Phelps Block | 3 West St
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Phelps Block 3 West St
12,644 SF 100% Leased Retail Building Litchfield, CT 06759 $3,500,000 ($277/SF) 3.17% Cap Rate
Executive Summary
Own a signature part of Litchfield CT historic downtown commercial district. This historic 2/3 story building, located at the corner of West and South Street, includes twelve tenants, many of whom are long-term tenants. The property has been well maintained by the same owner over many years. Over 12,900 square feet of rentable space on the 1st, 2nd, and basement floors and the potential to expand the 3rd floor into other space. At one time the 3rd floor was a usable theater space. Fabulous exposure in Litchfields thriving downtown and ample street parking and sidewalks.
The facility features a brick exterior with a full basement supported by stone and concrete foundation walls. It has a flat or slightly pitched roof with a rubber membrane finish. The windows range from large storefront panes to multi-pane storefront units and double-hung windows, which include both older wooden models and newer thermopane versions. Recently, the main level's storefront windows were replaced. Electrical service is at least 400 amps, multi-phase, and multi-wire, with individual meters for each tenant. The first floor is heated by propane-fired furnaces that provide hot water heat, while most other units use electric baseboard heating. Radiant floor heating is installed in parts of both the main and lower levels. Additionally, some areas have recently been equipped with new mini-split systems installed within the past year.
The facility features a brick exterior with a full basement supported by stone and concrete foundation walls. It has a flat or slightly pitched roof with a rubber membrane finish. The windows range from large storefront panes to multi-pane storefront units and double-hung windows, which include both older wooden models and newer thermopane versions. Recently, the main level's storefront windows were replaced. Electrical service is at least 400 amps, multi-phase, and multi-wire, with individual meters for each tenant. The first floor is heated by propane-fired furnaces that provide hot water heat, while most other units use electric baseboard heating. Radiant floor heating is installed in parts of both the main and lower levels. Additionally, some areas have recently been equipped with new mini-split systems installed within the past year.
Financial Summary (Actual - 2023) Click Here to Access |
Annual | Annual Per SF |
---|---|---|
Gross Rental Income | $99,999 | $9.99 |
Other Income | - | - |
Vacancy Loss | - | - |
Effective Gross Income | $99,999 | $9.99 |
Taxes | - | - |
Operating Expenses | - | - |
Total Expenses | $99,999 | $9.99 |
Net Operating Income | $99,999 | $9.99 |
Financial Summary (Actual - 2023) Click Here to Access
Gross Rental Income | |
---|---|
Annual | $99,999 |
Annual Per SF | $9.99 |
Other Income | |
---|---|
Annual | - |
Annual Per SF | - |
Vacancy Loss | |
---|---|
Annual | - |
Annual Per SF | - |
Effective Gross Income | |
---|---|
Annual | $99,999 |
Annual Per SF | $9.99 |
Taxes | |
---|---|
Annual | - |
Annual Per SF | - |
Operating Expenses | |
---|---|
Annual | - |
Annual Per SF | - |
Total Expenses | |
---|---|
Annual | $99,999 |
Annual Per SF | $9.99 |
Net Operating Income | |
---|---|
Annual | $99,999 |
Annual Per SF | $9.99 |
Property Facts
Sale Type
Investment or Owner User
Property Type
Retail
Property Subtype
Storefront Retail/Office
Building Size
12,644 SF
Building Class
B
Year Built
1870
Price
$3,500,000
Price Per SF
$277
Cap Rate
3.17%
NOI
$111,000
Percent Leased
100%
Tenancy
Multiple
Building Height
2 Stories
Building FAR
1.26
Land Acres
0.23 AC
Zoning
BH - HTC - Historic Town Center
Map Panel: 0900470008C - Map Dated: 1/2/1992; Zone C (Outside the 100 and 500-year flood zones)
Frontage
Amenities
- Corner Lot
- Restaurant
- Signage
MAJOR TENANTS Click Here to Access
- Tenant
- Industry
- SF OCCUPIED
- RENT/SF
- Lease End
- @ The Corner
- Services
- 99,999 SF
- -
- -
Tenant | Industry | SF OCCUPIED | RENT/SF | Lease End | ||
@ The Corner | Services | 99,999 SF | - | - |
PROPERTY TAXES
Parcel Number | LITC-000206-000047-000017 | Improvements Assessment | $1,228,770 (2024) |
Land Assessment | $272,000 (2024) | Total Assessment | $1,500,770 (2024) |
PROPERTY TAXES
Parcel Number
LITC-000206-000047-000017
Land Assessment
$272,000 (2024)
Improvements Assessment
$1,228,770 (2024)
Total Assessment
$1,500,770 (2024)
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Phelps Block | 3 West St
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