Seaport Real Estate Services Blog - Commercial

Seaport Commercial Closes the Sale of 131 Boston Post Road in East Lyme, CT for $2,125,000

Seaport Commercial Closes the Sale of 131 Boston Post Road in East Lyme, CT for $2,125,000

A Proven Strategy for Value and Stability in Healthcare Real Estate

Seaport Commercial is proud to announce the successful sale of 131 Boston Post Road in East Lyme, Connecticut— a 13,288-square-foot, multi-tenant medical office buildingthat exemplifies the strength and stability of the healthcare sector. The property sold for $2,125,000, reinforcing investor confidence in medical office assets and Seaport’s ability to connect clients with high-performing investment opportunities.

About the Property

This professionally managed, multi-tenant building is anchored by an established mix of long-term healthcare tenants, including Resolute Dental…

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Off-Market Investment Opportunity: Fully Leased Medical/Retail Center

Investors seeking long-term stability with built-in upside — this one’s for you.

An exceptionally well-positioned multi-tenant property is quietly being offered off-market for a limited time. The asset features a mix of medical and professional tenants, all operating under NNN-style leases, with strong rent growth, reimbursement structures, and renewal optionsin place.

Property Highlights:

• 92.3% Occupiedwith seasoned, service-based tenants in healthcare and professional industries

• Stabilized Net Operating Income:$167,500 (after vacancy, reserves, and management fee)

• Tenants Reimburse ~85.5% of Expenses, minimizing landlord exposure

• Capital Improvements Completed: New roof, full HVAC replacement,…

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Washington County, RI Multifamily Market: Key Insights and Opportunities

The multifamily real estate market in Washington County, RIhas shown a solid upward trajectory in recent years, marked by rising rents and high occupancy rates. This trend continues to benefit investors, with strong demand driving the market forward. Let's dive into the most important data points shaping the Washington County multifamily landscape.

Consistent Rent Growth

Since 2020 Q1, average rents per unit in Washington County have grown significantly, from $1,534to $1,998by 2024 Q4 QTD, representing an overall increase of roughly 30.2%in under five years. This equates to an annual growth rate of 5.1%, which demonstrates the region’s robust rental market.

• 2024 Outlook: The forecast indicates continued growth, with projected rents…

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New London County Multifamily Market: A Snapshot of Growth and Opportunity

The multifamily real estate market in New London Countycontinues to show strong momentum, with consistent rent growth and high demand. Since 2020, the market has seen significant appreciation, driven by a combination of tight supply, increasing demand, and limited new construction. As we look forward, the data points to continued strength in the multifamily sector, making it a prime area of opportunity for investors and property owners alike.

Let’s dive deeper into the numbers and trends shaping this market.

Steady Rent Growth Since 2020

One of the most notable trends in New London County’s multifamily market has been the steady increase in rent prices. Back in 2020 Q1, the average rent per unit was around $1,293. Fast forward to 2024 Q4,…

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2024 Rhode Island Commercial Mill Rates by Town

Tax rates, even within a state, are not universal! In Rhode Island, commercial mill rates or tax rates differ compared to residential rates in many towns, but are the same in others. Based on the 2024 data, the average residential property tax for the 39 municipalities in Rhode Island is approximately 14.35, while the average for commercial property is about 20.37. Interestingly, 27 of the municipalities have a higher commercial rate! Why is there this discrepancy? What do some towns provide that makes the mill rate different?

A higher commercial tax rate often reflects the higher level of services available within the area. This discrepancy might also indicate the degree of reliance on property tax within the municipality. Tax rates tend to be…

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2024 CT Mill Rates

Connecticut's real estate taxes can vary greatly depending on the municipality and districts within them.  The graphic above illustrates the base rates for each town. Additional rates are applied to specific locations where services are provided.  These services can include public water, sewer, trash removal,  police services, or a firehouse.  A town or district with a lower Mill rate may not offer these services.  Your real estate agent will be able to help you to determine the services offered and their importance to you when purchasing real estate. The average property tax rate in CT for 2024 is $28.93, with the highest being Hartford at $68.95 and the lowest being Salisbury at $11. 

How to Calculate Connecticut Property Taxes

The…

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Community Redevelopment: How Seaport Commercial Agents are Revitalizing the City of Norwich

Original article from Claire Bessette of The Day | January 16, 2024 7:02 pm • Last Updated: January 16, 2024 9:49 pm Norwich ― New York-based real estate developers Ernest and Alfred Tollja learned about Norwich in 2018 from a persistent Norwich comedian who drove to their comedy theater nearly every night and pressured them to buy a building in his hometown. Six years later, the two brothers, originally from Albania, own more than a dozen apartment buildings in Norwich, with a total of 117 apartments. That comedian, however, has moved to upstate New York, the pair said Tuesday. On Thursday, they completed the purchase of three prominent lower Broadway buildings that are part of a larger revitalization…

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Commercial Property Owners!!! Do not make these mistakes before selling.

Maximizing Long-Term Value in Real Estate and Business Sales: Top 5 Strategic Mistakes to Avoid

By Tim Bray, Broker/Owner, Seaport Real Estate Services

Hello, I'm Tim Bray, the broker/owner of Seaport Real Estate Services and a graduate in Real Estate & Urban Economics from UConn. Through my years of experience, I've seen how focusing on short-term gains can lead to long-term challenges in real estate and business sales. Let's explore the top five strategic mistakes to avoid for maximizing long-term sale values.

1. The Pitfall of Underreporting Income Underreporting income, particularly through cash transactions, may offer short-term tax benefits, but it drastically reduces your property's perceived profitability and legal standing. Accurate…

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Major Distress for Commercial Properties Nationally

In the world of commercial real estate, the Debt Service Coverage Ratio (DSCR) is a critical metric that plays a pivotal role in the refinancing of properties. A DSCR lower than 1.2 often signals trouble, and recent trends across the country have shown an alarming 602% increase in properties grappling with this issue. However, the impact is not uniform across the board, as we'll see in the case of Connecticut, particularly in New London County.

National Context:Nationally, the picture is stark. In just the last 30 days, properties in distress have skyrocketed from 5,562 to a staggering 33,495, covering about 1.5 billion square feet of space. This surge reflects a significant shift in the commercial property landscape, indicating a broad-scale…

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On the Path to the Elite CCIM Designation at Seaport Commercial

We're incredibly proud to spotlight Kyle Schrader, one of our most dedicated and industrious realtors. Kyle is consistently striving for excellence, and is currently working diligently to obtain the prestigious CCIM designation.

???? What is the CCIM Designation?The Certified Commercial Investment Member (CCIM) designation, administered by the CCIM Institute, is among the most esteemed credentials in the real estate world. Achieving this signifies expertise in financial, market, and investment analysis, and exceptional negotiation skills. Those who earn this are recognized as leaders in the commercial investment real estate sector.

???? Why is the CCIM Designation a Game-Changer?

1. Mastery in Financial Analysis: CCIMs make data-driven…

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