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Investment Property for Sale Investment Property For Sale Sanseer Mill Office Park 282 Main St. Extension, Middletown ‣ Beautifully Rehabbed Mill ‣ 100% Leased ‣ 70% Handicapped Accessible ‣ 24,581 GSF in 3 buildings ‣ Plentiful Free Parking ‣ New Heating and Cooling ‣ 2019 N.O.I. $142,141 TREVOR DAVIS COMMERCIAL REAL ESTATE, LLC 363 Main St, Suite 502, Middletown, CT 06457 [email protected] 860-347-8738 www.trevordavis.biz OVERVIEW Sanseer Mill Professional Offices/282 Main Street Extension Middletown, CT Three buildings comprise Sanseer Mill Professional Offices on approximately 2.1 acres of land on the South side of Middletown, between Downtown and the “Big Box” area at Stop & Shop. This area is also between Middlesex Hospital and their other ‘campus’ with more medical buildings. This area continues its revitalization and offers great opportunities for enhanced value. Sanseer Mill is in Middletown’s Transitional Development Zone (TD) and there are many potentially allowable uses in this zone. Besides having 644 feet of frontage on the heavily traveled (ADT 11,100) Main Street Extension that connects the downtown area with points South (Routes 9, 154 and 17), the property also has another egress on East Main Street. A yellow blinking light is located approximately 1000 feet North of this parcel on Main Street Extension, at the entrance to Routes 9 and 17. CVS is contiguous and across the street is Saybrook Corners, including Walgreens, Advanced Autoparts, Webster Bank. Across from that is Stop & Shop, Bob’s Stores, Marshall’s, and Dollar Store. All of the 10 office spaces in the park are rented. The actual 2018 Net Operating Income is approximately $122,228. All the gas boilers (3) for heat were replaced in 2016, and 10 of the 11 air conditioning units and virtually all lighting were replaced in 2016. This was partially financed by Connecticut Property Assessed Clean Energy (C-PACE) funding completed in April 2016 for a total of $269,950. This loan will be paid off before closing. The total capital investment of over $500,000 includes HVAC, paint, signage, awnings and more. All three buildings underwent a gut rehabilitation approximately 35 years ago, including new elevator, windows, etc. Since then the buildings have been maintained and roofs have been replaced and repaired. The parking lot has been maintained. The property has been managed by Trevor Davis Commercial Real Estate since C&S Investments purchased the property in February of 2012. REGIONAL ANALYSIS The town of Middletown is located in the northwest corner of Middlesex County, situated approximately 26 miles northeast of New Haven, 16.4 miles south of Hartford, 105.4 miles northeast of New York City and 115.5 miles southwest of Boston. Middletown is bordered on the north by the Mattabassett River, Berlin, and Cromwell, on the east by the Connecticut River, Cromwell, Portland, and East Hampton, on the south by Durham and Haddam, and on the west by Middlefield and Meriden. REGIONAL ANALYSIS (Cont.) Population The data is based upon the CERC (Connecticut Economic Resource Center) Town Profile for Middletown. The Town Profile reports Middletown has a geographical area of 41 square miles and an estimated population, as of 2015, of 47,218 residents. The Middletown profile indicates the population increased from 43,167 to 47,218 between 2000-2015, a growth rate of about 9.3%, while Middlesex County has grown at a slower rate of 6.5% over the same time period. CERC reports indicate Connecticut had been losing residents since 1990, primarily due to the soft Connecticut economy. The migration occurred primarily in larger cities, such as Meriden, New Haven, Hartford, and Bridgeport as opposed to smaller suburban/rural communities. As evidenced from the above data, Middletown is experiencing modest positive population growth. Income The County’s (Middlesex) median household income was $79,893, higher than the State income estimate of $70,331. The median household income in Middletown was $63,691 in 2015, which is lower than the State and County figures. Household incomes tend to be lower in the urban areas. A summary chart depicting median household income levels in Middletown and nearby towns based upon 2015 estimates prepared by CERC is shown below. Town Median Household Income (2015 Estimates) Cromwell $82,081 Durham $113,152 East Haddam $82,117 Middlefield $102,426 Middletown $63,691 Portland $90,417 REGIONAL ANALYSIS (Cont.) Employment Middletown is aligned with the Hartford Labor Market Area (LMA) which demonstrated an average unemployment rate of 4.7% in August 2017, which is similar to the State rate of 4.60%. Middletown had a slightly lower rate of 4.5% consistent with the average unemployment rate in the United States of 4.5%. The rates have trended downward over the past few years. Top Employers Type of Industry Middlesex Hospital Healthcare State Police Law Enforcement Connecticut Valley Hospital Hospital Wesleyan University College Eversource, United Technologies and Aetna Life Insurance are also large employers and among the top five taxpayers. Transportation Middletown