Newly APPROVED for mixed use! An iconic Essex village property for sale at the head of Main Street! Potential here to create your own custom Essex village pied-a-terre with an income-producing component, or to convert this current office building into your full-time Essex home. Solid and well maintained, the building is currently divided into two condominium units. Unit 'A' consists of 1, 200 square feet of first floor space. Unit 'B' comprises 1, 977 square feet on the second and third levels. Features include first class mechanical systems, a kitchen, and a spacious second level room overlooking Main and Pratt Street, with views down to the CT river. A gracious terrace and rear yard are accessed from the second level. The location is spectacular. Set on a gentle rise at the top of Main Street you have both a commanding presence and commanding views of the heart of the village. Adjacent to shops, restaurants, yacht clubs, marinas, galleries, and all of the historic maritime charm Essex is so well known for. There is a private yard accessed directly from the second level or via an exterior staircase from the parking area. You can restore the former residential use of the second and third levels to create a mixed use property combining a residence upstairs and office/retail space on the ground floor. Whatever your desire, this is an opportunity to own a substantial piece of the pie in world renowned Essex waterfront village!
| Type | Level |
|---|---|
| Office | Main |
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5/6 (30 Yr) Adjustable Rate Conforming* |
30 Year Fixed-Rate Conforming |
15 Year Fixed-Rate Conforming |
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|---|---|---|---|
| Loan Amount | $636,000 | $636,000 | $636,000 |
| Term | 360 months | 360 months | 180 months |
| Initial Interest Rate** | 5.500% | 5.990% | 5.125% |
| Interest Rate based on Index + Margin | 8.125% | ||
| Annual Percentage Rate | 6.285% | 6.132% | 5.415% |
| Monthly Tax Payment | $1,137 | $1,137 | $1,137 |
| H/O Insurance Payment | $92 | $92 | $92 |
| Initial Principal & Interest Pmt | $3,611 | $3,809 | $5,071 |
| Total Monthly Payment | $4,840 | $5,038 | $6,300 |
* The Initial Interest Rate and Initial Principal & Interest Payment are fixed for the first and adjust every six months thereafter for the remainder of the loan term. The Interest Rate and annual percentage rate may increase after consummation. The Index for this product is the SOFR. The margin for this adjustable rate mortgage may vary with your unique credit history, and terms of your loan.
** Mortgage Rates are subject to change, loan amount and product restrictions and may not be available for your specific transaction at commitment or closing. Rates, and the margin for adjustable rate mortgages [if applicable], are subject to change without prior notice.
The rates and Annual Percentage Rate (APR) cited above may be only samples for the purpose of calculating payments and are based upon the following assumptions: minimum credit score of 740, 20% down payment (e.g. $20,000 down on a $100,000 purchase price), $1,950 in finance charges, and 30 days prepaid interest, 1 point, 30 day rate lock. The rates and APR will vary depending upon your unique credit history and the terms of your loan, e.g. the actual down payment percentages, points and fees for your transaction. Property taxes and homeowner's insurance are estimates and subject to change.