • Frontage: State Road
  • Year Built: 2018
  • Approx Sq. Feet: 1,800
  • Acreage: 23.9
  • Est. Taxes: $2,801
  • Lot Desc: Some Wetlands,Farm Land,Treed,Sloping Lot
  • MLS#: 170625160
  • Days on Market: 57 days
  • Website: https://www.raveis.com
    /raveis/170625160/586middletownroad_colchester_ct?source=qrflyer
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Paul AddamoVP, Mortgage Banker, William Raveis Mortgage, LLC

NMLS Mortgage Loan Originator ID 93047

860.990.2486

paul.addamo@raveis.com

Our Executive Mortgage Banker:

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For homebuyers and sellers, our Attorney Network:

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586 Middletown Road, Colchester, CT, 06415

$750,000

The Bodeau Team

Sales Associates

William Raveis Real Estate

Phone: 860.463.9296

BodeauRealtyGroup@Raveis.com

Paul Addamo

VP, Mortgage Banker

William Raveis Mortgage, LLC

Phone: 860.990.2486

paul.addamo@raveis.com

NMLS Mortgage Loan Originator ID 93047

5/6 (30 Yr)
Adjustable Rate Conforming*
30 Year
Fixed-Rate Conforming
15 Year
Fixed-Rate Conforming
Loan Amount $600,000 $600,000 $600,000
Term 360 months 360 months 180 months
Initial Interest Rate** 7.250% 6.990% 5.990%
Interest Rate based on Index + Margin 8.125%
Annual Percentage Rate 7.945% 7.133% 6.256%
Monthly Tax Payment $233 $233 $233
H/O Insurance Payment $92 $92 $92
Initial Principal & Interest Pmt $4,093 $3,988 $5,060
Total Monthly Payment $4,418 $4,313 $5,385

* The Initial Interest Rate and Initial Principal & Interest Payment are fixed for the first and adjust every six months thereafter for the remainder of the loan term. The Interest Rate and annual percentage rate may increase after consummation. The Index for this product is the SOFR. The margin for this adjustable rate mortgage may vary with your unique credit history, and terms of your loan.

** Mortgage Rates are subject to change, loan amount and product restrictions and may not be available for your specific transaction at commitment or closing. Rates, and the margin for adjustable rate mortgages [if applicable], are subject to change without prior notice.

The rates and Annual Percentage Rate (APR) cited above may be only samples for the purpose of calculating payments and are based upon the following assumptions: minimum credit score of 740, 20% down payment (e.g. $20,000 down on a $100,000 purchase price), $1,950 in finance charges, and 30 days prepaid interest, 1 point, 30 day rate lock. The rates and APR will vary depending upon your unique credit history and the terms of your loan, e.g. the actual down payment percentages, points and fees for your transaction. Property taxes and homeowner's insurance are estimates and subject to change.