Downtown Middletown Mixed-Use | 100% Occupied | 6.65% Cap
Well-positioned 9-unit asset featuring two street-level commercial spaces and seven apartments
Marketing description
560–564 Main Street is a fully leased multi-family investment opportunity located in the heart of downtown Middletown, Connecticut. The property consists of two ground-floor commercial suites and seven residential apartments, offering a diversified income stream and stable in-place cash flow.
The asset has undergone significant capital improvements, particularly across the residential units. All seven apartments benefit from full bathroom renovations, with multiple units receiving full or partial gut renovations, including new appliances, upgraded finishes, and replacement windows. Additional improvements include secured exterior entry points, enhancing tenant safety and overall building quality. These upgrades support tenant retention and reduce near-term capital expenditure requirements, while allowing for continued, measured enhancements over time.
The commercial component is anchored by two long-term tenants, providing consistent income and contractual rent growth, while the residential units offer steady occupancy in a supply-constrained downtown market. The property is currently 100% occupied and generates strong in-place income with a reported NOI of approximately $109,730.
Strategically located along Main Street, the property benefits from strong pedestrian activity and proximity to local retailers, restaurants, and Wesleyan University, as well as convenient access to Route 9 and Interstate 91. The surrounding area continues to see investment and revitalization, further supporting long-term demand fundamentals.
This offering is well-suited for an investor seeking durable, stabilized cash flow with the ability to drive incremental upside through continued unit upgrades and operational efficiencies, rather than a heavy repositioning strategy.
Disclosure: Listing agent has an ownership interest in the subject property.
Investment highlights
- Stabilized, 100% Occupied Mixed-Use Asset
9-unit property comprised of two ground-floor commercial suites and seven apartments, providing diversified and durable income.
- Strong In-Place Cash Flow
Generates approximately $109,730 NOI, offering a 6.65% cap rate with immediate yield.
- Significant Capital Improvements Completed
All seven apartments feature renovated bathrooms, with multiple units undergoing full or partial gut renovations, including new windows, appliances, and upgraded interior finishes, reducing near-term capital needs.
- Secure, Well-Maintained Asset
Exterior access points have been upgraded with secure, key-controlled entry, improving tenant safety and overall property quality.
- Long-Term Commercial Tenancy
Two established commercial tenants provide stable income with structured lease terms and built-in rent growth.
- Downtown Main Street Location
Prime position in Middletown’s retail corridor with strong foot traffic, directly surrounded by restaurants, service retail, and neighborhood amenities.
- Proximity to Wesleyan University
Located within walking distance to a major university, supporting consistent residential demand and tenant depth.
- Accessible Regional Location
Convenient access to Route 9 and Interstate 91, connecting to Hartford, New Haven, and broader Connecticut markets.
- Opportunity Zone Designation
Located within a Qualified Opportunity Zone (consult your CPA regarding potential tax advantages).
- Balanced Investment Profile
Well-suited for investors seeking stable, predictable income with the ability to continue incremental unit upgrades over time, not a heavy repositioning or full redevelopment strategy.
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