Mixed-Use Property with Income
For Sale
$2,599,000
450 Franklin Ave, Hartford, CT 06114
Fully occupied mixed-use property with 12 apartments and 5 commercial units.
Property Size15,429 SF
Price / SF$168.45
Days on Market189
Property Features for 450 Franklin Ave
General Information
Standard status
Active
Size
15,429 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$30,016
Building Details
Year Built
1915
Listing Agency:
Sovereign Properties
(413) 333-7776
Listed By:
Lani Liu-Helisch · License #REB.0788679
(203) 722-2451
Source:
Ma-cthomes
Added: Apr 24
Changed: Oct 25
Last Checked: Oct 28 at 4:39AM
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 Sovereign Properties
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Investment Insights
Based on property information with market context.
This is a mixed-use property featuring 12 one-bedroom apartments and 5 commercial units. The property is fully occupied, with many long-term tenants. Each unit has separate utilities. Renovations were completed in the late 1990s, including new sheetrock on all walls in the apartments and hallways, and replacement of all doors, door frames, windows, and window frames. All electric and gas meters have been replaced. There are 12 parking spaces available for the residential tenants, located at the side of the building and on the street. The area experiences heavy foot traffic, which benefits the commercial tenants. Current commercial tenants include a Chinese restaurant, grocery store, laundromat, check and cash business, and nail salon. The seller will pay for new pavement in front of the building and repair the back parking lot with a new coating. The laundromat business can be sold together with the property at the buyer's option. The bike score is 45, indicating it is somewhat bikeable. The walk score is 66, indicating it is somewhat walkable. The transit score is 44, indicating some transit options are available.
Key Highlights
- Fully occupied mixed‑use property with 12 apartments and 5 commercial units.
- Separate utilities for all units.
- Renovated in the late 90s including new sheetrock, doors, door frames, windows and window frames.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$208,158
Cap Rate
8.01%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,163,160
$4.2M
Cap Rate 7%
$2,973,686
$3.0M
Cap Rate 9%
$2,312,867
$2.3M
Market Conditions
NOI Build-Up for 15,429 SF
Gross rent
$401.8K $26.04/SF
− Vacancy
−$23.3K −$1.51/SF
EGI
$378.5K $24.53/SF
− OpEx
−$170.3K −$11.04/SF
NOI
$208.2K $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%
$4,163,160
Cap Rate 7%
$2,973,686
Cap Rate 9%
$2,312,867
Alternative Uses
Best Use
Apartment 5plus
$2.97M
$2.60M – $3.47M
NOI $208,158 @ 7.0% cap · market cap 8.01%
Second Best
Mixed Use
$2.81M
$2.46M – $3.28M
NOI $196,720 @ 7.0% cap · market cap 7.57%
Theoretical Best
Office A
$4.60M
$4.02M – $5.37M
NOI $321,926 @ 7.0% cap · market cap 12.39%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
1,139
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Fully occupied mixed-use property with 12 apartments and 5 commercial units.
Where is this mixed-use property located?
The property is located at 450 Franklin Ave Hartford, CT.
What is the asking price?
The asking price for this property is $2,599,000.
What are key features of this property?
This property features: Fully occupied mixed‑use property with 12 apartments and 5 commercial units.; Separate utilities for all units.; Renovated in the late 90s including new sheetrock, doors, door frames, windows and window frames.
