Renovated Multifamily Apartment
For Sale
$1,950,000
Pending
51 Bedford Street, Hartford, CT 06120
Three adjacent apartment buildings offer renovated interiors, separate utility metering, and an adjacent parking lot in Hartford.
Property Size6,456 SF
Days on Market127
Property Features for 51 Bedford Street
General Information
Standard status
Pending
Size
6,456 SF
Property subtype
Multi-Family / 5 Family+
Zoning
NX-1
Units
Unit Mix
2 x 2BR, 14 x 3BR, 2 x 4BR
Multifamily Units
18
Taxes and HOA fees
Annual Taxes
$53,631
Amenities
5089CDD7ACC302AFE063E201100AC3F6
No
Hot Air
90
Window Unit
Not Applicable
Building Details
Year Built
1910
Buildings
3
Listing Agency:
Oxford Realty
Listed By:
Thuyan Tran · License #REB.0794813
(860) 308-6115
Source:
Compass
Added: Apr 30
Changed: Sep 2
Last Checked: Aug 31 at 9:39PM
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.
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.
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 = 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
$87,100
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
4.47%
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%
$1,742,000
$1.7M
Cap Rate 7%
$1,244,286
$1.2M
Cap Rate 9%
$967,778
$967.8K
Market Conditions
NOI Build-Up for 6,456 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
$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 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%
$1,742,000
Cap Rate 7%
$1,244,286
Cap Rate 9%
$967,778
Alternative Uses
Best Use
Apartment 5plus
$1.24M
$1.09M – $1.45M
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
NOI $134,705 @ 7.0% cap · market cap 6.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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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
