64-66 West Street - Danbury

Office for Sale
Catylist Listing ID: 29663685
Property Subtypes: Governmental, Institutional, Mixed Use, Office Building, Other
Building Size (RSF): 13,538 SF
Gross Land Area: 34,413 SF
Sale Price: $1,595,000
Unit Price: $117.82 PSF
Ceiling: 9 ft.
Property Use Type: Investment
Building Name: 64-66 West Street
Class of Space: Class C
Usable Size (USF): 13,538 SF
Sale Terms: Cash to Seller
Cap Rate: 10.54%
Last Updated: 1/16/2019

Overview / Comments

This investments property is located at 64-66 West Street and is now available for sale at $1,595,000. Nice renovations have been completed on both properties. 64 West Street is occupied by two "AAA credit tenants". One lease is guaranteed by the Mormon Church and the second lease is guaranteed by the Catholic Church. The 5108 s.f. office building is currently home to a Psychiatric counseling practice and has one 2500 s.f. space available for lease with an estimate net rent of $25,000 / year. The estimated combined income of the two buildings in 2018 will be $174,023 per year with net expenses of $7,202 and a NOI of $166,822 per year yielding a Cap Rate of 10.45%

The combined site plan for 64-66 West Street has be totally updated with new paving, new sidewalks, new drainage, and all new landscaping. The buildings are located on West Street in a revitalized area with many new buildings and located only minutes from Danbury City Hall. Total of 13,538 s.f.

The larger building has been completely redone with new roof, new mechanical, and newly approved site plan. You must see this newly updated property.
The office building is available for occupancy by the "user / investor". See the enclosed floor plans to help understand how the versatile floor plans may work for you as they have for many other types of organizations. The space was previously a law office and most recently occupied by a non-profit Tenant which had been there for 15 years. The building is also ideal for accountants, real estate sales, and other professional offices with a need to be near public services. The property is located on the bus route and near numerous regional and local non-profit organizations in Central Danbury. The Danbury City Hall is just one block away.

The vacant office space has full HVAC, oil heat, hardwood floors, several large bay windows, numerous other windows to provide nicely lighted offices, large break room, new efficient heating system, and plenty of off street parking. There is also a new dry basement section which is not included in the s.f. calculations which could be ideal for records storage needs. $10.75 s.f. gross plus utilities.

Please call J. Michael Struna at 203-798-9345 to discuss your investment needs today. A quick closing is possible for those with 1031 Sale.

Additional Details

Nearest MSA: Bridgeport-Stamford-Norwalk
County: Fairfield
Taxing Authority: City of Danbury
Tax ID/APN: I14091
Zoning: CL-10
Market Type: Medium
Side of Street: South
Road Type: Paved, 2-Track
Property Visibility: Excellent
Transportation: Bus, Shuttle, Taxi
Highway Access: I-84 at Exit 4 or Exit 5
Airports: Danbury Airport 5 minutes away
Total Number of Buildings: 2
Number of Stories: 2
Year Built: 1942
Year Renovated: 2014
Roof Type: Gable
Construction/Siding: Block, Concrete, Stone, Vinyl Siding, Wood Frame, Wood Siding
Exterior Description: Vinyl and wood siding.
Parking Type: Surface
Parking Description: The site consists of two buildings. One is 66 West Street and the other is 64 West Street. One Tenant uses parking on Wednesday evening and Sunday morning. The other tenant's business hours are Monday to Friday 8-5.
Total Parking Spaces: 38
Sprinklers: None
Heat Type: Electricity, Oil
Heat Source: Central, Heat Pump
Air Conditioning: Package Unit
Internet Access: Cable, DSL
Interior Description: 64 West was totally renovated in 2013 and in 2014
Zoning Description: CL-10
Water Service: Municipal
Sewer Type: Municipal
Easements: Electric Lines, Utilities

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 30,459 76,855 125,272
Median Age: 32.29 36.03 38.8
Households: 10,087 28,073 44,954

Contact

Photograph of Listing Agent

Chris Cosio

Advantage Realty Commercial Not a member of CTCList
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