17-unit retail and apartment building offers value-add investment opportunity with below-market rents and vacant commercial space
THOMASTON, Conn. — South End Plaza, a 17-unit mixed-use retail and residential property in Thomaston, has been listed for sale at $2.45 million, according to Northeast Private Client Group.
Located at 310 South Main St., the two-story property comprises approximately 14,614 square feet on a 0.77-acre site. Built in 1971, the building features seven ground-floor commercial suites and 10 second-floor apartments with private rear ground-level access. The property also includes an approximately 10,000-square-foot asphalt parking lot and is located less than one mile from Route 8 via Exits 38 and 39.
The residential units currently generate monthly rents ranging from $1,300 to $1,600, while occupied retail spaces average approximately $14.20 per square foot. Current commercial tenants include Thomaston Smoke & Vape, KC’s Package Store, Elegant Nail & Spa, and S & S Laundry. Two of the retail leases have been in place since 2011 and 2013.
According to the listing, the property presents a value-add investment opportunity through leasing two vacant commercial suites and increasing both residential and commercial rents to market levels. The new owner could also increase revenue by recovering a greater share of water and sewer expenses through common area maintenance (CAM) charges.
The property’s tax assessment is expected to remain stable following Thomaston’s 2025 town-wide revaluation, which established assessed values through the next scheduled revaluation in 2030. Under Connecticut law, the property’s assessment will not be adjusted upon sale.
The property is zoned General Commercial (GC) and is being marketed at a basis of approximately $168 per square foot.
