Completely Redeveloped 19-Unit
For Sale
$2,650,000
1252 Main St, East Hartford, CT 06108
For sale 19-unit apartment building that has been completely redeveloped, offering a modern residential income profile.
Property Size12,755 SF
Days on Market158
Property Features for 1252 Main St
General Information
Standard status
Active
Size
12,755 SF
Property subtype
Multifamily
Additional Details
Cap Rate
7.14%
Multifamily Units
19
Amenities
Recent Conversion/Rehabilitation Including Luxury Renovations to Kitchens, Bathrooms, Flooring, and Major Mechanical Systems Overhaul
Accretive Tax Phase-in Agreement Following Substantial Improvements in the Railroad Depot Zone
Luxury Finishes: High End Kitchens with Stainless Appliances and Brand New Tiled Baths
Building Details
Building Size
12,755 SF
Units
19
Listing Agency:
New Haven Office
(203) 672-3300
Listed By:
Wes Klockner · License #NY: 10401263791, CT: RES, 0799478
(203) 672-3326
Source:
Marcusmillichap
Added: Apr 3
Changed: Aug 8
Last Checked: Jul 23 at 12:04PM
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 New Haven Office
Investment Insights
Based on property information with market context.
Marcus & Millichap is pleased to present the opportunity to acquire a completely redeveloped 19-unit apartment building.
Located at 1252 Main St in East Hartford, Connecticut, the property is offered for sale by Marcus & Millichap. The building’s recent redevelopment supports a turnkey, refreshed residential configuration suited to income-focused buyers seeking a multi-unit asset.
Located at 1252 Main St in East Hartford, Connecticut, the property is offered for sale by Marcus & Millichap. The building’s recent redevelopment supports a turnkey, refreshed residential configuration suited to income-focused buyers seeking a multi-unit asset.
Key Highlights
- 19‑unit apartment building at 1252 Main Street in East Hartford
- Completely redeveloped apartment building with modern residential profile
- 7.14% figure noted in the listing remarks
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
$172,082
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
6.49%
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%
$3,441,640
$3.4M
Cap Rate 7%
$2,458,314
$2.5M
Cap Rate 9%
$1,912,022
$1.9M
Market Conditions
NOI Build-Up for 12,755 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
$332.1K $26.04/SF
− Vacancy
−$19.3K −$1.51/SF
EGI
$312.9K $24.53/SF
− OpEx
−$140.8K −$11.04/SF
NOI
$172.1K $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%
$3,441,640
Cap Rate 7%
$2,458,314
Cap Rate 9%
$1,912,022
Alternative Uses
Best Use
Apartment 5plus
$2.46M
$2.15M – $2.87M
NOI $172,082 @ 7.0% cap · market cap 6.49%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.80M
$3.33M – $4.44M
NOI $266,133 @ 7.0% cap · market cap 10.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
19
Residential units
Location Intelligence
Trade Area within ½ mile
876
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?
Apartment building - For sale 19-unit apartment building that has been completely redeveloped, offering a modern residential income profile.
Where is this apartment building located?
The property is located at 1252 Main St East Hartford, CT.
What is the asking price?
The asking price for this property is $2,650,000.
What are key features of this property?
This property features: 19‑unit apartment building at 1252 Main Street in East Hartford; Completely redeveloped apartment building with modern residential profile; 7.14% figure noted in the listing remarks
