57 Whiting St - Apartments FOR SALE


New Britain, CT 06051- New Britain/Newington/Wethersfield
$2,800,000 USD
203-335-5117
57 Whiting St, New Britain, CT for Sale
$2,800,000 USD
Apartments - FOR SALE
1/10
null | 7.73% Cap Rate


HIGHLIGHTS

  • Excellent corner location in close proximity to demand drivers such as the Hospital of Central Connecticut, Downtown New Britain and CT fastrak busway
  • Completely separated utilities reducing landlord expenses
  • Very well maintained property with recent upgrades including new heating units, cosmetic apartment renovations, and substantial roofing improvements
  • Strong in place cash clow with a direct path to increase the building rent roll through organic rent increases and new lease signings
  • In demand apartment mix containing large 2,3, and 4 bedroom apartments leading to very stable building occupancy and long term tenant demand

OVERVIEW

Baldwin Pearson & Co., Inc. is pleased to present 57 Whiting Street, New Britain, Connecticut, a rare opportunity to acquire a large-scale mixed-use investment property in New Britain, CT. This prominent corner brick building encompasses approximately 27,000 square feet and consists of 15 apartments and 6 street-level retail spaces, providing a diversified and stable income stream. Current ownership has invested significantly in the asset, including substantial cosmetic apartment renovations, new individual heating units, and roofing improvements, leaving a building in excellent physical condition with no anticipated major capital expenditures. The property sits near The Hospital of Central Connecticut, downtown New Britain, Central Connecticut State University, and public transportation, and benefits from strong and consistent tenant demand. 57 Whiting Street offers investors strong in-place cash flow, excellent physical condition and immediate upside through strategic lease renewals and organic rent growth.

FOR SALE DETAILS

PRICE

$2,800,000 USD

PRICE/SF

$80 USD /SF

# OF UNITS

15

PRICE/UNIT

$186,667

CAP RATE

7.73%

% 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

20

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

Robert ShawahBaldwin Pearson & Company, Inc.More Info
203-335-5117

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Robert ShawahBaldwin Pearson & Company, Inc.More Info
203-335-5117

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.