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Millridge Manor, Moosup CT
At present this is the status of Millridge Manor. If you have and interest in this property it is very likely a good idea to read the following information although it is slightly lengthy. The original house was built around 1880 by the Cranksa family who owned the mill across the street. In the 1920's the house was lifted out of the ground, turned 90 degrees and had an addition put on to bring it to its present French Chateaux style. The 2 present owners purchased the property in 2004 for $440,000 and put approximately $200,000 cash into renovations not counting their sweat equity and won an award from the Plainfield Historical Society for the restoration (Moosup is a village of the town of Plainfield). One owner is local and one is the brother in law who lives on Long Island. The owners took on a business partner who wanted to run a wedding/events facility. This partner lived 45 minutes west of Albany, NY, so the travel time to Eastern CT was extensive. When I became involved about selling, the business was still active and this partner had no kind words to say about the property owners, complaining that he had to do all the work and was traveling a far distance every weekend to do so. Besides the less than amicable business arrangement, from my experience with other wedding/event facilities, a significant flaw to their business plan was they did not serve or make profit from food and beverage. They only rented the site and accessories needed for a wedding. The food was from a local outside caterer and for spirits it was BYOB. A 2006 tax return shows an income of $95,000. In fall 2008/Winter 2009 the property was under contract in the $600's with much of the contents included. The business held its last event during this time as the partners dissolved the operation the business partner started to sell off contents to recoup some of his investment. In winter 2009 there was water damage from 2 bathroom fixtures that froze; a pin hole in a little rubber type sink connection and a toilet. These were on the second floor so water came through the ceiling and down the wall in two isolated areas of the mansion. An insurance company adjuster estimated the damage at approximately $15,000 and a check was issued to the sellers and the bank but the bank will not sign off on it because the loan is not current. This property is not a going concern and the value of contents is limited. It is permitted to operate as an events facility and bed and breakfast. The town assessor's card shows the former use as a housing for the elderly care facility. The business never really ran as a B&B except for when the wedding party wished to stay there. There are two half baths on the first floor. For a B&B set up, there are 6 bedrooms and 4 baths on the second floor. With multiple rooms presently connected, this could function as 2 suites and 2 rooms with private baths. There are 2 more small rooms at the end of this floor that are too small to be guest rooms. On the 3rd floor there is a billiard room that needs plaster work, a bedroom with private bath that was in the process of renovation (just the bath), 85% complete, then separated by a hallway door is 3 good sized bedrooms with a bath. The mechanicals appear to be in excellent condition; new heating system 2004, electrical panels, city sewer and water. The 4.5 acres of land is totally level, 500 feet frontage on two streets and subdividable for 4-5 building lots. In the yard there is a concrete slab the size of a tennis court with electric and lighting connections that serviced the large tent at events (tent was rented). There is the large gazebo that was built in the 1920's. The grounds have roses and perennials. There is an elementary school next door to the north, houses next door to the south, the mill across the street is well kept in good condition (they make rubber seals), the street out in back is a residential neighborhood. Bluestone was installed in back to accommodate parking for 60-70 cars. For really large wedding guest would also use the elementary school parking lot. There is a paved circle driveway in the front and on the side a gravel drive that goes from the front entry on Rte 14 (87 Main St) a distance of 750 feet to Daggett St in the rear. Owners will consider lease option terms as well as a purchase. The present property taxes are about $12,000 per year as the property is way overvalued by the town: CT assesses 70% of value. Since the town says this property at full value is worth more than $800,000, the next owner following purchase should appeal the assessment. All property owners have the right to appeal their assessment. The present property assessment is based on when the property was still in prime condition and open for business. The deadline to file is February 20th for a March hearing (typically the applicant brings sales data to support their request). 1-12-10 Update: In October 2009 an offer was made from a family from Willimantic who is trying to sell their Victorian and is still interested if they can sell. It doesn't make sense for the owners of the Manor to accept a sale contingency as we get tons of inquiries on this property probably because instinctively something clicks in many people's head because at $369,900 when they see gilded age grand construction specifications offered at $64 a square foot plus the land being developable. In January 2010 the owners gave serious consideration to a strong lease option offer but in the end declined. This RI developer's intent was to open a school to train wait staff who are employed or will be placed for employment at mansions in Newport and other locations, as well as divide off some building lots at some later point. Since I am not near the property I have to allow at least 3 hours for a showing. If one of your questions is, "what is going to be the draw to Moosup?" I would ask that you research or have the answer to this question before requesting a viewing of the interior. Also