Renovated 7-Unit Apartment
New
For Sale
$900,000
47-49 Putnam St, Hartford, CT 06106
The property includes a private driveway, off-street parking, natural gas heat, and a full basement.
Property Size4,524 SF
Days on Market4
Property Features for 47-49 Putnam St
General Information
Standard status
Active
Size
4,524 SF
Property subtype
Multi Family
Building Details
Building Size
4,524 SF
Year Built
1970
Listing Agency:
Oxford Realty
Listed By:
Shay Hugo Vaezzadeh · License #RES.0827220
(225) 288-4109
Source:
Elliman
Added: Sep 28
Changed: Sep 29
Last Checked: Sep 30 at 12:41PM
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 Oxford Realty
Investment Insights
Based on property information with market context.
Renovated in full, this 7-unit apartment building contains six one-bedroom apartments and one three-bedroom apartment. The property totals approximately 5,000 square feet, with 9 bedrooms and 8 bathrooms. Natural gas heat, a full basement, a private driveway, and 7 off-street parking spaces are also included.
The building is located in Hartford’s Frog Hollow neighborhood, near shopping, public transportation, schools, and major highways. It was built in 1970.
The building is located in Hartford’s Frog Hollow neighborhood, near shopping, public transportation, schools, and major highways. It was built in 1970.
Key Highlights
- Seven apartments: six one‑bedroom units and one three‑bedroom unit
- Approximately 5,000 square feet with 9 bedrooms and 8 bathrooms
- 7 off‑street parking spaces and a private driveway
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
$61,035
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
6.78%
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%
$1,220,700
$1.2M
Cap Rate 7%
$871,929
$871.9K
Cap Rate 9%
$678,167
$678.2K
Market Conditions
NOI Build-Up for 4,524 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
$117.8K $26.04/SF
− Vacancy
−$6.8K −$1.51/SF
EGI
$111.0K $24.53/SF
− OpEx
−$49.9K −$11.04/SF
NOI
$61.0K $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%
$1,220,700
Cap Rate 7%
$871,929
Cap Rate 9%
$678,167
Alternative Uses
Best Use
Apartment 5plus
$871.9K
$762.9K – $1.02M
NOI $61,035 @ 7.0% cap · market cap 6.78%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.35M
$1.18M – $1.57M
NOI $94,393 @ 7.0% cap · market cap 10.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,778
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?
Apartment building - The property includes a private driveway, off-street parking, natural gas heat, and a full basement.
Where is this apartment building located?
The property is located at 47-49 Putnam St Hartford, CT.
What is the asking price?
The asking price for this property is $900,000.
What are key features of this property?
This property features: Seven apartments: six one‑bedroom units and one three‑bedroom unit; Approximately 5,000 square feet with 9 bedrooms and 8 bathrooms; 7 off‑street parking spaces and a private driveway
