6-Unit Brick Apartment
New
For Sale
$725,000
229 Franklin, Hartford, CT 06114
Each residence includes in-unit laundry, updated kitchens and baths, and tenant-paid natural gas heat and hot water.
Property Size1,988 SF
Days on Market5
Property Features for 229 Franklin
General Information
Standard status
Active
Size
1,988 SF
Property subtype
5 Family+
Lease Term
Listing ID: 24192419, Standard Status: Active, MLS Status: Active, Property Subtype: 5 Family+
Units
Unit Mix
6 x 2BR/1BA
Multifamily Units
6
Amenities
in-unit laundry
dishwasher
Building Details
Building Size
1,988 SF
Year Built
1988
Buildings
1
Construction
brick
Listing Agency:
Century 21 AllPoints Realty
(860) 263-2121
Listed By:
Tyler DeVecchis · License #RES.0814134
(860) 966-9217
Source:
Iverty
Added: Oct 9
Changed: Oct 11
Last Checked: Oct 12 at 7:33PM
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.
Built in 1988, this brick apartment property contains six homes, each with two bedrooms and one bathroom. Interior features include hardwood floors, separate living and dining areas, eat-in kitchens with dishwashers, remodeled kitchens and baths, stacked laundry machines, exposed brick details, and foyer coat closets. Off-street parking serves the building. The property carries condominium tax status.
Building improvements include a flat rubber roof installed two years ago with a 25-year warranty, replacement windows, and updated electrical service with individual subpanels. Tenants pay for natural gas heat and hot water, with separate systems for each unit.
The property is at 229 Franklin Avenue in Hartford’s Little Italy neighborhood, near Downtown Hartford, Hartford Hospital, Trinity College, Bushnell Park, major highways, dining, shopping, and public transportation.
Building improvements include a flat rubber roof installed two years ago with a 25-year warranty, replacement windows, and updated electrical service with individual subpanels. Tenants pay for natural gas heat and hot water, with separate systems for each unit.
The property is at 229 Franklin Avenue in Hartford’s Little Italy neighborhood, near Downtown Hartford, Hartford Hospital, Trinity College, Bushnell Park, major highways, dining, shopping, and public transportation.
Key Highlights
- Six apartments, each configured with two bedrooms and one bathroom
- Remodeled kitchens and baths, hardwood floors, dishwashers, and stacked in‑unit laundry
- Rubber roof installed 2 years ago; includes a 25‑year warranty
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$26,821
Cap Rate
3.70%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$536,420
$536.4K
Cap Rate 7%
$383,157
$383.2K
Cap Rate 9%
$298,011
$298.0K
Market Conditions
NOI Build-Up for 1,988 SF
Gross rent
$51.8K $26.04/SF
− Vacancy
−$3.0K −$1.51/SF
EGI
$48.8K $24.53/SF
− OpEx
−$21.9K −$11.04/SF
NOI
$26.8K $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 Rate 5%
$536,420
Cap Rate 7%
$383,157
Cap Rate 9%
$298,011
Alternative Uses
Best Use
Apartment 5plus
$383.2K
$335.3K – $447.0K
NOI $26,821 @ 7.0% cap · market cap 3.70%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$592.6K
$518.5K – $691.3K
NOI $41,480 @ 7.0% cap · market cap 5.72%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
693
Businesses Nearby
Explore this area
Business Placement
Demographics for 06114, CT
26,257
Population
11,206
Households
2.3
Avg Household Size
34
Median Age
15%
College-Educated
71%
High-School Grad
4.0 sq mi
ZIP Area
6,564
Density / Sq Mi
$47,905
Median Household Income
$31,996
Median Earnings
$1,296
Median Rent
$228,300
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?
Apartment building - Each residence includes in-unit laundry, updated kitchens and baths, and tenant-paid natural gas heat and hot water.
Where is this apartment building located?
The property is located at 229 Franklin Hartford, CT.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: Six apartments, each configured with two bedrooms and one bathroom; Remodeled kitchens and baths, hardwood floors, dishwashers, and stacked in‑unit laundry; Rubber roof installed 2 years ago; includes a 25‑year warranty
