17-21 Elizabeth St, Derby, CT 06418

23,175 SF | 41% Leased | Retail Building | Derby, CT 06418 | $1,500,000 ($65/SF) | 7.80% Cap Rate

Asking Price $1,500,000

Property Type: Retail
Square Feet: 23,175 SF
Price / Square Foot: $65

Listing Contacts

Property Info

Property Overview

7.8% CAP RATE with the potential for a 8.6% CAP RATE when fully occupied at current under market rents for this downtown Derby 23,175. Only 1 vacancy office suite vacancy left on 2nd floor. Total SF brick faced commercial building. Currently an Office over Retail use with the potential to convert this building to what it once was, a mixed-use residential over retail building. This 10 unit building has 4 retail main/ground level units including a well known/popular two-level restaurant with a private outdoor patio, 3 retail store fronts and 6 office units on the 2nd floor. 4 office units are currently occupied and 2 are recently vacant. Professional long term tenants with low rents gives any buyer the opportunity to grow the rental income. This brick building has efficient gas heat, central air, 4 year old long lasting EPDM rubber roof. Parking in street (one way) and access to a municipal parking garage across the street. Located next door to Derby Town Hall. Sidewalk, walk-ins, just steps to/from Route 34, to Route 8 highway and around the corner from Bridge St to Shelton.

Property Details

Class: C
Year Built: 1926
Stories: 2
Property Subtype: Storefront Retail/Office, Other Restaurants, Storefront, Office/Residential
Lot Size (sq. ft): 12,197 SF

Highlights

7.5% CAP RATE with the potential for a 9.5% CAP RATE
23,175 TOTAL SF, .28 of an Acre, Zoning: CDD
Current GROSS income: $139,600/Potential: $142,000
Professional office over Retail & Restaurant
Convert opportunity for Residential over Retail & Restaurant
Downtown Derby, off of Rte 34/Route 8 and Shelton Border

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