Versatile Income-Generating Commercial
For Sale
$475,000
28 Highland St, East Hartford, CT 06108
Well-maintained building with drive-in doors and income potential.
Property Size7,010 SF
Lot Size0.38 Acres
Price / SF$135.71
Days on Market164
Property Features for 28 Highland St
General Information
Standard status
Active
Size
7,010 SF
Lot size
0.38 Acres
Property subtype
Commercial
Building Details
Building Size
7,010 SF
Year Built
1947
Stories
1
Listing Agency:
Graham Real Estate
(860) 289-1541
Listed By:
Peter R. Graham · License #REB0274559
(860) 289-1541
Source:
Elliman
Added: Mar 11
Changed: Aug 8
Last Checked: Aug 20 at 11:38AM
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 Graham Real Estate
Investment Insights
Based on property information with market context.
This well-maintained building offers a versatile space suitable for various commercial and residential income purposes. The property features four units, with tenants responsible for their own heat and electricity. A large 3,500 sq. ft. unit is currently available, featuring a 14-foot drive-in door suitable for equipment access or vehicle storage. Additionally, a separate 1,400 sq. ft. unit with a drive-in door and loading dock was recently leased for $1,500 per month on a one-year lease. Each unit includes a half bath, and one unit features an additional 450 sq. ft. office and a second bathroom. Previously occupied by a plumbing and heating contractor, this space is ideal for tradespeople or business owners needing functional space with great utility access. This property can accommodate business needs, such as servicing tractors through a 14-foot door, while generating rental income to help cover the mortgage.
Key Highlights
- Large 3,500 sq. ft. unit available.
- 14‑foot drive‑in door for equipment or vehicle access.
- Income‑generating potential from leased 1,400 sq. ft. unit at $1,500/month.
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
$39,452
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
8.31%
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%
$789,040
$789.0K
Cap Rate 7%
$563,600
$563.6K
Cap Rate 9%
$438,356
$438.4K
Market Conditions
NOI Build-Up for 3,500 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
$59.6K $17.04/SF
− Vacancy
−$3.3K −$0.94/SF
EGI
$56.4K $16.10/SF
− OpEx
−$16.9K −$4.83/SF
NOI
$39.5K $11.27/SF
Area
Hartford, CT
Vacancy
5.50%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
30.00%
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%
$789,040
Cap Rate 7%
$563,600
Cap Rate 9%
$438,356
Alternative Uses
Best Use
Multifamily LT 5
$734.2K
$642.4K – $856.6K
NOI $51,393 @ 7.0% cap · market cap 10.82%
Second Best
Apartment 5plus
$674.6K
$590.3K – $787.0K
NOI $47,220 @ 7.0% cap · market cap 9.94%
Theoretical Best
Office A
$1.04M
$912.9K – $1.22M
NOI $73,028 @ 7.0% cap · market cap 15.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
333
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 Industrial in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Well-maintained building with drive-in doors and income potential.
Where is this quadplex located?
The property is located at 28 Highland St East Hartford, CT.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: Large 3,500 sq. ft. unit available.; 14‑foot drive‑in door for equipment or vehicle access.; Income‑generating potential from leased 1,400 sq. ft. unit at $1,500/month.
