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240 Highland Avenue, Cheshire, Connecticut

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240 Highland Avenue, Cheshire, Connecticut 240 Highland Avenue, Cheshire, Connecticut - Real Estate – For Sale/For Lease – 0.97-acre lot with home and office Town of Cheshire, County of New Haven, Connecticut 0.97 Acres of Land; Existing Improvements; Home and Professional Studio - 2,916 square feet of Building; Built 1926+ Proposed Improvements; Office, Medical Office, Retail and/or Restaurant - 10,000 square feet max of Building; Built 2021-2022 Current Zoning – Residential 20A (R20A); Zone change has potential given proximity to C-2 zone across Highland Ave to the west Street Address – 240 Highland Avenue, Cheshire, Connecticut; Southeast corner of Highland Avenue and East Mitchell Avenue Asking Price = $980,000 or $23.20 per square foot of land; FAR Building Sq. Footage Estimate Max – 10,000 square feet- Ask Price Per New Building Square Footage – $98.00/building foot Existing Building Square Footage Estimate – 2,916 square feet- Ask Price Per New Building Square Footage – $336.00/building foot Location - Located directly across the street from a Super Stop & Shop anchored shopping center and banking node. Banks at this node include: Liberty Bank, Bank of America, Wells Fargo, Webster Bank, Ion Bank and others. Restaurants, service offerings and municipal services complete the neighborhood. Land Area: 0.97+ acres Building Area: 2,916+ square feet available for adaptive reuse or re-development Year Built: 1926 Building Use: Existing Home with a Studio for business purposes 240 Highland Avenue, Cheshire, Connecticut - Real Estate – For Sale/For Lease – 0.97-acre lot with home and office Zoning – Residential 20A; Permitted Uses: Mainly single family residential, planned residential developments, age restricted residential, assisted living, child care, general office, bed and breakfast, pet grooming, churches, municipal offices, park, health and exercise facilities, hair and beauty, banks, financial institutions, medical clinics, dental clinics and labs. Zone change required for sit down restaurants and drive through restaurant. Environmental – Assumed to have been addressed through the renovations of the home however some environmental work may be required. 240 Highland Avenue, Cheshire, Connecticut - Real Estate – For Sale/For Lease – Aerial Photo 240 Highland Avenue, Cheshire, Connecticut - Real Estate – Existing Building – Current Topographic Map 240 Highland Avenue, Cheshire, Connecticut - Real Estate – Existing Building –For Sale/For Lease – Traffic Counts Traffic Counts Road 1 – Highland Avenue – 14,700 vehicles per day Road 2 – Highland Avenue – South of Main Street – 31,600 vehicles per day Highlights Proposed One-story 10,000 square feet Cheshire, CT is a suburb of the cities of New Haven and of Hartford Nearby use prevalence – Retail, banks, grocery, restaurants, service commercial, residential, academic and residential Opportunity Zone – No Utilities – Water – Municipal water Utilities – Sewer – Municipal sewer Utilities – Electric – Publicly available Utilities – Gas – – Publicly available Historic Occupancies – Home with studio business Electric Infrastructure – Adequate for the existing building; Could use upgrades. Heating Infrastructure – Adequate for the existing building; Could use upgrades. Frontage - 90+ of Frontage on Highland Avenue Frontage - 400+ of Frontage on East Mitchell Avenue Larger Abutters – North – Single family residential and apartments Larger Abutters – East – Cheshire Academy, apartments and single family residential Larger Abutters – South – Single family home, offices, Liberty Bank, Daycare Larger Abutters – West – Super Stop & Shop anchored shopping center. 240 Highland Ave, Cheshire, Connecticut - Real Estate – Existing Building –For Sale/For Lease – Nearby Properties Super Stop & Shop Anchored Shopping Center 240 Highland Ave, Cheshire, Connecticut - Real Estate – Existing Building –For Sale/For Lease – Nearby Properties Cheshire Academy Web - https://en.wikipedia.org/wiki/Cheshire_Academy 240 Highland Ave, Cheshire, CT - Real Estate – For Sale/For Lease/Ground Lease-Time Distance and Demographics Time Distance Relationships - Driving 5 minutes the Route 10 commercial district 15 minutes the Interstate 691/I-84 Interchange 30 minutes to the downtown New Haven 30 minutes to the downtown Hartford 90 minutes to New York City 90 Minutes to Boston City of Cheshire: Population – 29,261 (2010); Area Square Miles – 33.4 sq. mi; 880 persons per square mile; Median Household Income - $80,466 City of New Haven: Population – 129,779 (2010); Area Square Miles – 20.1 sq. mi.; 6,500 persons per square mile; Median Household Income - $29,604 – Abutting city to the south County of New Haven: Population – 862,477 (2010); Area Square Miles – 862 sq. mi.; 1,000 persons per square mile; Median Household Income - $48,834 240 Highland Ave, Cheshire, CT - Real Estate – For Sale/For Lease/Ground Lease - Description NAI Signature Group is pleased to present This 0.97-acre lot in Cheshire, Connecticut. The lot is current improved with a home and studio