57 Whiting St - Apartments FOR SALE


New Britain, CT 06051- New Britain/Newington/Wethersfield
$3,400,000 USD
203-273-5256
57 Whiting St, New Britain, CT for Sale
$3,400,000 USD
Apartments - FOR SALE
1/19
null | 7.63% Cap Rate


HIGHLIGHTS

  • Heavy Foot Traffic
  • Lots of Natural Light
  • Exposed Brick | Large Layouts

OVERVIEW

21-Unit Brick Building in Prime Location, an excellent opportunity to acquire a fully operational 21-unit brick building in the heart of New Britain. This well-maintained asset features spacious 3-bedroom, 1-bath units as well as, spacious 4-bedroom, 1 bath units with approximately 90% of them thoughtfully upgraded with new flooring, contemporary kitchens, and renovated bathrooms. Rents are currently 20-25% below the market rate for units of similar size, allowing a new investor immediate upside in New Britain's burgeoning rental market. Recent capital improvements include new kitchens, bathrooms, flooring, walls and exterior decks. Additional features include off-street parking and convenience to retail amenities. All utilities are covered by the tenants. Ideally situated just a few miles from Central Connecticut State University, the property is also within walking distance to Franklin Square and downtown amenities. The property offers convenient access to I-84. The location combines urban convenience, strong educational demand, reliable transit access, and a culturally vibrant community.

FOR SALE DETAILS

PRICE

$3,400,000 USD

PRICE/SF

$98 USD /SF

# OF UNITS

21

PRICE/UNIT

$161,905

CAP RATE

7.63%

% LEASED

99%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Mid-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

4

YEAR BUILT

1924

PARKING SPACES

10

LAND DETAILS

LAND ACRES

0.32 AC

LAND SF

13,939 SF

ZONING

B3

APN/PARCEL ID

NBRI-000009B-000000-C000072

ASK ABOUT THIS PROPERTY

203-273-5256

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203-273-5256

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