First Investment Property (Mixed-Use Building in Waterbury CT)
Hi everyone! I recently entered a contract for a mixed-use property in Waterbury CT. It consists of a grocery store, a small restaurant, a section-8 apartment, and a normal residential unit. It is located in a C neighborhood, and the Cap rate is about 13.1% and CoC 25.6%.
I started to actively search for small commercial/multi-family property back in May. This one was actually the first one I saw. I sent in an offer but the listing broker said someone else sent in a cash offer and the seller accepted. So I moved on and looked for other places. Fast forward one month, the same broker called me up and told me the other buyer did not follow through. Long story short, I entered the contract in July. I also set up an LLC and work with a local bank to get a commercial loan. During the inspection period, I found some issue and was able to negotiate a cash-back at close. Now we are waiting for the bank appraisal.
Would love to share my first experience here and connect with local investors and bounce ideas around.
P.S. I am also looking for other deals in CT. Currently I am looking at New Britain, Waterbury, and Meriden.