Your AI Navigator in Commercial Real Estate
Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search

    273 Asylum St Hartford, CT 06103

    Loading data...
    Loading data...
    Loading data...
    For Sale
    $3,300,000

    Approved plans for 50-unit residential development in downtown Hartford.

    Lot size:
    0.30 Acres

    Property Features for 273 Asylum St

    General Information

    Lot size
    0.30 Acres

    Building Details

    Year built
    1920

    We can help!

    Listing Contact
    Lisa Cozzi
    Source: Elliman

    Listing Agent: Lisa Cozzi

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Hartford Residential Redevelopment Opportunity

    This property presents an opportunity to redevelop a former high school site into a residential community in downtown Hartford. Approved plans are in place for a 50-unit development, featuring 22 studios, 11 studio-plus layouts, and 17 one-bedroom apartments. The location is near the PeoplesBank Arena, two blocks from Bushnell Park and City Place, and within walking distance of TheaterWorks, Black Eyed Sally's, Agave, and Max Downtown. The property offers access to I-91, I-84, and Route 2. A nearby parking area may be included.
    Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Realty agency Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Law Firm Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Hartford
    County
    Hartford
    State
    Connecticut
    Longitude
    -72.6783039
    Latitude
    41.7673599

    Nearby Similar for Sale

    • $495,000
      3,982 SF

      Hartford Three-Family Residence with Garages

      Semi-renovated three-family home with income potential and garage units.
      96 Sargeant St, Hartford, CT 06154
      View Details
    • $499,999
      6,377 SF

      Parkville Commercial Property with Income

      Prime commercial property with retail space and residential income units.
      1851 Park St, Hartford, CT 06106
      View Details
    • $330,000
      Pending

      Two-Family Home in Hartford

      Well-maintained two-family home with modern construction and income potential.
      147 Enfield St, Hartford, CT 06112
      View Details
    • $675,000
      Pending

      Hartford Multifamily Investment Opportunity

      Six-family property in Hartford, Connecticut, suitable for investment.
      50 York St, Hartford, CT 06106
      View Details
    • $5,799,000
      58,400 SF

      East Hartford Industrial Property Available

      Centrally located industrial property with flexible loading and heavy power.
      241 Park Ave, East Hartford, CT 06108
      View Details
    • $220,000
      Pending

      East Hartford Two-Family Home

      Two-family home in East Hartford near highways and shopping.
      37 Graham Rd, East Hartford, CT 06118
      View Details
    • New
      $399,900
      Pending

      Hartford Three-Family Brick Building

      Well-maintained three-family property with a strong unit mix.
      15 Townley St, Hartford, CT 06105
      View Details
    • $690,900
      4,000 SF

      Updated Four-Unit Multifamily Property

      Recently updated four-unit property near Hartford Hospital and Trinity College.
      65 Madison St, Hartford, CT 06106
      View Details
    • $399,900
      2,859 SF

      East Hartford Two-Family Home

      Two-family home with attic and finished basement in East Hartford.
      816 Burnside Ave, East Hartford, CT 06108
      View Details
    • New
      $649,900
      6,268 SF

      Hartford Four-Unit Townhouse Style Multifamily

      Four townhouse-style units, potential to convert back to eight units.
      71 Williams St, Hartford, CT 06120
      View Details
    • $250,000
      0.23 Acres

      Hartford Investment Opportunity

      Investment property for sale in Hartford, Connecticut.
      184 Franklin Ave, Hartford, CT 06114
      View Details
    • $495,000
      3,960 SF

      Turnkey Hartford Three-Family Opportunity

      Newly renovated, vacant three-family property in Hartford's rental market.
      171 Edgewood St, Hartford, CT 06112
      View Details

    FAQs

    What type of property is this?
    Apartment building - Approved plans for 50-unit residential development in downtown Hartford.
    Where is this apartment building located?
    The property is located at 273 Asylum St Hartford, CT.
    What is the asking price?
    The asking price for this property is $3,300,000.
    What are key features of this property?
    This property features: - Approved plans for a **50-unit residential development** already in place (22 studios, 11 studio-plus, 17 one-bedrooms).; - **Prime downtown Hartford location** near PeoplesBank Arena, Bushnell Park, City Place, and numerous restaurants and entertainment venues.; - Strong income potential with projected market rents of $1,400+ for studios and $1,700+ for one-bedrooms.
    (860) 263-2121
    Request Owner's contact information
    273 Asylum St Hartford, CT 06103
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    273 Asylum St
    Hartford, CT 06103
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    273 Asylum St Hartford, CT 06103
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Lisa Cozzi
    (860) 263-2121
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.