Updated Residential Income
For Sale
$365,000
32 Wells Ave, East Hartford, CT 06108
Updated kitchens and bathrooms with washer/dryer connections and a two-car garage.
Property Size1,524 SF
Days on Market50
Property Features for 32 Wells Ave
General Information
Standard status
Active
Size
1,524 SF
Property subtype
Multi Family
Building Details
Building Size
1,524 SF
Year Built
1888
Listing Agency:
Coldwell Banker Realty - Avon/Farmington
Listed By:
Glenn A. Kohrs
(860) 331-1137
Source:
Elliman
Added: Jul 21
Changed: Sep 3
Last Checked: Sep 7 at 8:58AM
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 Coldwell Banker Realty - Avon/Farmington
Investment Insights
Based on property information with market context.
This residential income property features newer, updated kitchens and bathrooms. It also includes washer/dryer connections for tenant convenience and a two-car garage.
The property is described as somewhat walkable and somewhat bikeable based on WalkScore and BikeScore figures provided in the remarks.
The available information focuses on the unit updates and key included utilities connections, without specifying additional building, layout, or tenancy details.
The property is described as somewhat walkable and somewhat bikeable based on WalkScore and BikeScore figures provided in the remarks.
The available information focuses on the unit updates and key included utilities connections, without specifying additional building, layout, or tenancy details.
Key Highlights
- Year built: 1888
- Updated kitchens and bathrooms
- Washer/dryer connections available
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
$20,561
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
5.63%
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%
$411,220
$411.2K
Cap Rate 7%
$293,729
$293.7K
Cap Rate 9%
$228,456
$228.5K
Market Conditions
NOI Build-Up for 1,524 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
$39.7K $26.04/SF
− Vacancy
−$2.3K −$1.51/SF
EGI
$37.4K $24.53/SF
− OpEx
−$16.8K −$11.04/SF
NOI
$20.6K $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%
$411,220
Cap Rate 7%
$293,729
Cap Rate 9%
$228,456
Alternative Uses
Best Use
Apartment 5plus
$293.7K
$257.0K – $342.7K
NOI $20,561 @ 7.0% cap · market cap 5.63%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$454.3K
$397.5K – $530.0K
NOI $31,798 @ 7.0% cap · market cap 8.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
915
Businesses Nearby
Explore this area
Business Placement
Demographics for 06108, CT
24,201
Population
9,963
Households
2.4
Avg Household Size
38
Median Age
15%
College-Educated
85%
High-School Grad
8.1 sq mi
ZIP Area
2,988
Density / Sq Mi
$55,766
Median Household Income
$35,801
Median Earnings
$1,161
Median Rent
$218,800
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?
Multifamily property - Updated kitchens and bathrooms with washer/dryer connections and a two-car garage.
Where is this multifamily property located?
The property is located at 32 Wells Ave East Hartford, CT.
What is the asking price?
The asking price for this property is $365,000.
What are key features of this property?
This property features: Year built: 1888; Updated kitchens and bathrooms; Washer/dryer connections available
