Commercial Mixed Use, cross-posted on MLS alternative # 24149460. 7.06 CAP r a t e ~ Prime mixed-use investment property offered at $850,000 along the high-visibility Route 1 corridor. The asset consists of three total units of office/retail space with direct road frontage and two residential apartments privately situated in the rear. Trusted General Contractor currently rents the rear yard space at $1,000/month. Projected gross income totals $90,000/year. Incorporating a 10 p e r c e n t vacancy & repairs reserve, the stabilized effective gross income is $81,000/year. Operating expenses total $20,945/year (real estate taxes: $5,896 insurance: $5,879 electric: $4,600 oil: $1,350 propane: $1,620 snow removal/water/septic: $1,600), resulting in a net operating income (NOI) of $60,055/year. At the asking price of $850,000, the asset delivers a 7.06 CAP r a t e, with long-term value preservation and upside through future rent adjustments. Strong location, consistent cash flow, and limited supply of mixed-use product on Route 1 make this an ideal long-term hold, 1031 exchange target, or portfolio addition.
Old Saybrook is located in Connecticut. Old Saybrook, Connecticut has a population of 10,506. Old Saybrook is less family-centric than the surrounding county with 21.55% of the households containing married families with children. The county average for households married with children is 27.85%.
The median household income in Old Saybrook, Connecticut is $95,795. The median household income for the surrounding county is $90,833 compared to the national median of $69,021. The median age of people living in Old Saybrook is 56.1 years.
The average high temperature in July is 79.7 degrees, with an average low temperature in January of 22.7 degrees. The average rainfall is approximately 47.8 inches per year, with 25.9 inches of snow per year.
