Income-Producing Suburban Office with Upside 31 Cherry St
8,610 SF 100% Leased Office Building Online Auction Sale Milford, CT 06460
Place your bid!
INVESTMENT HIGHLIGHTS
- This modern suburban office provides existing cash-flow from a highly rated tenant mix with upside to occupy or lease the remaining vacancy.
- Tenants are placed within walking distance of Milford Station, the post office, city hall, the Parson’s Gov. Complex, and Milford’s Town Green.
- The professionally landscaped property sits under 5 mins from I-95 and Highway 1, providing quick commutes and easy access to quality amenities.
- Supported by a growing 5-mile workforce, with daytime employment exceeding 76,000 and 42% of residents carrying a bachelor’s degree or higher.
EXECUTIVE SUMMARY
Presenting an ideal acquisition for both users and investors, 31 Cherry Street is an income producing suburban office with highly rated tenants and a fantastic location in Milford, Connecticut. Delivered fully occupied, this substantial opportunity is perfect for investors looking to enter this thriving coastal market. There is also the upside to bring rents inline with the growing submarket average, with one tenant currently month-to-month and six more renewing during 2025.
The offer consists of two buildings spanning 8,610 square feet across three stories that were originally built in 1890 and underwent an extensive renovation in 2007. The property now offers contemporary and functional office suites with quality finishes. Sitting on a professionally landscaped 0.66-acre lot, 31 Cherry Street provides tenants with access to 30 on-site parking spaces.
Placed at the heart of Milford, 31 Cherry Street offers access to great amenities and convenient commutes. The asset is less than five minutes off Interstate 95 and Highway 1, and within walking distance of Milford Station, offering service to the New Haven Line. Tenants can also easily walk to city hall, the post office, the Parson’s Government Complex, and Milford’s town green, home to many community events. Numerous popular local restaurants are nearby, providing convenient dining options, while dozens of national shopping brands can be found along the Highway 1 retail corridor. The area is also home to the Connecticut Post Mall, the largest mall in the state with 215 upscale retail locations.
With existing income, a significant lease or user upside, and a prime location just off Interstate 95 and Highway 1, this rare opportunity at 31 Cherry Street is the perfect entry point into this high-growth market.
The offer consists of two buildings spanning 8,610 square feet across three stories that were originally built in 1890 and underwent an extensive renovation in 2007. The property now offers contemporary and functional office suites with quality finishes. Sitting on a professionally landscaped 0.66-acre lot, 31 Cherry Street provides tenants with access to 30 on-site parking spaces.
Placed at the heart of Milford, 31 Cherry Street offers access to great amenities and convenient commutes. The asset is less than five minutes off Interstate 95 and Highway 1, and within walking distance of Milford Station, offering service to the New Haven Line. Tenants can also easily walk to city hall, the post office, the Parson’s Government Complex, and Milford’s town green, home to many community events. Numerous popular local restaurants are nearby, providing convenient dining options, while dozens of national shopping brands can be found along the Highway 1 retail corridor. The area is also home to the Connecticut Post Mall, the largest mall in the state with 215 upscale retail locations.
With existing income, a significant lease or user upside, and a prime location just off Interstate 95 and Highway 1, this rare opportunity at 31 Cherry Street is the perfect entry point into this high-growth market.
DATA ROOM Click Here to Access
- Operating and Financials
- Purchase Agreement
- Title and Insurance
- Leases
MARKET ANALYTICS Click Here to Access
$99,999
Asset Value
$99,999
12 Month Sales Volume
12 Month Sales Volume
Total
Lowest
Highest
Transactions
999
-
-
Sales Volume
$99,999
$99,999
$99,999
Properties Sold
999
-
-
Transacted SF
999
999
999
Average SF
999
999
999
9.9%
Market Cap Rate
9.9%
Market Sale Price/SF Change (YOY)
12 Month Sales Price
Average
Lowest
Highest
Market
Cap Rate
9.9%
9.9%
9.9%
9.9%
Sale Price/SF
$99,999
$99,999
$99,999
$99,999
Sale Price
$99,999
$99,999
-
-
Sale vs Asking Price
-9.9%
-9.9%
-9.9%
-
% Leased at Sale
9.9%
9.9%
9.9%
-
Market Sale Price per SF
New Haven - CT USA
Market Cap Rate
New Haven - CT USA
Market Sale Price per SF by Star Rating
1 - 2 Star
3 Star
4 - 5 Star
Market Cap Rate by Star Rating
1 - 2 Star
3 Star
4 - 5 Star
Market Sale Price per SF Distribution
Market Cap Rate Distribution
PROPERTY FACTS
Sale Type
Investment
Sale Condition
Auction Sale
Type of Ownership
Fee Simple
Property Type
Office
Building Size
8,610 SF
Building Class
C
Year Built/Renovated
1890/2007
Percent Leased
100%
Tenancy
Multiple
Building Height
3 Stories
Typical Floor Size
2,870 SF
Building FAR
0.30
Lot Size
0.66 AC
Zoning
RO
Parking
30 Spaces (3.48 Spaces per 1,000 SF Leased)
AMENITIES
- Signage
1 of 1
Walk Score®
Very Walkable (73)
DEMOGRAPHICS
Demographics
1 Mile
3 Mile
5 Mile
2024 Population
9,109
48,863
113,853
2020 Population
8,624
46,230
109,504
2029 Population
9,169
49,192
114,457
2024-2029 Projected Population Growth
0.7%
0.7%
0.5%
Daytime Employees
10,784
34,834
76,754
Total Businesses
1,482
3,736
7,542
Average Household Income
$128,903
$125,657
$123,385
Median Household Income
$97,035
$100,517
$101,115
Total Consumer Spending
$147.5M
$777.6M
$1.7B
Median Age
44.5
46.2
46.7
2024 Households
4,034
20,853
47,006
Percent College Degree or Above
26%
24%
23%
Average Home Value
$467,155
$419,196
$386,201
$ values in USD
ZONING
| Zoning Code | RO |
PROPERTY TAXES
| Parcel Number | MILF-000065-000817-000013 | Improvements Assessment | $621,192 CAD |
| Land Assessment | $376,877 CAD | Total Assessment | $998,069 CAD |
SALE ADVISOR
SALE ADVISOR
Michael Guidicelli, CCIM, SIOR, Broker & Owner
(860) 371-7103
Contact
Michael stands at the forefront of the investment real estate market as the esteemed Owner and Power Broker of Regions Commercial, LLC. His firm is renowned for its specialization in the sale of intricate investment properties and providing unparalleled tenant representation services. Michael's expertise is backed by his prestigious designation as a CCIM (Certified Commercial Investment Member), a testament to his deep-rooted knowledge and practical experience in commercial and investment real estate.
