A historic five-story mixed-use building located in the heart of downtown New Britain, Connecticut. Constructed in 1900, the property encompasses approximately 16,406 square feet, featuring 23 residential units and a prominent ground-floor retail space. The building's architectural character contributes to the city's rich urban fabric, and its central location offers residents immediate access to local amenities, public transportation, and cultural landmarks.
Acquired from a previous owner who had mismanaged the asset, the property presented significant value-add opportunities. At acquisition, the sole retail tenant was preparing to vacate, and residential rents ranged from $900 to $1,700, below market rates. Within the first four months of ownership, 11 residential units underwent comprehensive renovations, modernizing interiors to meet current market expectations. The retail space was secured through a renegotiated 10-year triple net (NNN) lease at a 50% premium to the previous rent, with structured annual escalations over the first five years. Post-renovation, residential rents have increased to a range of $1,350 to $2,300, aligning with the enhanced quality of the units and prevailing market conditions.
160 Main Street's strategic location positions it to benefit from New Britain's ongoing downtown revitalization efforts. The city's Complete Streets Master Plan aims to create a more pedestrian-friendly and attractive environment, enhancing the livability of the downtown area. Additionally, significant private investments, such as the development of The Brit and The Highrailer projects, are transforming New Britain's urban landscape by adding residential units and prime retail spaces to the walkable downtown. The proactive repositioning of 160 Main Street aligns with these urban development initiatives, ensuring its competitiveness in a burgeoning market and securing stable, long-term returns.
