501 E Middle Tpke 26 Unit Block of Flats £372,933 (£14,344/Unit) Manchester, CT 06040
INVESTMENT HIGHLIGHTS
- Approved for 25 apartments
- Detailed Site Design Approval Plan
- Original Brick Exterior and Vaulted Ceilings
- Senior Housing (Owners believe approvals could be had with no age restrictions)
- Great Value-Add Property
- State Register of Historic Places
EXECUTIVE SUMMARY
The historic Woodbridge Mill building is a turn-of-the-century factory building totaling 33,948 SF and situated on 1.03 acres. Originally built as an expansion location for the Glastonbury Knitting Company, this storied property is located at the 3-way junction of Middle East Tpke, East Center Street and Woodbridge Street. The property has approvals in place to be converted into 25 senior apartments (age of 55+, owners believe approvals could be had with no age restrictions), allows for historic tax credits (both statewide and federal), and has a projected NOI of $370,000+/- per year. Architectural plans are already in the work and would allow for a great unit mix of 16 one bedroom apartments, and 9 two bedroom apartments.
PROPERTY FACTS Under Contract
| Price | £372,933 |
| Price Per Unit | £14,344 |
| Sale Type | Investment |
| No. Units | 26 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 1.03 AC |
| Building Size | 33,948 SF |
| Number of Floors | 3 |
| Year Built | 1901 |
| Parking Ratio | 0.91/1,000 SF |
| Zoning | SDC |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | Avg. Rent.Mo | SF |
|---|---|---|---|
| 1+1 | 17 | - | 500 |
| 2+1 | 9 | - | 600 - 650 |
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PROPERTY TAXES
| Parcel Number | MANC-000108-003950-000501 | Improvements Assessment | £77,374 |
| Land Assessment | £52,135 | Total Assessment | £129,509 |
