554 West Main Road

Under Contract


Property Description

Under Contract

Get it while this corner is hot! The development across the street will only improve your investment, or you could move right in and enjoy the visibility and traffic at this major Middletown intersection. Enjoy neighboring retail draw with  neighboring Bank Newport, across from Walgreens, Burger King, TD Bank, near Chase Bank, Shaws Marketplace, BJ’s, Christmas Tree Shop and more.

The two buildings that wrap around the corner are being offered for sale along with a lot for parking behind on Hart St. Don’t let this opportunity pass you by in the heart of Middletown’s high traffic retail sector. The three properties are being sold as one package. Not sold separately.


Property Details

Address: 554 West Main Road, Middletown, RI
Buillding Size: 4,513 sf (both buildings)
Lot Size: 14,809 sf (Three Lots)
Sale Price: $1,400,000
Bathrooms: 4 Half Baths
Sewer: Town Connected
Water: Town Connected
Deed Restrictions: Utility Easement at NE Corner
Taxes: $12,230 (2020/2021 tax year)
Plat: 107 SW
Lot: 87, 88 & 89
Year Built: Coddington Hwy 1940/ West Main Rd 1963
Number of Units: 4
Unit Descriptions:

2 & 4 Coddington

Bldg-  2,258 sf

Land- 3,920 sf

Tenant 1-  Will vacate 1/1/2022

Tenant 2-  Lease until 11/30/2023 $725 and then $755 per month

New 40 Gallon Hot Water 2 Coddington 2017

Furnace /Oil Boiler 1999

554 West Main

Bldg.- 2.255 sf

Land- 4,791 sf

Tenant 1- Month to Month Lease-  $1,330 per month

Tenant 2- Month to Month Lease- $1,300 per month

New HVAC Condensing Rooftop Unit 2015

New Rubber Membrane 20 Yr Roof 2017

Expenses 2021 ~ $18,000 for Insurance, Taxes, Snow Plowing & Alarm Testing, Misc.

Drainage tank located under the parking lot as required for runoff by Town of Middletown.

 

Traffic Counter: 31,100 - 51,000 daily average per DOT map
Location: Middletown Center
Site: Corner - High Visibility
Road: State Highway Rte 114 & Coddington Highway + Hart St
Frontage: 245' West Main & Coddington/ 414 West Main+Coddington+Hart
Parking: 13 On-site
Electric: Separate
Heat / Air: New Cooling Unit/Condenser 2015- West Main Rd. Wall A/C Units - Coddington Hwy
Zoning: GBA - General Business - Traffic Sensitive
Condition: As Is

554 West Main Road, Middletown, RI,
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