Historic Brownstone Multifamily
For Sale
Contact for pricing
44 Buckingham Street, Hartford, CT 06106
Historic masonry housing near downtown Hartford with transit access and separately metered tenant utilities.
Property Size7,926 SF
Price / SF$154.55
Days on Market123
Property Features for 44 Buckingham Street
General Information
Standard status
Active
Size
7,926 SF
Property subtype
Multifamily
Net Operating Income
$120,999
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Building Details
Year Built
1867
Buildings
1
Units
8
Construction
brick and brownstone masonry
Listing Agency:
Horvath & Tremblay
Listed By:
Dennis Kelleher · License #MA 9504385
(781) 776-4002
Source:
Crexi
Added: May 7
Changed: Sep 2
Last Checked: Sep 1 at 2:30AM
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 Horvath & Tremblay
Investment Insights
Based on property information with market context.
This multifamily property at 44 Buckingham Street provides 7,926 square feet of residential space in a brick and brownstone building constructed in 1867. The property is part of Hartford’s Buckingham Brownstone District, an architecturally notable residential area near the central business district. Durable masonry construction contributes to the building’s historic character and supports sound attenuation and thermal performance. Tenants pay gas heating and hot water costs along with separately metered electricity, while the landlord pays for city water and sewer.
The property is served by CTtransit routes on Buckingham Street and is near Hartford Union Station, with Amtrak, CTrail Hartford Line, CTtransit, and Greyhound connections. It also offers access to the I-84 and I-91 corridor. Hartford Hospital and Connecticut Children’s Medical Center are approximately a 12- to 14-minute walk away, while dining, entertainment, convenience retail, and pharmacy services are located throughout the nearby downtown and Front Street areas.
The property is served by CTtransit routes on Buckingham Street and is near Hartford Union Station, with Amtrak, CTrail Hartford Line, CTtransit, and Greyhound connections. It also offers access to the I-84 and I-91 corridor. Hartford Hospital and Connecticut Children’s Medical Center are approximately a 12- to 14-minute walk away, while dining, entertainment, convenience retail, and pharmacy services are located throughout the nearby downtown and Front Street areas.
Key Highlights
- 7,926‑SF multifamily property at 44 Buckingham Street
- Constructed in 1867 with brick and brownstone masonry
- Located in Hartford’s Buckingham Brownstone District near the central business district
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
$106,932
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
8.73%
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%
$2,138,640
$2.1M
Cap Rate 7%
$1,527,600
$1.5M
Cap Rate 9%
$1,188,133
$1.2M
Market Conditions
NOI Build-Up for 7,926 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
$206.4K $26.04/SF
− Vacancy
−$12.0K −$1.51/SF
EGI
$194.4K $24.53/SF
− OpEx
−$87.5K −$11.04/SF
NOI
$106.9K $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%
$2,138,640
Cap Rate 7%
$1,527,600
Cap Rate 9%
$1,188,133
Alternative Uses
Best Use
Apartment 5plus
$1.53M
$1.34M – $1.78M
NOI $106,932 @ 7.0% cap · market cap 8.73%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.36M
$2.07M – $2.76M
NOI $165,376 @ 7.0% cap · market cap 13.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
7,185
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?
Multifamily property - Historic masonry housing near downtown Hartford with transit access and separately metered tenant utilities.
Where is this multifamily property located?
The property is located at 44 Buckingham Street Hartford, CT.
What is the asking price?
The asking price for this property is $1,225,000.
What are key features of this property?
This property features: 7,926‑SF multifamily property at 44 Buckingham Street; Constructed in 1867 with brick and brownstone masonry; Located in Hartford’s Buckingham Brownstone District near the central business district
