54 North St - Office/Residential FOR SALE


Willimantic, CT 06226
$389,000 USD
860-336-6675
54 North St, Willimantic, CT for Sale
$389,000 USD
Office/Residential - FOR SALE
1/25
null | Request Cap Rate

54 North St
Willimantic, CT 06226


HIGHLIGHTS

  • Located in Windham designated opportunity zone
  • 31 Private Parking Spaces
  • Walking distance from Eastern Connecticut State University

OVERVIEW

Executive Summary: Property Overview: 54 North Street is a commercial building situated in the heart of Willimantic, Connecticut's downtown business district. This property boasts a gross living area of 11,477 square feet and was originally constructed in 1930. Major renovations in 2012, led by Perception Programs, transformed the space to support a Behavioral Therapy model, creating a modern, functional floor plan that aligns with the needs of service-oriented organizations. Consider that this property has been maintained at a higher level to qualify for state funded programs. ........ Zoning and Infrastructure:....... • Zoning: B1 • Frontage: 100 feet • Utilities: Public water and sewer This zoning and infrastructure make the property ideal for various uses, including shared workspaces, start-up incubators, office administration, training schools, or retail establishments. Location: Located between Valley and Meadow Streets, the property is strategically positioned near all local services, enhancing its accessibility and convenience. Willimantic, known as "Thread City," is a prominent census-designated area within Windham, a town incorporated in 1692. The nickname reflects its rich history as a center of the textile industry in the 19th century, with numerous mills along the Willimantic River contributing significantly to the local economy. Historical Context: Willimantic's history is deeply tied to the rise of the textile industry, particularly through The American Thread Company, which played a pivotal role in the city's growth. The city also became a major rail hub in the early 20th century, with up to 100 trains passing through daily. This industrial boom led to the development of ornate Victorian homes, particularly in the Prospect Hill section, and attracted a diverse population of immigrant workers. Demographics: • 1-mile radius: Population: 14,099 | Average Income: $46,991 • 3-mile radius: Population: 27,275 | Average Income: $61,529 • 5-mile radius: Population: 36,424 | Average Income: $72,070 • 10-mile radius: Over 28,500 students in high school or college Conclusion: 54 North Street represents a unique opportunity to own a piece of Willimantic's history while benefiting from modern renovations tailored to a specialized service model. Its central location within a historically rich and evolving community, combined with flexible zoning and infrastructure, makes it an attractive option for businesses and organizations looking to establish a presence in this vibrant area. Contact the listing agent for scheduled showing time. Property is being sold "As-Is".

FOR SALE DETAILS

PRICE

$389,000 USD

PRICE/SF

$45 USD /SF

CAP RATE

Request Cap Rate

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment Or Owner User

BUILDING DETAILS

PROPERTY NAME

Development Opportunity

PROPERTY TYPE

Office

PROPERTY SUBTYPE

Office/Residential

ADD'L SUBTYPES

Storefront Retail/Residential

TOTAL BUILDING SIZE

-

STORIES

2

BUILDING CLASS

C

YEAR BUILT

1930

SPRINKLERS

-

PARKING SPACES

31

LAND DETAILS

LAND ACRES

0.2 AC

LAND SF

8,703 SF

ZONING

B1

APN/PARCEL ID

WIND-001303-000059-000007

ASK ABOUT THIS PROPERTY

Michael CollinsBerkshire Hathaway HomeServices New EnglandMore Info
860-336-6675

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Michael CollinsBerkshire Hathaway HomeServices New EnglandMore Info
860-336-6675

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.