12-Unit Multifamily
For Sale
$1,249,900
Pending
36-38 School St, Hartford, CT 06106
Well-maintained 12-unit, three-story multifamily property with twelve one-bedroom apartments.
Property Size8,232 SF
Lot Size0.28 Acres
Days on Market131
Property Features for 36-38 School St
General Information
Standard status
Pending
Size
8,232 SF
Lot size
0.28 Acres
Property subtype
Multi Family
Additional Details
Business Included
Yes
Multifamily Units
12
Building Details
Building Size
8,232 SF
Year Built
1927
Stories
3
Tenancy
Multi
Listing Agency:
Berkshire Hathaway NE Prop.
Listed By:
Shy Grahame · License #RES.0813469
(860) 617-1740
Source:
Elliman
Added: Apr 28
Changed: Sep 5
Last Checked: Sep 5 at 7:36AM
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 Berkshire Hathaway NE Prop.
Investment Insights
Based on property information with market context.
This well-maintained, three-story multifamily building offers 12 one-bedroom units in a total of twelve apartments, built in 1927. The property is situated on a 0.28-acre lot and is presented as an income-producing investment.
Located in Hartford’s Barry Square neighborhood, the building is just minutes from Hartford Hospital and Connecticut Children’s Medical Center. The area is described as walkable and well-served by public transportation, with convenient access to downtown Hartford, shopping, and local amenities.
With a consistent one-bedroom unit mix, the property is positioned for steady renter demand based on its proximity to major employment centers and healthcare institutions.
Located in Hartford’s Barry Square neighborhood, the building is just minutes from Hartford Hospital and Connecticut Children’s Medical Center. The area is described as walkable and well-served by public transportation, with convenient access to downtown Hartford, shopping, and local amenities.
With a consistent one-bedroom unit mix, the property is positioned for steady renter demand based on its proximity to major employment centers and healthcare institutions.
Key Highlights
- Built in 1927, this well‑maintained 3‑story multifamily has 12 one‑bedroom units totaling approx. 8,232 SF.
- 12‑unit unit mix: all are one‑bedroom apartments—12 units on a 0.28‑acre lot.
- Located in Hartford’s Barry Square neighborhood, just minutes from Hartford Hospital and Connecticut Children’s Medical Center.
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
$111,061
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
8.89%
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%
$2,221,220
$2.2M
Cap Rate 7%
$1,586,586
$1.6M
Cap Rate 9%
$1,234,011
$1.2M
Market Conditions
NOI Build-Up for 8,232 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
$214.4K $26.04/SF
− Vacancy
−$12.4K −$1.51/SF
EGI
$201.9K $24.53/SF
− OpEx
−$90.9K −$11.04/SF
NOI
$111.1K $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%
$2,221,220
Cap Rate 7%
$1,586,586
Cap Rate 9%
$1,234,011
Alternative Uses
Best Use
Apartment 5plus
$1.59M
$1.39M – $1.85M
NOI $111,061 @ 7.0% cap · market cap 8.89%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.45M
$2.15M – $2.86M
NOI $171,761 @ 7.0% cap · market cap 13.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
12
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
3,703
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Well-maintained 12-unit, three-story multifamily property with twelve one-bedroom apartments.
Where is this apartment building located?
The property is located at 36-38 School St Hartford, CT.
What is the asking price?
The asking price for this property is $1,249,900.
What are key features of this property?
This property features: Built in 1927, this well‑maintained 3‑story multifamily has 12 one‑bedroom units totaling approx. 8,232 SF.; 12‑unit unit mix: all are one‑bedroom apartments—12 units on a 0.28‑acre lot.; Located in Hartford’s Barry Square neighborhood, just minutes from Hartford Hospital and Connecticut Children’s Medical Center.
