Turnkey Three-Unit
For Sale
$850,000
Pending
105 Grennan Road, West Hartford, CT 06107
Fully occupied three-unit property with newer building components and shared coin-operated laundry in a convenient West Hartford setting.
Property Size3,445 SF
Days on Market70
Property Features for 105 Grennan Road
General Information
Standard status
Pending
Size
3,445 SF
Property subtype
3 Family
Occupancy
100%
Additional Details
Business Included
Yes
Highway Access
Yes
Multifamily Units
3
Building Details
Year Built
1923
Stories
3
Tenancy
Multi
Listing Agency:
Higgins Group Real Estate
(203) 887-1340
Listed By:
Melissa Montagno
(203) 887-1340
Source:
Lockandkeyre
Added: Jun 17
Changed: Aug 24
Last Checked: Aug 23 at 5:58AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Higgins Group Real Estate
Investment Insights
Based on property information with market context.
This turnkey three-unit multifamily property is fully occupied and arranged as two apartments on the first and second floors, each with two bedrooms and one full bathroom, along with living and dining rooms, functional kitchens, and private balconies. A third-floor unit provides one bedroom and one full bathroom with a comfortable living room and kitchen. The property also includes a large basement with ample storage and coin-operated laundry serving all units, supporting resident convenience and additional building income potential. Major improvements include a newer roof, siding, and mechanical systems.
Located on Grennan Rd in West Hartford, the property sits on a quiet residential street and is described as minutes from Blue Back Square and West Hartford Center, along with shopping, dining, entertainment, and major commuter routes. Walkability is characterized as car-dependent, with bike and walk scores of 27 and 32, respectively.
The three distinct unit configurations can appeal to investors and owner-occupants looking to offset expenses through rental income. With stability indicated by the fully occupied status and building updates already completed, the property offers a practical opportunity for buyers targeting a manageable, turnkey multifamily setup. It is also presented as suitable for 1031 exchange buyers.
Located on Grennan Rd in West Hartford, the property sits on a quiet residential street and is described as minutes from Blue Back Square and West Hartford Center, along with shopping, dining, entertainment, and major commuter routes. Walkability is characterized as car-dependent, with bike and walk scores of 27 and 32, respectively.
The three distinct unit configurations can appeal to investors and owner-occupants looking to offset expenses through rental income. With stability indicated by the fully occupied status and building updates already completed, the property offers a practical opportunity for buyers targeting a manageable, turnkey multifamily setup. It is also presented as suitable for 1031 exchange buyers.
Key Highlights
- Fully occupied 3‑unit multifamily with coin‑operated laundry serving all units
- Built in 1923; includes a large basement with ample storage space
- First- and second‑floor units each feature 2 bedrooms, 1 full bath, living and dining rooms, functional kitchens, and private balconies
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
$50,586
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
5.95%
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%
$1,011,720
$1.0M
Cap Rate 7%
$722,657
$722.7K
Cap Rate 9%
$562,067
$562.1K
Market Conditions
NOI Build-Up for 3,445 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
$76.5K $22.20/SF
− Vacancy
−$4.2K −$1.22/SF
EGI
$72.3K $20.98/SF
− OpEx
−$21.7K −$6.29/SF
NOI
$50.6K $14.68/SF
Area
Hartford, CT
Vacancy
5.51%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
30.00%
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%
$1,011,720
Cap Rate 7%
$722,657
Cap Rate 9%
$562,067
Alternative Uses
Best Use
Multifamily LT 5
$722.7K
$632.3K – $843.1K
NOI $50,586 @ 7.0% cap · market cap 5.95%
Second Best
Apartment 5plus
$664.0K
$581.0K – $774.6K
NOI $46,478 @ 7.0% cap · market cap 5.47%
Theoretical Best
Office A
$1.03M
$898.5K – $1.20M
NOI $71,880 @ 7.0% cap · market cap 8.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,116
Businesses Nearby
Explore this area
Business Placement
Demographics for 06107, CT
19,221
Population
8,305
Households
2.3
Avg Household Size
43
Median Age
76%
College-Educated
98%
High-School Grad
6.7 sq mi
ZIP Area
2,869
Density / Sq Mi
$167,659
Median Household Income
$82,525
Median Earnings
$1,839
Median Rent
$455,700
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?
Triplex - Fully occupied three-unit property with newer building components and shared coin-operated laundry in a convenient West Hartford setting.
Where is this triplex located?
The property is located at 105 Grennan Road West Hartford, CT.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Fully occupied 3‑unit multifamily with coin‑operated laundry serving all units; Built in 1923; includes a large basement with ample storage space; First- and second‑floor units each feature 2 bedrooms, 1 full bath, living and dining rooms, functional kitchens, and private balconies
