Woodbridge Mill - Senior Apartment Conversion

501 Middle Tpke East Manchester, CT 06040

FOR SALE
Property Type:
MultiFamily Apartments
Amount:
$550,000
Last Verified:
Jan 03, 2022

Highlights

  • Approved for 25 apartments
  • Senior Housing (55 years or older)
  • State Register of Historic Places
  • State and Federal Tax Credits Eligible
  • Great Value-Add Property
  • Original Brick Exterior
  • Vaulted Ceilings
  • Great Window Line
  • Clean Environmental Report
  • Detailed Site Design Approval Plan
  • Mill Building

Description

The historic Woodbridge Mill building is a turn-of-the-century factory building totaling 33,948 SF and situated on 1.03 acres. Originally built as an expansion location for the Glastonbury Knitting Company, this storied property is located at the 3-way junction of Middle East Tpke, East Center Street and Woodbridge Street. The property has approvals in place to be converted into 25 senior apartments (age of 55+), allows for historic tax credits (both statewide and federal), and has a projected NOI of $370,000+ per year. Architectural plans are already in the work and would allow for a great unit mix of 16 one bedroom apartments, and 9 two bedroom apartments.

Manchester, Connecticut is a town of just over 55,000 residents making it Connecticut’s 15th most populous town. Manchester has many shopping centers with big-box stores, small businesses, and restaurants as well as the Buckland Hills Mall. Manchester is easily accessible as it is right off of Interstate-84, I-384, and I-291.


Year Built: 1901
Building Size: 33948sq ft
Lot Size: 1.03 acres


Documents

Sale Brochure
Sale Fact Sheet - Building

Map of 501 Middle Tpke East, Manchester, CT, 06040

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