since it is not an operating business, please explain to me how you would intend on financing this type of acquisition; cash, residential or SBA insured real estate development loan. If you wish to check out the area you are welcome to do a drive by. Although the home is occupied with some temporary tenants, it is OK to drive in the driveway including to straight through to Dagget Street in the back. Moosup is a village of the town of Plainfield which has a mostly middle class population of 15,000+. The village center is that of a small mill town. Originally an agricultural society, in the 1800's small cotton mills were built on the Moosup River. The property is located on Rte 14 which is an east/west route to Providence. The most heavily trafficked east/west route from Hartford to Providence is Rte 6 which runs though the neighboring town to the north, Killingly, so it is not a major truck route and the speed limit is low here. The property is 2 minutes off I-395 which connects the Norwich/New London area to Worcester, MA. In Eastern CT I-395 and the Quinebaug River run parallel through area towns. Plainfield's high school is relatively new and modern facility. The town recreation department runs a variety of supervised activities for participants ranging from toddlers to seniors that include land and water aerobics, trips, yoga, craft classes, music concerts, holiday parties and teen dances. The heated swimming pool in the lower level of the town hall is open to the public year round six days a week and offers open swim times, lessons and exercise lessons. The department also runs a self-supporting child care center licensed through the department of public health for children 3-5 years of age. The Plainfield Senior Citizen Center is a multi-use facility that runs daily a multitude of social, recreational and educational programs. 1 mile from the manor, Moosup Pond is a clean natural 100 acre lake with a public swimming beach. Its depth supports both bass and trout for sports fishing. Established in 1971, the Quinebaug Valley Trout Hatchery in Plainfield is the Dept. of Environmental Protection's newest and largest hatchery. As one of the most advanced hatcheries in the Northeast, tours and public fishing is available with fees and restrictions applicable. The answer to "what is going to be the draw to Moosup?" is you have to make a destination inn, just like when I sold the Dutch Iris Inn in Granby (that's Granby CT, as in, nobody ever heard of it or knows where it is) in 2007 where their annual room sales were $158,000 for 6 rooms (that's $26K annual per guest room when over 75% of New England inns generate only $10K-$20K per guest room annual). They received an award from Arrington's B&B Journal for their creative packages. They worked with other businesses in the Farmington River Valley merchant's association and created packages that included hayrides at the apple orchard, the husband was an accountant and offered a tax & relax special for completing tax returns, and, they belonged to 3 barter networks. Regarding the Manor, the tourism web site for this section of the state is www.mysticcountry.com. Another web site for this area which was designated by congress in 1994 as a National Heritage Corridor is www.thelastgreenvalley.org. Also on www.innmarketing.com, #2446 in CT is a property in the same town (Plainfield); at the end of that description is driving distances to numerous points of interest. DEVELOPABLE LAND: The property has 4.5 acres with a total of 500 feet of road frontage on two roads with town sewer and water. Zoning is R-19 which requires 100 feet of road frontage per house lot and a minimum size of 19,000 square feet (.44 acre). 9-13-11 This property is a Short Sale and any offer requires lender approval. The bank does not own the property. According to the state's judicial web site the foreclosure was dismissed in court December 2010. There is additional first floor ceiling damage since the insurance estimate of $15,000 in the main living room and the rear parlor in back of the front door foyer (photos on MLS). There is a couple that are illegal tenants or squatters that the buyer will have to evict. They are well known local homeless people that dress in white robes and proclaim everything in god's name. They've named it God's House as god has told them it is there's. The crib awaiting the return of baby Jesus is in one of the bedrooms which they will proudly show. I've been told the neighboring town of Danielson had to change its zoning because they were living in the Gazebo on the town green. They take very good care of the property and have been there for some time. You will be asked to take your shoes off when viewing the interior. The owner who is local let them move in when he was called by the police when they were found staying on the porch (he was asked if he wanted them arrested). He felt sorry for them and after the recent water/freezing damage had occurred because nobody was there, he let them stay there. The last time the property was under contract earlier in 2011 there was a BPO of $330,000 and an old one from $413,900 from fall of 2010. Now the latest BPO recently in is $298,000 so that is the bank's counter offer to the two offers presently in. One buyer has accepted the counter of the price but asked the owners to remove the tenants which is never going to happen so it is unacceptable. We are waiting for a counter from the buyers who offered $200K and from the other buyer to see if they would be willing to remove the tenants. As with any short sale or bank owned property, in order to make an offer you will need of bank letter of proof of funds in an account or the typical residential pre-qualification letter from a lender or a letter from a lender stating you have consulted regarding a commercial loan. 11-22-11 Update: The buyers came up to $240,000. The bank's response was their bottom line is $275,000. The buyers would not come up that high and the property is actively back on the market for that price.
Dennis Duga |
