Residential Triplex with Attic
For Sale
$449,000
Pending
21-23 Hebron Street, Hartford, CT 06112
Three-family property features two-bedroom apartments, including an attic apartment, with natural gas heat and vinyl siding.
Property Size3,062 SF
Days on Market123
Property Features for 21-23 Hebron Street
General Information
Standard status
Pending
Size
3,062 SF
Property subtype
3 Family
Additional Details
Multifamily Units
3
Amenities
large back yard
Building Details
Year Built
1920
Listing Agency:
Cornerstone Homes Plus, Inc.
Listed By:
Raymond Malcolm · License #REB.0792212
(860) 478-8713
Source:
Lockandkeyre
Added: May 6
Changed: Aug 8
Last Checked: Jul 23 at 5:39AM
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 Cornerstone Homes Plus, Inc.
Investment Insights
Based on property information with market context.
This three-family residential property includes two-bedroom units and an additional attic apartment. The building is heated with a natural gas system and features vinyl siding, with electrical circuit breakers noted on site. A large back yard provides outdoor space for residents.
The property is offered for sale and is described as suitable for owner-occupied living while also working as a residential income investment. Financing support is referenced in the remarks.
As presented, the configuration includes three separate apartment units, supporting straightforward multi-unit occupancy within one building.
The property is offered for sale and is described as suitable for owner-occupied living while also working as a residential income investment. Financing support is referenced in the remarks.
As presented, the configuration includes three separate apartment units, supporting straightforward multi-unit occupancy within one building.
Key Highlights
- Three‑family property built in 1920
- Two‑bedroom apartments, including an attic apartment
- Natural gas heating system
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
$41,310
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
9.20%
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%
$826,200
$826.2K
Cap Rate 7%
$590,143
$590.1K
Cap Rate 9%
$459,000
$459.0K
Market Conditions
NOI Build-Up for 3,062 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
$79.7K $26.04/SF
− Vacancy
−$4.6K −$1.51/SF
EGI
$75.1K $24.53/SF
− OpEx
−$33.8K −$11.04/SF
NOI
$41.3K $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%
$826,200
Cap Rate 7%
$590,143
Cap Rate 9%
$459,000
Alternative Uses
Best Use
Multifamily LT 5
$642.3K
$562.0K – $749.4K
NOI $44,962 @ 7.0% cap · market cap 10.01%
Second Best
Apartment 5plus
$590.1K
$516.4K – $688.5K
NOI $41,310 @ 7.0% cap · market cap 9.20%
Theoretical Best
Office A
$912.7K
$798.6K – $1.06M
NOI $63,889 @ 7.0% cap · market cap 14.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
519
Businesses Nearby
Explore this area
Business Placement
Demographics for 06112, CT
23,189
Population
8,785
Households
2.6
Avg Household Size
32
Median Age
10%
College-Educated
77%
High-School Grad
3.0 sq mi
ZIP Area
7,730
Density / Sq Mi
$47,010
Median Household Income
$29,383
Median Earnings
$1,229
Median Rent
$203,300
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?
Triplex - Three-family property features two-bedroom apartments, including an attic apartment, with natural gas heat and vinyl siding.
Where is this triplex located?
The property is located at 21-23 Hebron Street Hartford, CT.
What is the asking price?
The asking price for this property is $449,000.
What are key features of this property?
This property features: Three‑family property built in 1920; Two‑bedroom apartments, including an attic apartment; Natural gas heating system
