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13-15 Portland St, Middletown, CT 06457

$1,300,000
: 12
BD
: 8
BA
: 9,890
SqFt

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List Price: $1,300,000
Status: ACTIVE
MLS#: 24178851
Year Built: 1900
Bedrooms: 12
Bathrooms: 8
Acres: 0.26
Living Area: 9,890

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Property Description

Unique mixed-use opportunity in Middletown offering strong cash flow and flexible ownership potential. Property consists of a fully occupied 4-family, a fully occupied 2-family, and two 1,600 SF commercial garage/workshop spaces all situated on one lot with views of the Connecticut River and Arrigoni Bridge. One commercial space is leased, while the second vacant garage offers ideal owner-user potential for contractors, storage, workshop space, or additional rental income. Projected 8.2% cap at current occupancy, with stabilization potential of approximately 9.4-9.8% upon lease of the 2nd garage. Residential units feature a desirable mix of 1-, 2-, and 3-bedroom layouts with updates completed over time, including newer boilers and water heaters. Off-street parking, minutes to Route 9, downtown Middletown, and walking distance to Wesleyan University. Property conveyed as-is.

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Additional Information

Taxes: $14,612
Lot Size: 11,325
Heating: Natural Gas
Cooling System Type: Window/Wall
Water Source: Public
Basement: Full
Garage Spaces: 2
Parking Spaces: 10
Elementary School: Per Board of Ed
High School: Per Board of Ed