41 and 43 Main Street - New Milford

Shopping Center for Sale
Also listed as Retail-Commercial, Office
Catylist Listing ID: 767009
Property Subtypes: Community Center, Mixed Use, Neighborhood Center, Power Center, Strip Center, Other
Building Size (RSF): 21,301 SF
Gross Land Area: 1.02 Acres
Sale Price: $1,895,000
Unit Price: $88.96 PSF
Ceiling: 14 ft.
Property Use Type: Net Leased Investment (NNN), Investment, Vacant/Owner-User, Business
Building Name: 41 and 43 Main Street - New Milford
Usable Size (USF): 21,301 SF
Sale Terms: Cash to Seller, Purchase Money Mortgage
Last Updated: 1/16/2019

Overview / Comments

Projected Net Operating Income for 2018 is $283,508! New leases include Domino's Pizza, Johanna's restaurant expansion and extension, The News-times relocation and extension, and the Physical Therapy Group. This entire property is now available for sale and the remaining space will be for ready for lease. This is the largest retail property available in the vicinity of “The New Milford Green”.

There will be a total of 8,670 s.f. of ground floor space available for lease. There are recently remodeled new front and rear facades, and huge new display windows looking out to the Green. Large windows are also available throughout the entire sub-dividable ground floor space.

There is also available a 3,480 s.f. on the upper level that is ideal for a Karate Studio, Dance Studio, or artist loft and gallery. Access is directly from the rear parking lot and the space is considered a “walk up”. The space is offered at $10.00 s.f. gross.

There is plenty of on-site parking, angled parking on the green, and a convenient lot from the adjacent Post Office. This 1.02-acre property is located near the New Milford Hospital, the Bank of America, the theater, numerous restaurants, the Post Office, several churches, and all the municipal offices in New Milford. Why should you wait as immediate occupancy is available? The “Village Commercial” zoning allows numerous retail and service uses and you’ll find the Town Departments very cooperative in the permitting process. This would be the ideal location for large restaurants, medical offices, retail and convenience stores, pharmacy, health club, and numerous other retail uses.

The property at 41 and 43 Main Street is also available for sale at $1,895,000. For qualified buyers, owner is willing to consider holding a first mortgage at 6.00% with 20-year amortization and a 5-year balloon payment. See the enclosed and newly updated attachment for " Income and Expense". Call J. Michael Struna the exclusive listing broker to discuss these terms and conditions and to make an appointment to visit to this exceptional investment opportunity at 203-798-9345.

Additional Details

Nearest MSA: Torrington
County: Litchfield
Submarket Type: Central Business District
Taxing Authority: Town of New Milford
Tax ID/APN: 35.2/228
Zoning: V-C
Market Type: Medium
Retail Clientele: General, Family, Business, Tourist
Side of Street: South
Road Type: Paved, 2-Track
Property Visibility: Excellent
Largest Nearby Street: Main Street
Transportation: Bus, Highway, Taxi
Highway Access: Near Route 202 and Route 7
Airports: Danbury Municipal
Area Description: The historic "On the Green" area of banks, attorney's and retail. Near Town Hall and New Milford hospital.
Total Number of Buildings: 2
Number of Stories: 2
Property Condition: Good
Year Built: 1970
Year Renovated: 2018
Roof Type: Flat
Construction/Siding: Brick, Concrete, Metal/Glass, Steel Frame
Exterior Description: New exterior skin
Parking Type: Surface, Other
Parking Description: Combination of municipal and private parking.
Heat Type: Electricity, Natural Gas
Heat Source: Heat Pump
Air Conditioning: Engineered System
Internet Access: DSL
Interior Description: Space is currently available for possible subdivision for tenant spaces.
Zoning Description: V-C Village Center
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: 3,560 21,401 31,317
Median Age: 40.1 41.82 42.42
Households: 1,409 8,300 12,013

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