South End Plaza
Mixed Use | 6.47% CAP | 14,614 SqFt
Marketing description
Northeast Private Client Group is pleased to present South End Plaza, a 19-unit mixed-use retail and apartment property at 310 South Main Street in Thomaston, Connecticut, offered at $2,450,000. Built in 1971, the two-story building totals about 14,614 square feet on a 0.77-acre parcel, with nine ground-floor commercial suites below ten second-floor apartments that have private rear ground-level access. An on-site asphalt lot of roughly 10,000 square feet sits less than a mile from Route 8 at Exits 38 and 39.
The apartment rents currently run between $1,300 and $1,600 a month, and the occupied commercial suites average about $14.20 per square foot. The commercial tenants are Thomaston Smoke & Vape, KC's Package Store, Elegant Nail & Spa, and S & S Laundry. Two of the commercial leases date to 2011 and 2013.
The tax basis is stable. Thomaston completed its town-wide revaluation in 2025, which fixes the property's assessed value through the next revaluation in 2030, and Connecticut does not reassess on sale, so the assessment will not step up at closing.
The property presents a compelling value-add mixed-use opportunity with multiple paths to grow revenue. A new buyer can lease the two vacant commercial suites, bring residential and commercial rents to levels established by the market, and recover more of the water and sewer cost through CAM.
Investment highlights
- Residential Rents Below Achievable Levels - Apartments average $1,465 against $1,540 already achieved and $1,640 pro forma, lifting residential rent from $175,800 to $196,800.
- Commercial Lease-Up and Mark-to-Market - Leasing two vacant suites and marking occupied rents from $14.20 toward $17.50 to $20 moves commercial rent from $84,900 to $106,300, with added upside from raising CAM water recovery.
- Diversified Residential and Commercial Income - Ten apartments and nine commercial suites split the rent roll between residential and retail demand, both below market, in one 19-unit building on 0.77 acres.
- Established, Service-Oriented Commercial Tenancy - A smoke and vape shop, package store, nail salon, and laundromat anchor the retail, with two leases dating to 2011 and 2013 and limited online competition.
- Route 8 and Naugatuck Valley Location - Less than a mile from Route 8 at Exits 38 and 39, with about 12,800 vehicles per day at the frontage and Waterbury 10 to 15 minutes south.
- Basis of $168 per Square Foot - At $168 per square foot against $300-plus all-in construction cost, the building trades at about 56% of replacement cost.
- Assessment Set Through the 2025 Revaluation - Thomaston's 2025 revaluation fixes the assessment through 2030, and Connecticut does not reassess on sale, so taxes will not step up at closing.
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