Throughout his illustrious career, Michael has played a pivotal role in shaping the landscape of the real estate industry. His dedication and leadership have been instrumental in his decade-long service on the Board of Directors for the Connecticut Chapter of CCIM, including two remarkable years as President (2016 & 2017). Under his stewardship, the chapter witnessed exponential growth, nearly doubling its membership and tripling its net operating income. His exceptional leadership skills were further recognized through his role as Regional Vice President of Region 11, overseeing pivotal chapters across the Northeastern United States.
Michael's commitment to excellence is also evident in his attainment of the SIOR designation from The SOCIETY OF INDUSTRIAL AND OFFICE REALTORS®, marking him as a leading authority in commercial real estate brokerage. His tenure as President of the CT/W. MA SIOR Chapter and his continued role as Immediate Past President highlight his significant contributions and steadfast dedication to the industry.
His outstanding achievements have not gone unnoticed, earning him a spot in the top 40 Under 40 by the Hartford Business Journal, and highlighting his remarkable impact in the field. Furthermore, Michael's academic credentials are equally impressive, with a graduate degree from Harvard Law School's Program on Negotiation, equipping him with unrivaled negotiation skills that benefit his clients immensely.
As a staunch advocate for his clients, Michael offers expert guidance through every step of the real estate transaction process. His commitment to his clients is unparalleled, offering both commission-based and consulting services tailored to meet their unique needs. The opportunity to begin with an initial consultation without obligation is a testament to his client-centered approach, ensuring a comprehensive understanding of their requirements from the outset.
Michael's distinguished career, marked by his leadership roles, prestigious designations, and unwavering dedication to his clients, sets him apart as a leading figure in the investment real estate industry.
Throughout his illustrious career, Michael has played a pivotal role in shaping the landscape of the real estate industry. His dedication and leadership have been instrumental in his decade-long service on the Board of Directors for the Connecticut Chapter of CCIM, including two remarkable years as President (2016 & 2017). Under his stewardship, the chapter witnessed exponential growth, nearly doubling its membership and tripling its net operating income. His exceptional leadership skills were further recognized through his role as Regional Vice President of Region 11, overseeing pivotal chapters across the Northeastern United States.
Michael's commitment to excellence is also evident in his attainment of the SIOR designation from The SOCIETY OF INDUSTRIAL AND OFFICE REALTORS®, marking him as a leading authority in commercial real estate brokerage. His tenure as President of the CT/W. MA SIOR Chapter and his continued role as Immediate Past President highlight his significant contributions and steadfast dedication to the industry.
His outstanding achievements have not gone unnoticed, earning him a spot in the top 40 Under 40 by the Hartford Business Journal, and highlighting his remarkable impact in the field. Furthermore, Michael's academic credentials are equally impressive, with a graduate degree from Harvard Law School's Program on Negotiation, equipping him with unrivaled negotiation skills that benefit his clients immensely.
As a staunch advocate for his clients, Michael offers expert guidance through every step of the real estate transaction process. His commitment to his clients is unparalleled, offering both commission-based and consulting services tailored to meet their unique needs. The opportunity to begin with an initial consultation without obligation is a testament to his client-centered approach, ensuring a comprehensive understanding of their requirements from the outset.
Michael's distinguished career, marked by his leadership roles, prestigious designations, and unwavering dedication to his clients, sets him apart as a leading figure in the investment real estate industry.
ABOUT THE AUCTION PLATFORM
Ten-X Commercial is the leading end-to-end digital transaction platform for commercial real estate. With over $26bn sold, Ten-X’s platform empowers brokers, sellers and buyers with data-driven technology and comprehensive marketing tools to expand market visibility and decrease time to close. Ten-X consistently yields trade rates at two times the industry average. Ten-X expedites the entire CRE transaction timeline by enabling brokers and sellers to tap into a digital platform that makes it easy to onboard properties, evaluate the success of complimentary omnichannel marketing campaigns and follow up on the strongest pre-qualified leads. Buyers are precision-matched with properties aligned with their investment goals, with unprecedented access to market analysis and due diligence documents to help them securely acquire properties online, with confidence.
Read More
AUCTION CONTACT
Casey Harrell
Contact
Auctioneer License:
Ten-X, Inc. Samantha Corbat RE Brkr REB.0790949