built originally in 1926. The land is likely to have an alternate highest and best use thus the business strategy for a buyer may be to buy for build-to-suit development or hold for investment. The site is located on the east side of Highland Avenue (CT Route 10) and on the south side of East Mitchell Avenue, across from the Super Stop & Shop anchored shopping center. The shopping center tenancies include: Super Stop & Shop, Super Stop & Shop Pharmacy, Marshalls, Subway, Yougu Hibachi & Sushi Lounge, Bank of America, Consignment America, Jenny K Cleaners, Mr. B’s Pizza, Webster Bank. The area is also a banking node with Wells Fargo, Liberty Bank, Webster Bank, Bank of America and Ion Bank. Lease options “as is” may include photography, artisans, jewelry and wedding related businesses. As a redevelopment, the use range is wide for new construction likely permitting one of the following: medical office, urgent care, general office, bank, residential, mixed- use and other. Select uses may require a variance or zoning change to be permitted such as sit-down restaurants and drive-through restaurants. The property is offered for sale, ground lease or lease on a build-to-suit basis. The property is available for adaptive re-use or more likely redevelopment. The property is located on Highland Avenue (CT Route 10). CT Route 10 extends north to an interchange with CT Route 691, at a distance of approximately 3.60 miles. CT Route 10 extends south to an interchange with CT Route 40, at a distance of approximately 7.25 miles. CT Route 691 is a limited access highway that has an interchange with Interstate 84 approximately 1.2 miles to the west and Interstate 91 approximately 6.6 miles to the east. At the southern point, CT Route 40 connects with Interstate 91 approximately 2.5 miles to the east. CT Route 10 extends a further 1.5 miles where it intersects with CT Route 15. Surrounding development consists of a wide range of uses including retail shopping centers, banks, residential, restaurants, institutional, educational uses, residential and more. The 0.97-acre site has approximately 90 feet of frontage along Highland Avenue and an average depth of 400 feet along East Mitchell Avenue. The is one existing curb-cut on East Mitchell Avenue. As of this writing, there are no plans for an additional point of access from this site onto Highland Avenue (CT Route 10) which would require State of Connecticut Department of Transportation approval. Plans do call for a potential second point of access on East Mitchell Avenue, a Town road. The subject site is conceptually to link to the two parcels to the south to East Mitchell Avenue where all three parcels would benefit from cross-easement and shared access. The south two parcels are planned for a national credit tenant, a financial institution. The sites at 202 and 216 Highland Avenue are to share common access to the existing signalized intersection at 202 Highland Avenue, which also shared by the Super Stop and Shop retail center. If improved with cross access and mutual easements, traffic is to flow through from the Super Stop and Shop signal through the financial institution’s parking lot and onto the subject property and then to East Mitchell Avenue. This flow of traffic is a goal of the Town leaders, but not a requirement. 240 Highland Ave, Cheshire, CT - Real Estate – For Sale/For Lease/Ground Lease - Zoning Map Zoning – R20A Highest and Best Use Highest and Best Use is that use which provides the greatest return to the land after passing the tests of physically feasible, legally permitted, financially feasible and most productive or highest yielding. As this project is bifurcated into the core site and excess land, we will address the highest and best use uniquely for each. A user or tenant driven project is likely highest and best use. 240 Highland Avenue, Cheshire, Connecticut - Real Estate – Uses that May be Permitted = Medical Office Building 240 Highland Avenue, Cheshire, Connecticut - Real Estate – Uses that May be Permitted = Childcare 240 Highland Avenue, Cheshire, Connecticut - Real Estate – Uses that May be Permitted = Senior Living 240 Highland Avenue, Cheshire, Connecticut - Real Estate – Uses that May be Permitted = Bed and Breakfast 240 Highland Avenue, Cheshire, Connecticut - Real Estate – Uses that May be Permitted = Restaurants 240 Highland Avenue, Cheshire, Connecticut - Real Estate – Uses that May be Permitted - Restaurants 240 Highland Avenue, Cheshire, Connecticut - Real Estate – Uses that May be Permitted - Breweries 240 Highland Avenue, Cheshire, Connecticut - Real Estate – Uses that May be Permitted – Fitness 240 Highland Avenue, Cheshire, Connecticut - Real Estate – Uses that May be Permitted – Pet Grooming 240 Highland Avenue, Cheshire, Connecticut - Real Estate – Uses that May be Permitted - Banks 240 Highland Avenue, Cheshire, Connecticut - Real Estate – Uses that May be Permitted – Bank ATMs 240 Highland Avenue, Cheshire, Connecticut - Real Estate – Uses that May be Permitted - Regional Map 240 Highland Avenue, Cheshire, Connecticut - Real Estate – Uses that May be Permitted - Assessor’s Map .
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