Renovated 16-Unit Apartment
For Sale
$1,615,000
Pending
174 Hillside Ave, Hartford, CT 06106
Brick multifamily property with refreshed interiors and upgraded building systems.
Property Size9,263 SF
Days on Market131
Property Features for 174 Hillside Ave
General Information
Standard status
Pending
Size
9,263 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
16
Building Details
Year Built
1959
Construction
brick
Listing Agency:
Century 21 AllPoints Realty
(860) 508-2102
Listed By:
Lisa Cozzi (860) 508-2102 (860) 263-2121 · License #REB.0789668
Source:
Centralconnecticuthomefinder
Added: Apr 24
Changed: Aug 29
Last Checked: Aug 25 at 6:00AM
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 Century 21 AllPoints Realty
Investment Insights
Based on property information with market context.
This 16-unit brick apartment property in Hartford’s South End combines renovated living spaces with recent building-system improvements. The 9,263-square-foot asset, built in 1959, includes units with vinyl plank flooring, remodeled kitchens, and updated bathrooms.
Capital work includes a new boiler, upgraded electrical service, and digitally controlled lockout thermostats. These improvements support day-to-day operations while reducing the need for near-term capital work. The property is positioned as an income-producing multifamily asset with renovated units and updated infrastructure.
Capital work includes a new boiler, upgraded electrical service, and digitally controlled lockout thermostats. These improvements support day-to-day operations while reducing the need for near-term capital work. The property is positioned as an income-producing multifamily asset with renovated units and updated infrastructure.
Key Highlights
- 16‑unit brick apartment building in Hartford’s South End
- 9,263 square feet; built in 1959
- Vinyl plank flooring installed throughout the units
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
$124,970
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
7.74%
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%
$2,499,400
$2.5M
Cap Rate 7%
$1,785,286
$1.8M
Cap Rate 9%
$1,388,556
$1.4M
Market Conditions
NOI Build-Up for 9,263 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
$241.2K $26.04/SF
− Vacancy
−$14.0K −$1.51/SF
EGI
$227.2K $24.53/SF
− OpEx
−$102.2K −$11.04/SF
NOI
$125.0K $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%
$2,499,400
Cap Rate 7%
$1,785,286
Cap Rate 9%
$1,388,556
Alternative Uses
Best Use
Apartment 5plus
$1.79M
$1.56M – $2.08M
NOI $124,970 @ 7.0% cap · market cap 7.74%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.76M
$2.42M – $3.22M
NOI $193,273 @ 7.0% cap · market cap 11.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16
Residential units
Location Intelligence
Trade Area within ½ mile
815
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 - Brick multifamily property with refreshed interiors and upgraded building systems.
Where is this apartment building located?
The property is located at 174 Hillside Ave Hartford, CT.
What is the asking price?
The asking price for this property is $1,615,000.
What are key features of this property?
This property features: 16‑unit brick apartment building in Hartford’s South End; 9,263 square feet; built in 1959; Vinyl plank flooring installed throughout the units