benefits from good access to major highways and a centralized location within the State. Several interchanges of I-91 pass through Middletown and Route 9 provides highway access along the eastern perimeter of the city. Local routes include Routes 17 and 66, which provide convenient linkages with neighboring communities. Route 66 provides access to I-91 in Meriden and runs south into Portland and beyond. Route 17 provides access to Durham and terminates in New Haven County to the south. Air transportation is available at the Tweed Airport in New Haven and Bradley International Airport, located 32 miles north in Windsor Locks. REGIONAL ANALYSIS (Cont.) Summary Middletown is an urban community located halfway between Hartford, the State capital, and New Haven. It benefits from its centralized location and convenient access to major highways. The city has a revitalized downtown area offering good shopping opportunities and numerous popular restaurants. In addition, there is a well-developed industrial base in park settings near I-91. Market conditions in the city and the region have been soft over the past several years. However, stability has returned to the market and there appears to be good demand for well-located commercial product. Middletown has the lowest vacancy rate of office space in Connecticut. Location Map ! Aerial View (Bing Maps) ! 1/3/2019 Vision Government Solutions 282 MAIN ST EXT Location 282 MAIN ST EXT Map­Lot 34/ / 0073/ / Acct# R10321 Owner C&S INVESTMENTS LLC Municipality Assessment $707,350 Appraisal $1,010,500 PID 1053 Building Count 3 Assessing Distr… Current Value Appraisal Valuation Year Improvements Land Total 2017 $709,560 $300,940 $1,010,500 Assessment Valuation Year Improvements Land Total 2017 $496,690 $210,660 $707,350 Parcel Addreses Additional Addresses Address City, State Zip Type 282 MAIN ST EXT MIDDLETOWN, CT 06457 Primary Owner of Record Owner C&S INVESTMENTS LLC Sale Price $700,000 Co­Owner Certificate Address 6 SPECTACLE LA Book & Page 1747/ 886 RIDGEFIELD, CT 06877 Sale Date 02/03/2012 Instrument 14 Ownership History Ownership History Owner Sale Price Certificate Book & Page Instrument Sale Date C&S INVESTMENTS LLC $700,000 1747/ 886 14 02/03/2012 TD BANK NA $0 1733/ 373 29 08/03/2011 LUPA LLC $1,510,000 1497/ 791 00 05/31/2005 VENTURA I LLC $0 1487/ 297 29 03/17/2005 JOHANNS JILL M $0 1487/ 294 29 03/17/2005 http://gis.vgsi.com/middletownct/Parcel.aspx?Pid=1053 1/5 1/3/2019 Vision Government Solutions Building Information Building 1 : Section 1 Year Built: 1850 Building Photo Living Area: 13,331 Replacement Cost: $1,040,937 Building Percent 35 Good: Replacement Cost Less Depreciation: $364,330 Building Attributes Field Description STYLE Office Bldg MODEL Commercial Grade C­ Stories 3.75 Occupancy 6 (http://images.vgsi.com/photos/MiddletownCTPhotos//\00\02\72 Exterior Wall 1 Brick/Masonry Building Layout Exterior Wall 2 Roof Structure Gable Roof Cover Asphalt Shingl Interior Wall 1 Minimum Interior Wall 2 Drywall Interior Floor 1 Hardwood Interior Floor 2 Carpet Heating Fuel Gas Heating Type Forced Air AC Type Central Bldg Use Commercial Improv Building Sub­Areas (sq ft) Legend Cov Parking 0 Gross Living Code Description Uncov Parking 0 Area Area Percent Fin 100 FUS Finished Upper Story 7,303 7,303 1st Floor Use BAS First Floor 3,839 3,839 Heat/AC Heat/AC Pkg TQS Three Quarter Story 2,918 2,189 Frame Type Wood Frame BSM Basement 3,839 0 Baths/Plumbing Average 17,899 13,331 Ceiling/Walls Susp Ceil Only Rooms/Prtns Average Wall Height 11 Building 2 : Section 1 http://gis.vgsi.com/middletownct/Parcel.aspx?Pid=1053 2/5 1/3/2019Year Built: 1850 Vision GovernmentBu Solutionsilding Photo Living Area: 4,680 Replacement Cost: $330,937 Building Percent 25 Good: Replacement Cost Less Depreciation: $82,730 Building Attributes : Bldg 2 of 3 Field Description STYLE Office Bldg MODEL Commercial Grade C­ Stories 2.25 (http://images.vgsi.com/photos/MiddletownCTPhotos//\00\02\72 Occupancy 3 Building Layout Exterior Wall 1 Brick/Masonry Exterior Wall 2 Roof Structure Gable Roof Cover Arch. Shingles Interior Wall 1 Minimum Interior Wall 2 Drywall Interior Floor 1 Hardwood Interior Floor 2 Carpet Heating Fuel Gas Heating Type Forced Air AC Type None Bldg Use Commercial Improv Building Sub­Areas (sq ft) Legend Gross Living Cov Parking 0 Code Description Area Area Uncov Parking 0 BAS First Floor 1,560 1,560 Percent Fin 100 FLL Finished LL 1,560 1,560 1st Floor Use FUS Finished Upper Story 1,560 1,560 Heat/AC Heat/AC Pkg UAT Unfinished Attic 1,560 0 Frame Type Masonry 6,240 4,680 Baths/Plumbing Average Ceiling/Walls Susp Ceil Only Rooms/Prtns Average Wall Height 11 Building 3 : Section 1 Year Built: 1860 Living Area: 6,560 Replacement Cost: $596,998 Building Percent 45 Good: Replacement Cost http://gis.vgsi.com/middletownct/Parcel.aspx?Pid=1053Less Depreciation: $268,650 3/5 1/3/2019 Building Attributes : Bldg 3 of 3 Vision Government Solutions Building Photo Field Description STYLE Office Bldg MODEL Commercial Grade B­ Stories 2.5 Occupancy 3 Exterior Wall 1 Vinyl Siding Exterior Wall 2 Roof Structure Gable Roof Cover Arch.
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