Former mill building on the National Historic Register. Currently an office building in very good condition with plans to convert to 31 1-Br residential units. Elevator, HVAC, sprinklers, rooftop solar, etc. : everything in good condition. Clean Phase I. Floor plans available (too large to upload here). Conversion costs are estimated to be ~$7MM and upon completion the developer would get over $3MM in tax credits. 25% of hard costs in state tax credits which Eversource and other companies purchase dollar for dollar. 20% of hard and soft costs from federal tax credits which can be used against the developers passive income I have spoken with the CT administrator of the program. She confirms all of the above and adds that the state credits can only be utilized by a C corp and that is why developers sell them to corporations like Eversource for 100% of face value. The State web site for this program is here: https://portal.ct.gov/decd/content/historic-preservation/02_review_funding_opportunities/tax-credits/historic-rehabilitation-tax-credit It appears to me that the federal tax credits may not be sold but can be used against your annual tax return over 5 years. See here: https://www.irs.gov/businesses/small-businesses-self-employed/rehabilitation-credit The city of Manchester is 110% behind this project, according to the seller. Average rent for a 1-bedroom apartment in Manchester are ~$1,750, according to various source. New units such as these would likely rent for more. The parking lot is much larger than necessary. I foresee value add construction there, whether it is a long row of garages or additional resie units.