Building Details

Year Built 1910

Buildings 3

Listing Agency: Oxford Realty

Listed By: Thuyan Tran · License #REB.0794813 Show Phone

Source: Compass

Added: Apr 30 Changed: Oct 14 Last Checked: Oct 16 at 11:16AM

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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

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Investment Insights

Based on property information with market context.

This multifamily offering comprises three adjacent six-unit apartment buildings with 18 units in total. The unit mix includes two two-bedroom apartments, 14 three-bedroom apartments, and two four-bedroom apartments. Renovated kitchens and bathrooms extend throughout the portfolio, while 51 Bedford underwent a full gut renovation in 2022 with new flooring, a roof, kitchens, bathrooms, and all-electric heat. The property was built in 1910 and is zoned NX-1.

All units are separately metered, with utilities paid by tenants. A lot beside 51 Bedford provides parking. The portfolio is located in Hartford, minutes from Downtown.

Key Highlights

• 18 units across three adjacent 6‑unit apartment buildings
• Unit mix: 2 two‑bedroom, 14 three‑bedroom, and 2 four‑bedroom units
• 51 Bedford fully gut renovated in 2022

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$87,100

Cap Rate

4.47%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,742,000 $1.7M

Cap Rate 7%

$1,244,286 $1.2M

Cap Rate 9%

$967,778 $967.8K

Is this asking price fair?

Market Conditions

NOI Build-Up for 6,456 SF

Gross rent

$168.1K $26.04/SF

− Vacancy

−$9.8K −$1.51/SF

EGI

$158.4K $24.53/SF

− OpEx

−$71.3K −$11.04/SF

NOI

$87.1K $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%

$1,742,000

Cap Rate 7%

$1,244,286

Cap Rate 9%

$967,778

Alternative Uses

Best Use

Apartment 5plus

$1.24M

$1.09M – $1.45M (±1% cap)

NOI $87,100 @ 7.0% cap · market cap 4.47%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.92M

$1.68M – $2.25M (±1% cap)

NOI $134,705 @ 7.0% cap · market cap 6.91%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Apartment buildings

Suggested Use

Top Pick (Bike/Boat/Book/etc) Store Bakery Furniture & Home Goods Catering Service Tattoo & Piercing Shop Carpet & Flooring Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

18

Residential units

Location Intelligence

Trade Area within ½ mile

1,161

Businesses Nearby

Explore this area Business Placement

Demographics for 06120, CT

12,636

Population

5,713

Households

2.2

Avg Household Size

32

Median Age

9%

College-Educated

73%

High-School Grad

3.5 sq mi

ZIP Area

3,610

Density / Sq Mi

$33,521

Median Household Income

$35,570

Median Earnings

$1,183

Median Rent

$183,000

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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Frequently Asked Questions

What type of property is this?

Apartment building - Three adjacent apartment buildings offer renovated interiors, separate utility metering, and an adjacent parking lot in Hartford.

Where is this apartment building located?

The property is located at 51 Bedford Street Hartford, CT.

What is the asking price?

The asking price for this property is $1,950,000.

What are key features of this property?

This property features: 18 units across three adjacent 6‑unit apartment buildings; Unit mix: 2 two‑bedroom, 14 three‑bedroom, and 2 four‑bedroom units; 51 Bedford fully gut renovated in 2022