Mixed-Use Property with On-Site
For Sale
$1,750,000
629-641 Park Street, Hartford, CT 06106
MULTI_FAMILY - Hartford, CT
Property Size11,800 SF
Lot Size0.13 Acres
Price / SF$148.31
Days on Market19
Property Features for 629-641 Park Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
MS-1
Bedrooms
16
Rooms
Bedroom 5, Bedroom 13, Bedroom 7, Bedroom 10, Bedroom 12, Bedroom 3, Bedroom 9, Bedroom 11, Basement, Bedroom 16, Bedroom 14, Bedroom 6, Bedroom 15, Bedroom 8, Bedroom 2, Bedroom 1, Bedroom 4
Basement
Full
Lot features
City Views
Elementary school
Per Board of Ed
High school
Per Board of Ed
Directions
gps
Standard status
Active
Size
11,800 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
13688
Utilities
Sewer type
Public Sewer
Heating system
Baseboard, Hot Water(Heating)
Water source
Public
Amenities
on-site parking lot
Building Details
Year built
1910
Listing Agency:
Brass Moon Realty
(203) 945-1000
Listed By:
Ben Weinberg · License #RES.0813934
(917) 974-6356
Added: Jul 21
Changed: Aug 3
Last Checked: Aug 8 at 6:06PM
MLS# 24193407
Copyright © 2026 SmartMLS, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Two adjacent mixed-use buildings at 629-633 and 637-641 Park Street are offered as one portfolio under zoning MS-1. The combined setup includes 8 residential apartments and 3 street-level commercial storefronts, creating diversified income from both residential and retail tenants. A dedicated on-site parking lot supports both storefront operations and residential needs.
The property totals 0.13 acres with 11,800 square feet. The buildings were constructed in 1910 and are served by public water and public sewer. Heating is provided via hot water and baseboard systems.
Conveniently positioned for day-to-day commerce, the location is described as providing access to downtown Hartford, public transportation, I-84, shopping, restaurants, and neighborhood amenities, with commercial frontage along the Park Street corridor.
The property totals 0.13 acres with 11,800 square feet. The buildings were constructed in 1910 and are served by public water and public sewer. Heating is provided via hot water and baseboard systems.
Conveniently positioned for day-to-day commerce, the location is described as providing access to downtown Hartford, public transportation, I-84, shopping, restaurants, and neighborhood amenities, with commercial frontage along the Park Street corridor.
Key Highlights
- Zoned MS‑1 mixed‑use property with 8 residential apartments and 3 street‑level storefront units
- Dedicated on‑site parking lot for residential tenants and commercial storefronts
- 0.13‑acre site totaling 11,800 SF
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$159,198
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
9.10%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,183,960
$3.2M
Cap Rate 7%
$2,274,257
$2.3M
Cap Rate 9%
$1,768,867
$1.8M
Market Conditions
NOI Build-Up for 11,800 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$307.3K $26.04/SF
− Vacancy
−$17.8K −$1.51/SF
EGI
$289.5K $24.53/SF
− OpEx
−$130.3K −$11.04/SF
NOI
$159.2K $13.49/SF
Area
Hartford, CT
Vacancy
5.80%
Lease Rate
$26.04 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,183,960
Cap Rate 7%
$2,274,257
Cap Rate 9%
$1,768,867
Alternative Uses
Best Use
Apartment 5plus
$2.27M
$1.99M – $2.65M
NOI $159,198 @ 7.0% cap · market cap 9.10%
Second Best
Mixed Use
$2.15M
$1.88M – $2.51M
NOI $150,450 @ 7.0% cap · market cap 8.60%
Theoretical Best
Office A
$3.52M
$3.08M – $4.10M
NOI $246,207 @ 7.0% cap · market cap 14.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
4,911
Businesses Nearby
Explore this area
Business Placement
Demographics for 06106, CT
38,036
Population
16,938
Households
2.2
Avg Household Size
33
Median Age
17%
College-Educated
70%
High-School Grad
4.2 sq mi
ZIP Area
9,056
Density / Sq Mi
$47,542
Median Household Income
$31,395
Median Earnings
$1,237
Median Rent
$201,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Two adjacent buildings include 8 apartments, 3 storefronts, and a dedicated on-site parking lot.
Where is this mixed-use property located?
The property is located at 629-641 Park Street Hartford, CT.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: Zoned MS‑1 mixed‑use property with 8 residential apartments and 3 street‑level storefront units; Dedicated on‑site parking lot for residential tenants and commercial storefronts; 0.13‑acre site totaling 11,800 SF
